Press release
Global Diabetic Socks market: Research Methodology Report: Expected to Expand at a Steady CAGR through 2021
Drivers:
Rise in diabetic patients is expected to drive growth of the global diabetic socks market.
According to the American Diabetes Association, in 2019, 1.6 million people in U.S. were diagnosed with diabetes. Furthermore, according to the Diabetes UK, in 2019, globally over 416 million people were living with diabetes which is estimated to be 1 in 11 of world’s adult population.
Increased expenditure on diabetes treatment is expected to drive growth of global diabetic socks market.
According to the American Diabetic Association (ADA), in 2018, annual cost for diagnosing diabetics in America was US$ 324 billion, which is a 26% increase over five-year period (2013-2018).
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Restraints:
Lack of awareness towards diabetic socks is expected to restrain growth of the global diabetic socks market.
Regional insights:
North America is expected to dominate the global diabetic socks market due to rise in diabetic patients. According to the National Diabetic statistics, in 2020, 89% of people were suffering from diabetics in the U.S.
Asia Pacific is expected to grow rapidly in the near future due to rising number of diabetes cases in emerging economies such as India, China, Sri Lanka, and Bangladesh.
According to the International Diabetes Federation, in November 2019, the number of diabetes cases were 77.9 million in India, 116.5 million in China and 1.2 million in Sri Lanka.
Competitors section:
Key competitors in global diabetic socks market are BSN Medical, Therafirm, SIGVARIS, SIMCAN ENTERPRISES Inc., 3M, Veba Inc., Siren care, Intersocks S.R.L, THORLO, Inc., Cupron and Cresswell Socks Mill.
In March 2018, Siren launched its first diabetic socks using its proprietary Neurofabric material. These diabetic socks and foot monitoring systems are connected to an app, which alerts about the early warning signs of inflammation and diabetic foot ulcers.
In October 2019, Handok Pharma collaborated with fashion Hosiery brand “I Hate Monday” for the launch of its new diabetic socks
By Type
Stockings
Compression Stockings
General Stockings
By End-User / Application
Men
Women
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