Sales and Workforce Decline in Senior-Friendly Product Manufacturing Industry

Korea Health Industry Development Institute
Announces Results of Nationally Approved Statistics Survey
of 965 Senior-Friendly Product Manufacturers

Although South Korea has entered a super-aged society, with people aged 65 and over accounting for more than 20% of the population, sales and workforce size in the senior-friendly products manufacturing sector?such as walking aids and bath chairs?have declined.

On May 30, the Korea Health Industry Development Institute announced the results of a comprehensive survey of 965 domestic senior-friendly product manufacturers. According to the survey, these companies recorded sales of 4.2083 trillion won in 2023, a decrease of 5.4% compared to the previous year.

By product category, the personal health and medical products manufacturing sector, which accounts for the largest share of total sales, saw its sales plummet by 26.5%, from 3.0312 trillion won in 2022 to 2.228 trillion won in 2023, driving the overall decline in sales.

However, sales increased in the daily necessities manufacturing sector (up 37.6%), residential equipment manufacturing sector (up 31.6%), and assistive communication device manufacturing sector (up 55.5%).

Among manufacturers, those with annual sales of less than 500 million won accounted for the largest share at 43.9%. In terms of company capital, those with less than 100 million won made up more than half, at 53.4%.

The number of employees in the senior-friendly products manufacturing sector fell by 17.9%, from 12,089 in 2022 to 9,922 in 2023. Companies with fewer than 10 employees accounted for 80.6% of the total.

A representative of the Korea Health Industry Development Institute stated, "Due to factors such as economic uncertainty, the market size for senior-friendly product manufacturing has also shrunk." The representative added, "As the importance of the senior-friendly industry grows in a super-aged society, we will continue to do our best to establish a reliable statistical system to provide accurate status assessments and statistical data."