Increase in the geriatric population across the countries like U.S., Canada, and Japan, rise in the prevalence of diabetes due to increased consumption of junk food, and sedentary lifestyle drive the global diabetic socks market
PORTLAND, Oregon, May 25, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Diabetic Socks Market by Type (Ankle Length, Calf Length, and Knee Length) and Sales Channel (Offline Channels and Online Channels): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global bread improvers industry garnered $292.5 million in 2018, and is estimated to reach $435.4 million by 2026, registering a CAGR of 5.4% from 2019 to 2026.
Drivers, restraints, and opportunities
Increase in the aging population and rise in the prevalence of diabetes drive the global diabetic socks market. However, lack of awareness toward diabetic socks restrains the market growth. On the other hand, brand expansion and budding role of e-commerce in diabetic socks create new opportunities in the coming years.
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- Several major market players have halted the production of diabetic socks amidst the lockdown.
- During the coronavirus pandemic, the revenue generated from the online sales segment will be increased significantly as these sales channels provide online information about the product and provide an option of home delivery of the product. Thus, customers can stay safe from the COVID-19 virus while staying at home and receive the product at their doorstep.
- The demand for diabetic socks has experienced a downfall during the coronavirus pandemic due to the affected supply chain amid lockdown.
- Several diabetic socks manufacturers across China and India have a huge opportunity to grow and generate maximum revenue as COVID-19 pandemic is receding slowly in these countries and governments are now lifting the lockdown to start the industrial activities.
The calf length segment to dominate throughout the forecast period
Based on type, the calf length segment accounted for more than half of the total share of the global diabetic socks market in 2018, and is expected to maintain its lead status in terms of revenue throughout the forecast period. In addition, the segment is estimated to portray the fastest CAGR of 5.7% from 2019 to 2026. This is attributed to increased demand and usage of calf length diabetic socks that help in relieving pain and treat medical condition in one's lower leg such as varicose veins, aching feet, or other blood circulation issues up to calf length.
The online channels segment held lion's share during the forecast period
Based on sales channel, the offline channels segment contributed to the highest market share, accounting for more than four-fifths of the global diabetic socks market share in 2018, and is estimated to maintain its leadership position during the forecast period. This is attributed fact that offline channels such as physical stores that allow the customers to check and test the merchandise before purchasing, which enhances the consumer shopping experience. However, the online channels segment is estimated to generate the fastest CAGR of 6.1% from 2019 to 2026. This is due to time-saving features, easy availability of information about diabetic socks, and the facility of home delivery.
North America to maintain its dominant by 2026
Based on region, North America accounted for the highest share, holding for more than two-fifths of the global diabetic socks market in 2018, and is projected to maintain its dominant position throughout the forecast period. This is attributed to surge in cases of diabetes patients across the region. However, Asia-Pacific is estimated to portray the fastest CAGR of 6.4% from 2019 to 2026, owing to rapid increase in prevalence of diabetes because of sedentary lifestyle and increased consumption of junk food.
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Leading market players
- Colfax Corporation
- European Lingerie Group,
- Orthofeet Inc.
- Creswell Sock Mills
- Drew Shoe
- Nishikaa Garments International LLP
- Pantherella International Group
- Drew Shop
- Simcan Enterprises Inc.
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SOURCE Allied Market Research