Diabetic Socks Market To Reach A Valuation Of ~ US$ 225 Mn By 2027: Transparency Market Research

October 29 02:30 2021
Diabetic Socks Market To Reach A Valuation Of ~ US$ 225 Mn By 2027: Transparency Market Research
Diabetic Socks Market is estimated to expand at a CAGR of ~ 6% during the forecast period 2027

Transparency Market Research delivers key insights on the global diabetic socks market. In terms of revenue, the global diabetic socks market is estimated to expand at a CAGR of ~ 6% during the forecast period, owing to numerous factors, regarding which, TMR offers thorough insights and forecasts in the diabetic socks market report.

Diabetes affects the productivity and wellbeing of millions of people around the world. Up to 1% of adults suffer from diabetes at some point in their life. Diabetes can be prevented and treated by reducing pressure within the legs using an external appliance such as multilayer, short-stretch bandaging, or diabetic socks. Diabetic socks are designed to satisfy the demand of healthcare professionals and consumers. According to CDC, in the U.S., approximately 20% to 30% patients with diabetic neuropathy suffer from neuropathic pain. Diabetic neuropathy lowers the quality of life, which significantly increases the demand for diabetic socks. A rise in demand has been observed owing to the usage of diabetic socks for the treatment of diabetes and diabetic neuropathy. The smart socks industry has emerged as one of the biggest transformational elements for this business.

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In this market report, TMR estimates that the mid-calf/crew length segment will outpace other product types by the end of 2027, in the diabetic socks market. The rising prevalence of diabetes is expected to drive the revenue growth of the diabetic socks market. The high prevalence of diabetes leading to other complications such as venous disorders is also predicted to boost the sales of diabetic socks.

The increasing geriatric population is expected to drive the demand for diabetic socks, as the risk of diabetes-related problems is higher among elderly individuals. A large proportion of elderly population in countries such as China and Japan is expected to be the biggest driver for the diabetic socks market.

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The diabetic socks market is witnessing huge change since the last few years. The future scenarios that we explored involves a combination of various factors, such as increasing awareness about strategies for diabetes prevention, and growing cases of diabetic neuropathy, which is projected to boost the market in the coming years. Moreover, the diabetic socks market has been witnessing visible technological change in recent years.

Online distribution channels have created better opportunities for manufacturers and distributors in the industry to sell their products online. In order to cater to a wide range of customers across the globe, manufacturers and distributors of diabetic socks are focusing on selling their products through various e-Commerce portals.

Diabetic Socks Market: Prominent Regions

The demand for diabetic socks in the Asia Pacific region is anticipated to increase at a faster pace as compared to any other region in the coming years, owing to the increasing awareness about foot ulcer protection and rising personal income levels.

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The markets in Europe and North America have high incremental opportunity due to the increasing manufacturer base in the regions.

The South America and Middle East & Africa markets for diabetic socks are growing at a sluggish rate, owing to slow investments in the overall socks or diabetic product industry.

The U.S. accounts for a major share in the North America diabetic socks market, and is expected to expand at a CAGR of ~ 6% over the forecast period, due to new technology invention, new product launches, and an established manufacturing base in the country.

Diabetic Socks Market: Key Players

Key players operating in the global diabetic socks market include BSN Medical, Therafirm, Sigvaris, Simcan Enterprises Inc., Siren, Intersocks S.R.L, THORLO Inc., Cupron, Cresswell Socks Mill, Dr Scholls, and others.

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