Diabetic Socks Market: Current Analysis and Forecast (2021-2027)
Diabetic socks are specially designed to keep feet dry, decrease the risk of a foot injury, and enhance blood circulation. They are a key part of foot care, which is an important aspect of diabetes management due to potential damage to the nervous and circulatory systems caused by high blood sugar levels.
Promulgating the number of diabetic people, Globally is contributing to the growth of the demand for diabetic socks. As per International Diabetes Federation, 63 million adults around the world between the ages of 18 and 79 suffer from type 2 diabetes (T2D). By 2045, this figure is set to reach 700 million people. In Europe, 60 million people are living with type 2 diabetes. This figure will rise to 68 million in 2045. But these figures do not fully reflect the significance of this condition, as around 40% of people in Europe are unaware that they have type 2 diabetes.
Moreover, According to the American Diabetes Association, approximately 50% of people with type 2 diabetes and 20% of those with type 1 diabetes have been witnessing nerve damage, along with poor blood flow. The diabetes complication puts one at risk for developing a foot ulcer (a sore or wound) that could get infected and not heal well. Diabetic socks help in prevention such mishappenings so the demand for the diabetic socks is on surge.
Based on the Product, the market is fragmented into Ankle length, Calf Length, and Knee length. The Calf length segment of the Global Diabetic Socks market grabbed the major market share and dominated the market. The segment captured around XX% market share and generated USD XX Mn in 2020 and is expected to grow at a CAGR of XX% during the forthcoming years
Based on the type, the market is fragmented into regular socks, Smart socks. The regular socks segment grabbed major market share and captured XX% market revenue in 2020. However, the smart socks segment would emerge in the forecast period and would witness the highest CAGR during the forthcoming period.
Based on the material type, the market is fragmented into Polyester, Cotton, Nylon, Spandex, Lycra, and Others. The cotton segment grabbed major market share and captured XX% market revenue in 2020. However, the other segment would emerge in the forecast period and would witness the highest CAGR during the forthcoming period as well and would reach USD XX mn by 2027
Based on the distribution channel the market is segmented into online and Offline. The offline segment grabbed XX% market share and gathered USD XX Mn in 2027. Moreover, the offline segment is expected to reach USD XX Mn by 2027 with a growth of XX% CAGR during 2021-2027. Furthermore, the offline segment is fragmented into Hypermarket/supermarkets, retail stores, pharmacies, and others. However, the online segment is expected to witness the highest CAGR during the forecast period.
Diabetic Socks has several applications such as Men and Women. The men segment generated revenue worth USD XX million in 2020 and is expected to reach USD XX million by 2027. However, the women segment is expected to witness an exhibit growth during the forecast period.
For a better understanding of the market adoption of the Diabetic Socks market, the market is analyzed based on its worldwide presence in the countries such as North America (the United States and Canada), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea and Rest of APAC), and Rest of World. North America constitutes a major market for the Diabetic Socks industry and generated revenue of USD XX Million in 2020 owing to the increase in the demand for high-quality processed food.
Some of the major players operating in the market are 3M, BSN Medicals, SIGVARIS, SIMCAN, Syounaa, HangZhou Aidu Trading Co., Ltd, Soyad Brithers LLC, DJO, LLC, PediFix, Reflexa, etc., Several M&As along with partnerships have been undertaken by these players to develop Diabetic Socks.