South Korea Wheelchair Market Size to Surpass US$ 2.54 Billion by 2030 | Exhibiting a CAGR of 6.8%
BURLINGAME, Calif., Jan. 25, 2024 /PRNewswire/ -- CoherentMI published a report, titled, South Korea Wheelchair Market was valued at US$ 1.60 Billion in the year 2023 and is anticipated to reach US$ 2.54 Billion by 2030, at a CAGR of 6.8% during forecast period 2023-2030.
The South Korea Wheelchairs Market is driven by two main factors. Firstly, the rising prevalence of disabilities is boosting the demand for wheelchairs in the country. According to the World Health Organization, around 10% of the South Korean population has some form of disability. With an aging population and increasing chronic conditions, the demand for wheelchairs is expected to surge.
Secondly, favorable initiatives by the South Korean government are also driving market growth. The government has implemented various policies and regulations to enhance accessibility and mobility for individuals with disabilities. For instance, the Korean Disability Act ensures equal rights and opportunities for disabled individuals. These initiatives have led to increased funding for wheelchair distribution and rehabilitation centers, further boosting the market.
Market Snapshot:
Report Coverage | Details |
Study Period | 2023 - 2030 |
Base Year of Estimation | 2022 |
CAGR | 6.80 % |
Largest Market | South Korea |
Market Concentration | High |
Major Players | OSTRICH MOBILITY, Guangzhou TopMEDI, Guangzhou HuiJu Medical Equipment, Amico Group, 21st Century Scientific |
Segments Covered | By Type, By End-Use User, By Weight Capacity, By Application, By Distribution Channel |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Growth Drivers | • Increasing prevalence of disabilities and injuries leading to growing wheelchair users |
Restraints & Challenges | • High costs of advanced wheelchair models |
Key Market Takeaways:
- The South Korea wheelchairs market size is anticipated to witness a CAGR of 6.8% during the forecast period 2023-2030, owing to the increasing demand for manual wheelchairs and the rising adoption of wheelchairs in homecare settings.
- On the basis of type, the manual wheelchairs segment is expected to hold a dominant position, owing to its affordability and ease of use.
- In terms of end user, homecare is expected to be the dominating segment due to the growing preference for home healthcare and the rising elderly population.
- The segment based on weight capacity is anticipated to be led by the less than 100 lbs subsegment, as it caters to a wide range of users.
- Among the applications, the adults segment is expected to dominate the market. In terms of distribution channel, online sales are expected to hold a dominant position.
- South Korea is expected to dominate the wheelchairs market, driven by factors such as technological advancements, improved healthcare infrastructure, and government support.
- Key players operating in the South Korea wheelchairs market include Siemens Healthineers, GE Healthcare, Canon Medical Systems, Carestream Health, Hitachi Medical, Hologic, Shimadzu, Fujifilm Holdings, Samsung Medison, and Philips Healthcare. These key players have been focusing on innovations and collaborations to gain a competitive edge in the market.
Market Trends:
Two key trends are shaping the South Korea Wheelchairs Market. Firstly, there is a growing demand for electric wheelchairs. These advanced wheelchairs offer better mobility and ease of use compared to traditional manual wheelchairs. The electric wheelchairs segment is anticipated to witness significant growth due to technological advancements and higher affordability.
Secondly, there is an increasing focus on lightweight and portable wheelchairs. These wheelchairs are designed for easy transportation and manoeuvrability, allowing individuals to lead more independent and active lifestyles. The lightweight and portable wheelchairs segment is expected to witness substantial growth as they offer convenience and comfort to users.
Recent development:
- In October 2022, for the user who are very active Permobil introduced the F5 Corpus VS power wheelchair.
- In January 2021, the Aero T XX power wheelchair was introduced by Invacare and is designed especially for individuals who are overweight
Read complete market research report, "South Korea Wheelchair Market, By Type, By End-Use User, By Weight Capacity, By Application, and other Segment Forecast 2023-2030", Published by CoherentMI.
Market Opportunities:
Growing Demand for Manual Wheelchairs in South Korea
The South Korea wheelchairs market is expected to experience significant growth in the manual wheelchairs segment. Manual wheelchairs are anticipated to dominate the market due to their affordability and ease of use. They are widely used in South Korea, especially among the elderly population, for mobility and independence. Furthermore, the increasing number of accidents and disabilities in the country is also driving the demand for manual wheelchairs. The government of South Korea has been promoting policies to support the disabled community, which is further expected to boost the demand for manual wheelchairs. With a growing aging population and rising awareness about the benefits of manual wheelchairs, this segment is projected to hold a dominant position in the South Korea wheelchairs market.
Rising Adoption of Wheelchairs in Homecare Settings
Homecare is expected to be the dominating end user segment in the South Korea wheelchairs market. With the increasing preference for home healthcare and the rising elderly population, there is a growing demand for wheelchairs in homecare settings. Wheelchairs provide mobility and independence to patients who require assistance in their daily tasks. They enable patients to move around their homes comfortably and allow caregivers to provide better care. The convenience and cost-effectiveness of homecare compared to hospital care are driving the adoption of wheelchairs in this segment. Additionally, the South Korean government has been promoting policies to support home healthcare services, which is expected to further fuel the growth of the wheelchairs market in the homecare segment.
South Korea Wheelchair Market Segmentation:
- By Type:
- Manual Wheelchairs
- Powered Wheelchairs
- Pediatric Wheelchairs
- Others
- By End User:
- Homecare
- Hospitals
- Ambulatory Surgical Centers
- Rehabilitation Centers
- Others
- By Weight Capacity:
- Less than 100 lbs
- 100-150 lbs
- 150-200 lbs
- More than 200 lbs
- Others
- By Application:
- Adults
- Pediatric
- Others
- By Distribution Channel:
- Online
- Offline
Buy this premium report now @ https://www.coherentmi.com/industry-reports/south-korea-wheelchair-market/buyNow
Top Questions Answered in this Report:
- What factors are impeding the growth of the market for South Korea Wheelchair?
- What are the primary drivers fostering growth in the market for South Korea Wheelchair?
- Which segment stands out as the leading component in the South Korea Wheelchair Market?
- Who are the key players actively involved in the South Korea Wheelchair Market?
- Which region is poised to take the lead in the South Korea Wheelchair Market?
- What is the projected CAGR for the South Korea Wheelchair Market?
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