South Korea Disabled & Elderly Assistive Device Market is expected to reach USD 689.50 million by 2030

The rising technological innovation and rising aging population are driving up demand for the South Korea disabled & elderly assistive device market during the forecast period.

According to the Next Move Strategy Consulting, the South Korea Disabled & Elderly Assistive Device Market was valued at USD 456.78 million in 2023, and is predicted to reach USD 689.50 million by 2030, with a CAGR of 5.9% from 2024 to 2030.

The assistive device market in South Korea is thriving, driven by continuous technological innovation. Technological developments such as smart home technologies, wearable devices, and robotics are transforming the assistive device industry. Smart home integration, enabled by voice-activated assistants and automated systems, enhances accessibility for people with mobility limitations. Robotics, including exoskeletons and robotic arms, offers mobility assistance and facilitates daily tasks for those with disabilities.

The aging population in South Korea is increasing, which, in turn, creates the demand for assistive technologies. As people live longer, more and more of them are facing age-related challenges, such as mobility limitations and cognitive impairments. Assistive technologies are essential for addressing these issues and assisting older people in keeping healthy and maintaining a high quality of life. These solutions also reduce the burden on caregivers and offer affordable alternatives to institutional care.

However, in South Korea, the prohibitive cost of assistive technologies often renders them inaccessible to a vast majority of individuals, particularly those in developing and underdeveloped nations grappling with low or fixed incomes. This scarcity of access erects a formidable barrier for a substantial segment of the population, hindering their ability to reap the transformative benefits of these life-enhancing tools.

On the Contrary, In South Korea, assistive technology is undergoing a transformation, becoming more personalized, accessible, and productive than ever before. This is due in large part to advancements in artificial intelligence (AI) and machine learning (ML), which are enabling assistive devices to be tailored to individual needs and adapt to changing conditions. The Internet of Things (IoT) and smart home systems are also empowering users to control their environments more independently than before.

Wearable devices and sensors are monitoring health metrics in real-time, providing valuable insights for self-care and overall well-being. Robotics-powered mobility aids and exoskeletons are augmenting physical capabilities, while augmented reality (AR) and virtual reality (VR) technologies are revolutionizing training and rehabilitation programs. These groundbreaking innovations are reshaping the assistive technology industry, expanding the range and efficacy of solutions while making them more accessible to those who need them.

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According to the report, leading players in the South Korea Disabled & Elderly Assistive Device market include Invacare Corporation, Sunrise Medical LLC, Bausch & Lomb, Inc., Permobil AB, Siemens Healthcare, Freedom Scientific, Inc., William Demant Holding A/S, Starkey Hearing Technologies, GN ReSound Group, Ai Squared, Blue Chip Medical Products, Inc., MED-EL, Liberator Ltd., Drive Medical Design and Manufacturing, Exact Dynamics B.V.

Key Insights from the South Korea Disabled & Elderly Assistive Device Market Report:

  • The information related to key drivers, restraints, and opportunities and their impact on the South Korea disabled & elderly assistive device market is provided in the report.

  • The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

  • The market share of players in the South Korea disabled & elderly assistive device market is provided in the report along with their competitive analysis.

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