South Korea Wheelchair Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (undefined)

South Korea Wheelchair Market Analysis

South Korea wheelchairs market is expected to be valued at US$ 1.60 Billion in 2023 and is expected to reach US$ 2.54 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.8% from 2023 to 2030.

Wheelchairs are medical devices that provide mobility to people with disabilities, illnesses or injuries that impair their ability to walk. These come in manual and powered variants, with customizable options like tilt, recline, adjustable height for better comfort and maneuverability. South Korea wheelchairs market growth is driven by rising geriatric population, increasing spinal cord injuries, and advancements in wheelchair technology.

South Korea wheelchairs market is segmented into by type, end user, weight capacity, and application, and distribution channel. By type, the market is categorized into manual wheelchairs, powered wheelchairs, pediatric wheelchairs, and others. The manual wheelchairs segment accounted for the largest market share in 2022, owing to lower costs and easier maintenance.

South Korea Wheelchairs Market- Drivers

• Increasing prevalence of disabilities and injuries leading to growing wheelchair users: Increasing prevalence of disabilities such as spinal cord injuries, multiple sclerosis, muscular dystrophy, and cerebral palsy is a major factor driving the growth of the South Korea wheelchairs market. According to data published by Korea Disabled People's Development Institute, around 2.7% of the total South Korean population suffered from physical disabilities in 2020. This creates a sustained demand for wheelchairs and accessories. Further, rising cases of road accidents and sports injuries leading to temporary or permanent disability also augments market growth as these patients rely on wheelchairs for mobility.
• Advancements in wheelchair technology and designs: Ongoing advancements in wheelchair technology are resulting in lighter, stronger and more durable wheelchair models with greater comfort, customizability and performance. Some examples include adaptive wheelchairs, hands-free powered models, standing wheelchairs, and stair-climbing wheelchairs. The integration of IoT and sensors is also enabling smart wheelchairs capable of navigation and object detection. Such innovations are expanding the capabilities of wheelchairs. For instance, in November 2022, Honda, a Japan- based world's largest two wheeler manufacturing company, announced development of hands-free wheelchair named UNI-ONE that glides as users tilt their bodies in the direction they want to move. Based on Honda’s robotics concepts, the chair design of the motorized seat offers people with mobility problems to let their hands freely do the activities they want to do.
• Growing elderly population susceptible to mobility impairments: South Korea has a rapidly growing geriatric population, with seniors above 65 years expected to comprise ~25% of the total population by 2030. Old age often brings restricted mobility due to conditions like arthritis, osteoporosis and dementia. This boosts demand for wheelchairs optimized for the elderly, contributing to market growth. Rising disposable incomes among seniors is also enabling expenditure on advanced and customized wheelchair models. For instance, according to Organisation for Economic Cooperation and Development (OECD)’s data for year 2020, The scale of demographic change is forecasted to make Korea’s population the oldest among OECD countries in the 2050s. The median age has increased from less than 20 years before the mid-1970s to around 41 years today – just above the OECD average – and is projected to increase to nearly 55 years before stabilising at 50-55 years thereafter. This would place Korea’s median age above the age of all other OECD countries.

South Korea Wheelchairs Market- Opportunities

• Development of advanced powered wheelchairs for enhanced user experience: There are significant opportunities for wheelchair manufacturers to develop advanced powered wheelchairs incorporating the latest technologies for an improved user experience. Some areas of innovation include AI-based wheelchair control, integration of touchscreens and navigation systems, automated standing and recline functions, and machine learning for personalized usage. Such powered models can greatly increase the independence and capabilities of wheelchair users. For instance, in March 2022, KT corp, South Korea based major telecom industry announced that  electric wheelchairs enhances user convenience and safety functions with artificial intelligence and internet of things (IoT) technologies.
• Growing demand for customization: There is growing consumer demand for customized wheelchairs tailored to the specific needs and conditions of patients. Key areas of customization include size, weight capacity, seat dimensions, ergonomic handrims, wheelchair frames, specialized control systems and custom accessories. Companies have opportunities to provide modular components and utilize innovative manufacturing techniques to offer personalized wheelchairs, improving satisfaction and sales.

South Korea Wheelchairs Market- Restraints

• High costs of advanced wheelchair models: Cutting-edge wheelchair models incorporate the latest technologies and custom features that makes them highly expensive. For instance, some powered wheelchairs are priced between US$ 15,000 to US$ 30,000. The high costs can be prohibitive for many end users, especially in developing economies. This is a key restraint to faster market growth.