SAN FRANCISCO, Sept. 2, 2020
SAN FRANCISCO, Sept. 2, 2020 /PRNewswire/ -- 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.
Key suggestions from the report:
Read 80 page research report with ToC on "Diabetic Socks Market Size, Share & Trends Analysis Report By Product (Ankle Length, Calf Length, Knee Length), By Distribution Channel (Hypermarkets, E-commerce), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/diabetic-socks-market
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.
North America accounted for the largest revenue share in 2019. According to the report by the American Diabetes Association, nearly 1.6 million Americans have type 1 diabetes, including about 187,000 children and adolescents. Growing cases of diabetes in this region are expected to fuel the market growth. Moreover, the presence of leading players in this region is driving the market. For example, in February 2015, Sigvaris USA announced the launch of their new diabetic's sock designed for diabetic patients. Eversoft diabetic socks with FreshGuard technology treatment that can prevent odor and moisture and decrease the risk of infection by reducing the friction against the skin. Technological innovations are expected to bode well for the regional market.
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.
Grand View Research has segmented the global diabetic socks market on the basis of product, distribution channel, and region:
List of Key Players of Diabetic Socks Market
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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