Diabetic Socks Market to represent a significant expansion at 4.8% CAGR by 2025
Diabetic socks are the socks specially designed for people with diabetes. Usually, the diabetic socks are produced without seams with the purpose of decreasing the possibility of blistering. The ideal socks for diabetic people with must-have features such as no prominent seams, non-elasticated cuffs, for winter use keep in warmth and allowing feet to sweat and breathe to dry out mainly in summer.
The major aspects fuelling the growth of the overall market for diabetic socks are creating awareness by the government on diabetes cure, growing occurrence of diabetic neuropathy, changes in lifestyle, rising global healthcare expenditure and rising requirement for diabetic socks because of the rising incidences of diabetes across the world. The worldwide diabetic socks market is estimated for a market valuation of US$ 192.8 Million through the end of the calculated period 2025 and registering a CAGR of roughly 4.8% throughout 2017-2025.
On the other hand, lack of awareness among people high in addition to costs related to diabetic socks is few aspects that will hamper the growth of the diabetic socks market for the duration of the estimated period.
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On the basis of product type, the market is mainly segmented into smart socks and regular socks. Regular socks in comparison to smart socks will be gaining 40% of the market share in revenue terms of the overall market over the period of forecast.
On the basis of material type, the market is categorized into cotton, polyester, spandex, Lycra, nylon and others. The others category is anticipated to gain the highest share in value terms attributable to the properties offered by the material such as make use of natural organic material, sag resistance, moisture wicking, etc.
On the basis of the distribution channel, the market is divided into pharmacies, clinics, modern trade, retail stores, online stores and other healthcare facilities. The online store’s division is anticipated to gain large share in value terms over the said period. On the other hand, the diabetic socks are selectively obtainable in the online stores.
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The overall market is studied across the five key regions, namely North America, Latin America, Europe, Asia Pacific and Middle East & Africa. North America will be the most lucrative market in value terms and is likely to increase at more than 4% CAGR over the projected period, followed by Europe, to increase at more than 3.5% CAGR during 2017-2025.
Key Market Players
Collaborations and acquisitions are the main approaches implemented by the major companies to bolster improved products in the diabetic socks market globally. The major companies operating in the worldwide diabetic socks market include
• BSN Medical
• Cresswell Socks Mill
• Veba Inc.
• SIMCAN ENTERPRISES INC
• Intersocks S.R.L
• Siren care
• THORLO Inc
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