South Korea Wheelchair Market Size, Share Growth Status, Key Players, Industry Challenges, and Forecast 2023-2030

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.

Market Overview:

Wheelchairs are mobility devices that provide independent mobility to individuals with disabilities or reduced mobility. They come in various forms depending on the needs of the user and range from basic manual wheelchairs to highly customizable powered versions.

Market Dynamics:

South Korea has seen rising incidence of disabilities over the past few decades owing to increasing lifespan and lifestyle diseases. As per government data, over 10% of the South Korean population suffers from some form of physical disability. Moreover, the country is witnessing rapid aging of population which further increases the risk of mobility issues and disabilities. This has significantly boosted the demand for assistive devices like wheelchairs. Additionally, greater acceptance and evolving regulations have made wheelchairs more accessible in South Korea. Various government subsidies and insurance coverage have further encouraged the adoption of wheelchairs.

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Market Drivers

The ageing population is driving the growth of South Korea's wheelchair market

South Korea has one of the fastest ageing populations in the world. The proportion of people aged 65 and over has grown dramatically from 4% in the 1960s to over 13% today. This demographic shift is projected to accelerate further with around 30% of the population expected to be elderly by 2030. As people get older, physical disabilities commonly arise requiring mobility aids such as wheelchairs. The rise in South Korea's elderly population is therefore a key driver boosting demand for wheelchairs. Many older people are choosing to age at home rather than move into care facilities, further increasing the need for wheelchairs to maintain independence. Healthcare policies also increasingly focus on community care of the elderly rather than institutionalisation which supports independent living with assistive devices. The Korean government is responding through funding schemes for wheelchair accessibility to support the growing senior population living with disabilities.

Government initiatives driving greater wheelchair accessibility and inclusion

South Korea has placed improving accessibility for people with disabilities high on its policy agenda in recent years. Initiatives such as the national 'Barrier-Free Korea' project aim to create a society where anyone can live independently regardless of physical limitations. Targets have been set to retrofit public infrastructure and make transportation universally accessible by 2025. Local government spending on improving wheelchair access to public buildings, sidewalks and transportation has increased substantially. New public buildings must now meet strict accessibility standards. The private sector is also responding to growing government regulation on accessibility for customers with mobility issues. Retailers and service providers are upgrading entrances, restrooms and parking to accommodate wheelchairs. This supportive policy environment helps stimulate overall wheelchair market demand.

Government funding restraints pose a challenge for wheelchair users

While accessibility policies are progressive, limited healthcare budgets present a key restraint on the Korean wheelchair market. Only basic manual wheelchairs are substantially covered by national health insurance, leaving many users reliant on own funds or charities for powered options. Out-of-pocket expenses for specialized seating systems or customized wheelchairs can be prohibitively expensive for lower income groups. Waiting lists also occur for subsidized devices. The Korean government aims to expand insurance coverage for assistive technology over time but budgetary constraints slow reforms. More funding is needed to strengthen community-based rehabilitation to assess user needs and provide appropriate long-term equipment solutions. Cap on government subsidies leaves some users without adequate assistive devices, partially suppressing wheelchair market demand.

List of the Top Key Players of the Global Luxury Upholstery Fabric Market:

OSTRICH MOBILITY
Guangzhou TopMEDI
Guangzhou HuiJu Medical Equipment
Amico Group
21st Century Scientific

Global Luxury Upholstery Fabric Market Segmentation Analysis:

By Type -

Manual Wheelchairs
Powered Wheelchairs
Pediatric Wheelchairs
Others

By Application -

Homecare
Hospitals
Ambulatory Surgical Centers
Rehabilitation Centers
Others

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Research Objectives:

➞ Focuses on the key manufacturers, to define, pronounce and examine the value, sales volume, market share, market competition landscape, SWOT analysis, and development plans in the next few years.
➞ To share comprehensive information about the key factors influencing the growth of the market (opportunities, drivers, growth potential, industry-specific challenges, and risks).
➞ To analyze individual future prospects, growth trends, and their involvement in the total market.
➞ To analyze reasonable developments such as agreements, expansions new product launches, and acquisitions in the market.
➞ To deliberately profile the key players and systematically examine their growth strategies.

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