The diabetic socks market was valued at USD 126.5 million in 2021 and is expected to reach USD 154.6 million by 2026, growing at a CAGR of 3.4% during the forecast period 2021-2026.
As per the report by American Diabetes Association, around 50 percent of patients with type 2 diabetes and 20% of patients with type 1 diabetes are experiencing nerve damage. Therefore, technological advances and improvements would drive innovation in the characteristics of diabetic socks, generating substantial potential for market players in the healthcare industry and the textiles industry.
Diabetic socks are made to keep your feet dry, reduce the chance of damage, and improve blood flow. They're an important part of diabetic foot care because high blood sugar levels can harm the nervous and circulatory systems. Diabetic neuropathy reduces sensation in the feet, especially the soles, and increases the risk of injury. It can also make a diabetic person oblivious to an injury, causing treatment to be delayed.
According to the IDF Diabetes Atlas, around 463.0 million persons aged 20 to 79 suffer from diabetes globally, with the majority (79.4%) living in low- and middle-income countries. Diabetes is expected to affect 578.4 million individuals by 2030, with a total of 700.2 million adults suffering from the disease by 2045. Furthermore, the prevalence of type 1 diabetes in children under the age of 15 has been continuously rising. Annual growth is expected to be around 3%, with strong evidence of regional variances. Type 1 diabetes affects about a million children under the age of 20. There are around 4.2 million adults aged 20 to 79 in the United States.
One of the major factors driving the market's growth is the rising number of diabetic neuropathy cases around the world. The diabetic socks market is expected to rise further due to the increased popularity of diabetic socks due to their safe and non-invasive properties. Cost efficiency of diabetic socks and increasing health awareness in the millennial population boost the market growth.
In the coming years, technological developments and a preference for non-invasive treatment will create more possibilities for the diabetic socks market to grow.
The rise in the cost of diabetic socks, on the other hand, is expected to hinder the diabetic socks market's expansion over the forecast period.
Smart socks are the most recent innovation in diabetic socks. Smart socks use fiber optic sensors for monitoring pressure, humidity, and foot joint ankles to detect the onset of ulcers in areas where nerve loss has occurred. Amputations and deaths due to foot ulcers and infections can be dramatically reduced using smart diabetic socks.
Consumer perceptions of diabetic socks are changing as a result of the vast range of illness consequences associated with diabetes. Diabetic socks are now seen as more than merely therapeutic clothing but also as a modern medical accessory. Diabetic socks are gaining popularity due to their preventive and non-invasive capabilities, as major manufacturers compete for therapeutic accessories.
Rather than investing in prevention, diabetic patients make investments to directly cure the condition, which hinders the market growth.
Major Challenges in the marketplace:
The lack of public awareness of diabetes socks could pose an additional hurdle to the diabetic socks market's growth in the near future. Local manufacturers are becoming threats to well-established brands as they are selling products at a cheaper rate.
Competition in the marketplace:
The actions of a few important companies in this market determine the competitive dynamics, and their strategies are aiding the expansion of the ambulatory arrhythmia monitoring devices market. These companies are concentrating on creating and deploying monitoring systems that incorporate smart technology to improve the efficiency and accuracy of cardiac monitoring.
Diabetic Socks Market Segmentation:
By Product Type
Diabetic socks market share is driven by the calf-length category, which is expected to increase at the fastest CAGR throughout the projected period. Because the calf length provides better leg covering and optimal comfort and support, it is often used.
By material, the diabetic socks market is divided into cotton, polyester, nylon, and wool. Due to the multiple advantages of cotton socks, such as being lightweight, easy to clean, and breathability over other materials, cotton socks hold the largest market.
By Distribution Channel:
By distribution channel, the Diabetic socks market is categorized into Hypermarkets, Pharmacy and Drug stores, E-commerce, and Others, out of which Hypermarkets holds the highest market share by revenue and is recorded 40% in 2019, globally. The e-commerce segment is predicted to remain the largest distribution channel, with a CAGR of more than 6% in terms of value during the forecast period. Increased internet penetration, particularly in North America, Europe, and Asia-Pacific, along with a diverse network of e-commerce firms, will lead to online channels gaining market share in the projection period. Consumer preference is increasing towards products from offline businesses such as pharmacies and drug stores, and hypermarkets.
Diabetic Socks Market-by Geography:
North America is expected to dominate the market due to major players in the diabetic socks market in the region. Additionally, the region's diabetic socks market will grow due to the presence of strong export networks around the world. North America's high prevalence of diabetes, combined with high spending on diabetic items, contributes to the region's market dominance in the worldwide diabetic socks industry.
Europe is expected to increase its market growth during the forecast period due to the increasing number of type 1 diabetes.
The Asian market is expected to grow at a higher rate due to the increasing number of diabetes patients in Asian countries and the increasing population in countries like India and China. According to a report by International Diabetes Federation, the diabetes cases in China are recorded as around 117 million and 77 million cases in India. Along with this, local brands in the Asia Pacific region are increasing; this increasing population and diabetic cases in the region is expected to boost the market growth in the Asia Pacific region.
COVID 19 pandemic has largely affected almost every industry. They face problems like manufacturing disruption due to lack of raw material, and lack of labor force and supply chain management has collapsed due to government regulations and lockdown.
Its long-term impacts are expected to have an influence on industry growth during the forecast period.
Major Key Players in the Market:
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 diabetic socks Market, By Product Type
6.1.1 Ankle Length
6.1.2 Calf Length
6.1.3 Knee Length
6.1.4 Market Size Estimations & Forecasts (2021-2026)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index
6.2 diabetic socks Market, By Material
6.2.5 Market Size Estimations & Forecasts (2021-2026)
6.2.6 Y-o-Y Growth Rate Analysis
6.2.7 Market Attractiveness Index
6.3 diabetic socks Market, By Distribution Channel
6.3.2 Pharmacy and Drug Stores
6.3.5 Market Size Estimations & Forecasts (2021-2026)
6.3.6 Y-o-Y Growth Rate Analysis
6.3.7 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2021 - 2026)
7.2.1 By Country
7.2.2 By Product Type
7.2.3 By Material
7.2.4 By Distribution Channel
7.3.1 By Country
22.214.171.124 Rest of Europe
7.3.2 By Product Type
7.3.3 By Material
7.3.4 By Distribution Channel
7.4 Asia Pacific
7.4.1 By Country
126.96.36.199 South Korea
188.8.131.52 South East Asia
184.108.40.206 Australia & NZ
220.127.116.11 Rest of Asia-Pacific
7.4.2 By Product Type
7.4.3 By Material
7.4.4 By Distribution Channel
7.5 Latin America
7.5.1 By Country
18.104.22.168 Rest of Latin America
7.5.2 By Product Type
7.5.3 By Material
7.5.4 By Distribution Channel
7.6 Middle East and Africa
7.6.1 By Country
22.214.171.124 Middle East
7.6.2 By Product Type
7.6.3 By Material
7.6.4 By Distribution Channel
8. Key Player Analysis
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 BSN Medical
8.5 DJO, LLC
8.6 Siren Care
8.7 Hangzhou Aidu Trading Co., Ltd.;
8.10 Soyad Brothers LLC.
8.11 PediFix Inc.
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures