South Korea Wheelchair Market Size & Outlook, 2023-2030
South Korea wheelchair market, 2018-2030 (US$M)
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South Korea wheelchair market highlights
- The South Korea wheelchair market generated a revenue of USD 119.0 million in 2023 and is expected to reach USD 206.5 million by 2030.
- The South Korea market is expected to grow at a CAGR of 8.2% from 2024 to 2030.
- In terms of segment, manual was the largest revenue generating product in 2023.
- Manual is the most lucrative product segment registering the fastest growth during the forecast period.
Wheelchair market data book summary
| Market revenue in 2023 | USD 119.0 million |
| Market revenue in 2030 | USD 206.5 million |
| Growth rate | 8.2% (CAGR from 2023 to 2030) |
| Largest segment | Manual |
| Fastest growing segment | Manual |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Manual, Electric |
| Key market players worldwide | Carex Health Brands, Drive Medical, Graham - Field Health Products, Invacare, Medline Industries, Sunrise Medical, Quantum Rehab, Numotion, Pride Mobility Products Corp |
Other key industry trends
- In terms of revenue, South Korea accounted for 2.3% of the global wheelchair market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China wheelchair market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 327.7 million by 2030.
Manual was the largest segment with a revenue share of 61.18% in 2023. Horizon Databook has segmented the South Korea wheelchair market based on manual, electric covering the revenue growth of each sub-segment from 2018 to 2030.
South Korea accounted for 11.3% of Asia Pacific’s wheelchair market in 2021. According to The Korean Herald, 16.5% of the Korean population was above the age of 65 in 2021, and the country is expected to become a super-aged society in 2025 when the percentage of the elderly will reach 20%, which is expected to boost the demand for wheelchairs in the country.
According to the UN, there were over 47 million people with disabilities in South Korea in 2015. Such huge populations create immense opportunities for players in the wheelchair market. The improving healthcare expenditure of the country is likely to augment market over the forecast period.
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Wheelchair Market Scope
Wheelchair Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
South Korea wheelchair market size, by product, 2018-2030 (US$M)
South Korea Wheelchair Market Outlook Share, 2023 & 2030 (US$M)
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