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Diabetic Socks Market Report is Expected to Grow from USD 187.47 Million in 2022 to USD 287.7 Million by 2030, at a CAGR of 5.5% During the Forecast Period 2023-2030 : GreyViews

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Pune India, March 06, 2023 (GLOBE NEWSWIRE) — Diabetic Socks Market Size By Product (Knee-Length, Ankle-Length and Calf-Length), By Distribution Channel (E-Commerce, Hypermarkets, Retail Stores, Pharmacies, and Others), Regions, Segmentation, and forecast till 2030. The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the diabetic socks market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the diabetic socks market are present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as product, distribution channel, and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below. The significant players operating in the global diabetic socks market areSoyad Brothers LLC, Syounaa, Cupron, Reflexa, SIMCAN, BSN Medical, 3M, Nishikaa Garments International LLP., Therafirm, Veba Inc, Drew Shoe, Colfax Corporation, Pantherella International Group, Siren Care, I-Runner, Orthofeet Inc., among others”. To achieve a substantial market share in the worldwide diabetic socks market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.

People with diabetes have sensitive feet and experience several foot conditions; therefore, they need to protect their feet more than other people. Diabetic socks prevent dryness, enhance blood flow, and decrease the risk of injuries. Moreover, with the introduction of smart socks into the diabetic socks range, technological advancements in the healthcare sector boost market growth. In order to monitor for infection caused by nerve damage, socks have sensors that scan the lower legs, humidity, and foot joints of the patient. Additionally, diabetics with neurological conditions, such as nerve damage or peripheral vascular disease, lose feeling in their legs and feet because nerve blood circulation is impaired. As a result, sores and cuts heal slower, increasing the risk that ulcers will develop, which is boosting the demand for diabetic socks among patients. As a result of the technological advancements in the product, mortality rates from foot ulcers and contamination will decrease. It is further anticipated that the diabetes socks market will grow as a result of the growing popularity of diabetic socks due to their protective and non-invasive features. In addition, cost efficiency, and an increase in awareness of health issues among the younger generation, are estimated to cushion the market’s growth. Moreover, a lack of understanding of diabetic socks’ benefits and usage is posing many challenges to the diabetic socks market. There is a detailed description of the product and do’s and don’ts on the packaging of diabetic socks, but yet, it has been observed that consumers are voicing complaints about the product, which is hampering the growth of the market because consumers are seeking alternatives to diabetic socks.

Scope of Diabetic Socks Market Report:

Report Metric Information
Study Period 2022-2030
Base Year              2022
Forecast Period 2023-2030
Market Share Unit USD Million
Segments Covered Product, Distribution Channel, and Regions.

 

Regions Covered North America, Europe, Asia-Pacific, South America, and Middle-East and Africa
Major Players Soyad Brothers LLC, Syounaa, Cupron, Reflexa, SIMCAN, BSN Medical, 3M, Nishikaa Garments International LLP., Therafirm, Veba Inc, Drew Shoe, Colfax Corporation, Pantherella International Group, Siren Care, I-Runner, Orthofeet Inc., among others.

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Segmentation Analysis

Calf-length is expected to be the fastest-growing segment in 2022. 

The product segment includes knee-length, ankle-length and calf-length. The calf-length segment is expected to witness the highest growth rate during the forecast period. As diabetes patients suffer from neuropathy and peripheral vascular disease, which further exacerbate infections and complications, the calf-length segment accounted for the largest share in 2021. It is estimated that 6 to 51% of adults with diabetes have peripheral neuropathy in 2019, depending on their age, the duration of their diabetes glucose control and whether they are type 1 or type 2.

Hypermarkets are expected to be the fastest-growing segment in 2022. 

The distribution channel segment includes e-commerce, hypermarkets, retail stores, pharmacies, and others. The hypermarket segment is expected to witness the highest growth rate during the forecast period. As a result of the shift toward offline shopping by consumers, the hypermarket segment is forecast to grow at the fastest rate during the forecast period. Therefore, individuals can verify the durability and longevity of the socks and the materials used to manufacture these products due to an increased awareness of medical-grade products, which will accelerate the segment’s growth.

Regional Analysis           

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the diabetic socks market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.

The North American region witnessed a major share. As a result of the large revenue share from the North American market in the global diabetic socks market, the U.S. market contributes significantly to the growth and development of the market in the region, which is attributed to the rising prevalence of diabetes in the area, which in turn leads to a high adoption rate of diabetic accessories. The U.S. market for diabetic socks has grown due to the increasing consciousness of individuals suffering from this chronic disorder and the increased use of diabetic socks.

Country Analysis

Germany’s diabetic socks market size was valued at USD 16.3 million in 2022 and is expected to reach USD 25.5 million by 2030, at a CAGR of 5.8% from 2023 to 2030.
As of 2021, the German market has accounted for a significant share of sales. The market is being driven forward by the growing need for preventive care, the increased collaboration and funding between major companies and hospitals, and the growing consumer demand for practical, efficient, novel options, and eco-friendly diabetic socks.

China’s diabetic socks market size was valued at USD 12.16 million in 2022 and is expected to reach USD 18.9 million by 2030, at a CAGR of 5.7% from 2023 to 2030.
Growing awareness about diabetic socks among diabetic patients is propelling market growth in the country. Furthermore, rising healthcare expenditures by the government and private sector will further add to the market’s growth.

India’s diabetic socks market size was valued at USD 9.36 million in 2022 and is expected to reach USD 14.47 million by 2030, at a CAGR of 5.6% from 2023 to 2030.
Diabetic socks’ market growth prospects are boosted by the increasing prevalence and burden of diabetes, as well as the rising disposable incomes of people in India.

Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of this market is mainly driven owing to the rising cases of diabetes globally and increasing awareness about the proper management of diabetes.

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