Wheelchairs facilitate independent mobility for people facing walking disabilities. They provide reliable means of transportation for performing daily chores and attending school or work. Technological advancements have increased wheelchair comfort, safety, and maneuverability. Lightweight aluminum frames and lithium-ion batteries offer improved handling. Options like standing wheelchairs enhance quality of life.

The South Korea Wheelchair Market is estimated to be valued at US$ 1.60 billion in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by CoherentMI.

Market Key Trends:

The increased demand for mobility devices is one of the key trends driving the growth of the South Korea wheelchair market. The rising cases of paralysis, amputation, arthritis and other physical disabilities have boosted the demand for wheelchairs for independent mobility. Moreover, the growing geriatric population is also increasing the requirement for wheelchairs for easy movement. According to the United Nations, South Korea has one of the most rapidly aging populations in the world, with elderly people aged 65 years and above accounting for around 14.3% of the total population in 2020. This rising ageing demography is anticipated to propel the wheelchair market growth over the forecast period.

Segment Analysis

The South Korea wheelchair market is dominated by the powered wheelchair sub segment. Powered wheelchairs account for nearly 70% of the overall market share owing to the ease of mobility and convenience they offer to users. Powered wheelchairs allow for independent mobility and help improve the quality of life of users with limited mobility capabilities.

Key Takeaways

The South Korea Wheelchair Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The South Korea Wheelchair Market is estimated to be valued at US$ 1.60 billion in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030.

Regional Analysis related content comprises South Korea dominates the wheelchair market in Asia Pacific. The country accounts for over 35% of the APAC wheelchair market due to high adoption and well established healthcare infrastructure. Key players such as Kolcraft, Sunrise Medical, Ottobock and Pride Mobility operate in the country and account for majority market share.

Key Players related content comprises Key players operating in the South Korea wheelchair market are Kolcraft, Sunrise Medical, Ottobock and Pride Mobility. Kolcraft is a leading player with over 20% market share in powered wheelchairs owing to its innovative features and wide product portfolio. Sunrise Medical focuses on lightweight manual and powered wheelchairs and holds second position. Ottobock and Pride Mobility have a strong presence in the accessories and parts segment.

Objectives of the Report:

1) Investigate and forecast the value and volume of the South Korea Wheelchair market.

2) Estimate market shares for major South Korea Wheelchair segments.

3) To demonstrate how the market for South Korea Wheelchair is evolving in various parts of the world.

4) Research and analyze micro markets in terms of their contributions to the South Korea Wheelchair market, as well as their prospects and individual growth patterns.

5) To provide precise and useful information on the factors influencing the rise of South Korea Wheelchair.

6) To provide an in-depth analysis of key business strategies used by major companies in the South Korea Wheelchair market, such as R&D, collaborations, agreements, partnerships, acquisitions, mergers, new product launches, and acquisitions, mergers, and acquisitions.

FAQ’s

Q.1 What are the main factors influencing the South Korea Wheelchair market?

Q.2 Which companies are the major sources in this industry?

Q.3 What are the market’s opportunities, risks, and general structure?

Q.4 Which of the top South Korea Wheelchair Market companies compare in terms of sales, revenue, and prices?

Q.5 Which businesses serve as the South Korea Wheelchair market’s distributors, traders, and dealers?

Q.6 How are market types and applications and deals, revenue, and value explored?

Q.7 What does a business area’s assessment of agreements, income, and value implicate?

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