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.
With inevitability of storing data in healthcare sector, the healthcare supply chain has undergone a paradigm shift, which implies that healthcare supply chain management systems are being increasingly accepted, which would drive the healthcare supply market towards exponential growth in the upcoming period. It has been observed that standardizing the healthcare supply chain practices would result in cost cuttings by about 17%. The factors actively transforming the healthcare supply market include cloud-based solutions, enhanced supply chain network of the key participants, increasing adoption of the advanced systems, and increasing pressure for cost reduction (as stated above). This would be the behaviour of market for healthcare supply in the years to come.
Demand for Diabetic Socks Due to Rising Prevalence of Diabetic Neuropathy Expected to Fuel Global Diabetic Socks Market Revenue Growth.
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According to the latest market report published by Persistence Market Research titled ‘Diabetic Socks Market: Global Industry Analysis 2012-2016 and Forecast 2017-2025,’ the global diabetic socks market is expected to expand at a CAGR of approximately 4.8% during the forecast period 2017-2025.
Global Diabetic Socks Market: Factors Impacting the Market
The primary factors driving the growth of the global diabetic socks market are increasing prevalence of diabetic neuropathy, government focus on creating awareness on diabetes cure, increasing global healthcare spending, rising demand for diabetic socks due to the increase in the prevalence of diabetes across the globe, and changes in lifestyle that increase the probability of genomic mutations. However, higher costs associated with diabetic socks and lack of awareness among people are some of the factors that will restrict revenue growth of the diabetic socks market over the forecast period.
Global Diabetic Socks Market: Key Companies
Some of the key players in the global diabetic socks market across the value chain are BSN Medical, Therafirm, SIGVARIS, SIMCAN ENTERPRISES INC, 3M, Veba Inc.,Siren care, Intersocks S.R.L, THORLO, Inc, Cupron and Cresswell Socks Mill. Companies are focusing on collaborating with established research centers to develop new products. The report also identifies company-specific strategies related to product development, market consolidation initiatives and analysis of companies’ specific strengths, weaknesses, opportunities and threats.
The market is segmented based on product type, material type, distribution channel and region. On the basis of product type the market has been segmented into regular socks and smart socks. By product type, the regular socks segment is expected to remain the largest segment, registering a CAGR of above 4% in terms of value during the forecast period. The regular socks product type segment is expected to reach a market value of US$ 192.8 Mn by 2025 end.
On the basis of material type, the diabetic socks market has been segmented as polyester, cotton, nylon, spandex, lycra and others. The others segment is expected to remain the largest segment, registering a CAGR of above 5% in terms of value over the forecast period. The others material type segment is expected to reach a market value of US$ 96.5 Mn by 2025 end.
On the basis of distribution channel, the global diabetic socks market has been segmented as retail stores, online stores, modern trade, pharmacies, clinics and other healthcare facilities. By distribution channel, the online stores segment is expected to remain the largest segment, registering a CAGR of above 6% in terms of value over the forecast period. The online stores segment is expected to reach a market value of US$ 61.1 Mn by 2025 end.
On the basis of region, the market has been segmented into North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. North America is estimated to dominate the global diabetic socks market with maximum value share of the overall market recorded in 2016. The North America diabetic socks market is expected to register a CAGR of more than 4% over the forecast period to reach a market value of US$ 60.7 Mn by 2025 end.
Key geographies evaluated in this report are:
North America – U.S, Canada
Europe – France, Germany, Italy, Spain, and the UK, Eastern Europe, CIS
APAC – China, India, Japan, Australia, Others
Latin America – Argentina, Brazil, Others
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Key Questions Answered in This Report.
- What will the Market growth rate in Future?
- What are the key factors driving the global Market?
- Who are the key manufacturers in Market space?
- What are the opportunities and threats faced by the vendors in the global industry?
- What are sales, revenue, and price analysis by regions of industry?
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