Diabetic Socks Market Growth & Trends
The global diabetic socks market size is anticipated to reach USD 303.2 million by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.5% from 2020 to 2027. The rising prevalence of diabetes worldwide is expected to fuel market growth. According to a report by the International Diabetic Federation, the number of diabetic cases is expected to increase by 25% from 463 million in 2019 to 578 million in 2030. Additionally, countries in South East Asia and the Middle East are expected to witness close to 74% and 96% increase, respectively, in the number of cases by 2045. Increasing cases of diabetes will complement the growth of the market in the coming years.
One of the market drivers is the growing need for non-invasive methodologies. Growing awareness of self-care treatments pertaining to supporting footwear, along with technical advances such as gel padding and the launch of smart socks with fiber-optic sensors, is presenting new growth opportunities for the market. For example, in June 2019, Protect iT, a Swiss brand, launched a therapeutic line and a comfort line of diabetic socks with padded layers to deliver protection to the sensitive and sore-prone areas of the feet for people with diabetes.
By product type, the calf-length socks segment held the largest share of 68.3% in 2019. The growth is attributed to an increase in recommendations by doctors and medical councilors of calf-length socks to diabetic neuropathy patients. These socks help to avoid infection in the feet and any potential damage to their circulatory and nervous systems caused by high blood sugar levels
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E-commerce is expected to emerge as the fastest-growing channel in the coming years. Online searches for diabetic socks have increased steadily, particularly in the United States, Canada, the U.K., and Australia. This bodes well for manufacturers and brands planning to set up e-commerce sites to sell products wholesale or retail or is setting up shop with one of the top auction or on-line retail sites, such as eBay, uBid, and Bidz.com. These sites already generate a large amount of traffic, which increases product visibility, thereby enhancing sales of these products through online sales channels.
Diabetic Socks Market Report Highlights
In terms of product type, the calf-length segment held a 68.3% share of the overall revenue in 2019
Asia Pacific is expected to expand at the fastest CAGR of 5.9% from 2020 to 2027. Growing cases of diabetes are expected to drive the market in the region. China and India are among the top two countries witnessing the largest number of diabetic cases across the globe
By distribution channel, the hypermarket segment held the largest share in 2019 and is expected to retain its pole position throughout the forecast period. The increasing availability of a wide range of diabetic socks in these stores is one of the main reasons driving the segment
Companies with a strong brand image will build traction and new companies who leverage technology will continue to enjoy a greater portion of the marketplace.
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Diabetic Socks Market Segmentation
Grand View Research has segmented the global diabetic socks market on the basis of product, distribution channel, and region:
Diabetic Socks Product Outlook (Revenue, USD Million, 2016 – 2027)
Diabetic Socks Distribution Channel Outlook (Revenue, USD Million, 2016 – 2027)
Pharmacy & Drug Stores
Diabetic Socks Regional Outlook (Revenue, USD Million, 2016 – 2027)
Central & South America
Middle East & Africa
List of Key Players of Diabetic Socks Market
HangZhou Aidu Trading Co., Ltd.
Soyad Brothers LLC.
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Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
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