South Korea Disabled and Elderly Assistive Device Market by Type (Mobility Impairments, Hearing Impairments, Visual Impairments, Cognitive Impairments, and Self-Care), and by End User (Hospitals, Elderly Nursing Homes, Home Care, and Other End Users) – Opportunity Analysis and Industry Forecast, 2024 – 2030
Industry: Healthcare | Publish Date: 03-Oct-2024 | No of Pages: 160 | No. of Tables: 87 | No. of Figures: 52 | Format: PDF | Report Code : HC1085
South Korea Disabled & Elderly Assistive Device Market Overview
The South Korea Disabled & Elderly Assistive Device Market size was valued at USD 537 million in 2023, and is predicted to reach USD 1365.7 million by 2030, at a CAGR of 13.2% from 2024 to 2030.
The disabled & elderly assistive device market refers to a wide range of products and services designed to support the aging population and individuals with disabilities in maintaining their autonomy and improving their quality of life. This sector covers medical furniture, hearing aids, mobility aids and living aids, that are crucial for managing chronic conditions and ensuring safety.
Innovations in these areas are driven by the need to address the growing challenges of an aging population and the diverse requirements of individuals with disabilities, making this market integral to enhancing accessibility and wellbeing.
This sector is fueled by growing rate of senior, disabled individuals, rapid technological advancements, and evolving regulatory landscapes, the assistive device industry prioritizes inclusivity and continuously adapts to meet the ever-changing needs of its diverse user base.
Innovative Product Launches by Key Companies Drives the Growth of the Market
The launch of innovative products by key companies is a major driver of the disabled & elderly assistive device market in South Korea. Leading device firms and medical device manufacturers, such as Permobil introducing state-of-the-art assistive devices tailored to the specific needs of the elderly and disabled populations.
For instance, in October 2022, Permobil launched the F5 Corpus VS power wheelchair designed with advanced standing functionality. It features customizable seating functions and a high maximum speed of 12.5 mph. This continuous introduction of new products supports greater accessibility and adoption that significantly helps the South Korea disabled & elderly assistive device market expansion.
Increasing Aging Population Fuels the Demand for Assistive Devices
The rising aging population in South Korea is significantly driving the South Korea disabled & elderly assistive device market demand. With one of the fastest-growing elderly populations globally, the region faces a surge in age-related health issues and mobility challenges. As a larger segment of the population enters older age, there is an escalating need for devices and devices that support independent living and enhance the quality of life.
According to the World Bank Report 2022, South Korea’s average share of 65 and older stood at 17% of overall population. This demographic trend drives the adoption of innovative assistive solutions, including mobility aids, home care devices, and advanced medical devices, essential for catering to the needs of South Korea’s aging society.
The Regulatory Challenges Hinders the Growth of the Market
The South Korea disabled & elderly assistive device market expansion faces significant regulatory challenges that restrain growth and innovation.
Regulatory bodies such as the Korean Ministry of Food and Drug Safety (MFDS), and other national agencies impose stringent approval processes, requiring assistive products, especially medical devices, to undergo extensive testing and certification before entering the market.
This ensures safety and efficacy but delays product launches and elevate costs significantly. These factors collectively pose substantial barriers, limiting the availability of assistive devices in the industry.
The Integration of AI Into Assistive Device is Expected to Create Ample Growth Opportunity for the Market
The integration of assistive technology such as artificial intelligence (AI) and advanced sensors into disabled & elderly assistive devices represents a transformative leap towards a future where these devices are not only more advanced but also more personalized and accessible than ever before.
AI enables assistive devices to evolve beyond static solutions, becoming dynamic and adaptable to the specific needs of each user. Through machine learning algorithms, these devices learn from user interactions, continuously improving their functionality and responsiveness.
Competitive Landscape
The promising players operating in the South Korea disabled & elderly assistive device industry includes Stryker Corporation, Starkey Hearing Technologies, Baxter, Sonova, Dragon Medical Co., Ltd, Curaco, Inc., Genewel Co., Ltd., L&K Biomed, MEDICORE Co., Ltd., Prime Medical Inc., and others.
South Korea Disabled & Elderly Assistive Device Market Key Segments
By Type
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Mobility Impairments
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Wheelchairs
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Walkers and Rollators
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Canes and Walking Sticks
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Crutches
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Portable Ramps
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Others
-
-
Hearing Impairments
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Hearing aids
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FM System
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Deafblind communicators for hearing
-
-
Visual Impairments
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Screen readers
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Optical magnifiers
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Smart phones for vision
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Braille writing equipment
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Talking Devices
-
-
Cognitive Impairments
-
Self-Care
-
Shower Chairs
-
Grab-bars/handrails
-
By End User
-
Hospitals
-
Elderly Nursing Homes
-
Home Care
-
Other End Users
Key Players
-
Stryker Corporation
-
Starkey Hearing Technologies
-
Baxter
-
Sonova
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Dragon Medical Co., Ltd
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Curaco, Inc.
-
Genewel Co., Ltd.
-
L&K Biomed
-
MEDICORE Co., Ltd.
-
Prime Medical Inc.
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size Value in 2023 |
USD 537.0 million |
|
Revenue Forecast in 2030 |
USD 1365.7 million |
|
Value Growth Rate |
CAGR of 13.2% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Million (USD) |
|
Growth Factors |
|
|
Companies Profiled |
10 |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
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