South Korea Disabled & Elderly Assistive Device Market Poised for Strong Growth, Valued at USD 1366 Million in 2023

According to industry analysts at Next Move Strategy Consulting, the South Korea Disabled & Elderly Assistive Device Market is expected to reach USD 1366 million, growing at a CAGR of 13% by 2030. This growth is driven by the increasing aging population, technological advancements, and the introduction of innovative assistive devices.

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As South Korea faces one of the fastest-growing elderly populations globally, the demand for assistive devices is rising. The disabled & elderly assistive device market includes a wide range of products such as medical furniture, mobility aids, hearing aids, and living aids. These products are critical for enhancing the independence and quality of life for elderly and disabled individuals.

Key Drivers of Growth

One of the primary drivers of the market is the continuous innovation in assistive devices by leading companies. For instance, in October 2022, Permobil launched the F5 Corpus VS power wheelchair, featuring advanced standing functionality, customizable seating, and high speed, which caters specifically to the needs of elderly and disabled populations. Such innovations contribute to the broader adoption and accessibility of assistive devices, significantly propelling the market forward.

The growing aging population in South Korea also plays a crucial role in driving demand. According to a World Bank report, as of 2022, 17% of South Korea’s population was aged 65 or older. This demographic shift has led to an increased need for mobility aids, home care devices, and advanced medical solutions to support independent living and manage age-related health issues.

Challenges to Overcome

Despite the positive growth outlook, the South Korea Disabled & Elderly Assistive Device Market faces significant regulatory challenges. Stringent approval processes imposed by regulatory bodies such as the Korean Ministry of Food and Drug Safety (MFDS) can delay product launches and increase costs, potentially hindering the timely availability of essential devices. These regulatory hurdles must be navigated to ensure continued growth and market expansion.

AI Integration to Shape the Future

Looking ahead, the integration of artificial intelligence (AI) and advanced sensors into assistive devices is expected to revolutionize the market. AI-powered devices will become increasingly personalized, adapting to individual user needs and learning from interactions to improve functionality. This technological advancement presents significant growth opportunities for the market, offering more dynamic, accessible, and efficient solutions for disabled and elderly individuals.

Competitive Landscape

The South Korea Disabled & Elderly Assistive Device Market is highly competitive, with key players including global giants like Stryker Corporation, Starkey Hearing Technologies, Baxter, Sonova, and other regional companies such as Dragon Medical Co., Ltd, Curaco, Inc., and L&K Biomed. These companies are at the forefront of delivering innovative solutions, ensuring the continuous expansion of the market.

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Market Segmentation

The market is segmented by device type and end-user. Key product types include mobility aids (wheelchairs, walkers, canes), hearing aids, visual impairment aids (screen readers, optical magnifiers), and cognitive impairment aids (self-care devices, shower chairs). The end-user segment includes hospitals, elderly nursing homes, home care services, and other healthcare settings.

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