Diabetes is a chronic disease that affects millions of people worldwide. Diabetic patients are at a higher risk of developing foot problems, such as foot ulcers, infections, and neuropathy. Diabetic socks are specially designed socks that aim to reduce the risk of foot complications in diabetic patients. These socks are made from materials that are non-constrictive, moisture-wicking, and provide extra padding in the areas that are more susceptible to pressure points.
Market Size:
The global diabetic socks market – forecasted to be worth US$ 192.8 Mn by 2025 end – is expected to increase at a CAGR of above 4% throughout the forecast period. North America is the largest regional market that was valued at US$ 42.3 Mn in 2016 and is expected to grow at a CAGR of above 3.8% during the forecast period.
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Market Segmentation:
The global diabetic socks market is segmented based on product type, distribution channel, and region.
Based on product type, the market is segmented into regular socks and smart socks. Regular socks held the largest share of the market in 2020 due to their low cost and widespread availability. Smart socks are expected to grow at the highest CAGR during the forecast period due to their advanced features, such as pressure sensors and Bluetooth connectivity.
Based on the distribution channel, the market is segmented into online and offline. Offline distribution channels, including specialty stores and pharmacies, held the largest share of the market in 2020 due to the high preference of diabetic patients for purchasing socks through offline stores. Online distribution channels are expected to grow at the highest CAGR during the forecast period due to the increasing adoption of e-commerce and the convenience of online shopping.
Regional Analysis:
The global diabetic socks market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America held the largest share of the market in 2020 due to the high prevalence of diabetes in the region, the growing awareness about foot care among diabetic patients, and the increasing adoption of advanced technologies in the healthcare sector. Asia Pacific is expected to grow at the highest CAGR during the forecast period due to the increasing prevalence of diabetes in the region, the rising demand for diabetic socks, and the increasing disposable income of individuals.
Key Players:
The global diabetic socks market is highly competitive, with the presence of several market players. Some of the key players in the market are Medline Industries, Inc., BSN Medical, Inc., SIGVARIS Management AG, THORLO, Inc., and Veba Inc.
Conclusion:
In conclusion, the global diabetic socks market is expected to grow at a significant rate during the forecast period due to the increasing prevalence of diabetes, the growing awareness about foot care among diabetic patients, and the rising demand for comfortable and high-quality diabetic socks. Regular socks and offline distribution channels are the major segments of the market. North America held the largest share of the market in 2020, while Asia Pacific is expected to grow at the highest CAGR during the forecast period. The market is highly competitive, with the presence of several market players.