USD 177.7 million
Report ID: SQMIG35A2210 | Region: Global | Published Date: February, 2023 | Pages: 157 | Tables: 65 | Figures: 75
Global Diabetic Socks Market size was valued at USD 177.7 million in 2021 and is poised to grow from USD 187.3 million in 2022 to USD 285.27 million by 2030, growing at a CAGR of 5.4% in the forecast period (2023-2030).
Diabetes is becoming more common all around the world. According to the International Diabetes Foundation, 1.5 million new instances of diabetes are diagnosed in the United States each year, and 537 million persons (20-79 years old) were diagnosed with diabetes in 2021. By 2030, there will be 643 million diabetics globally, and by 2045, there will be 783 million. The Centers for Disease Control and Prevention have made the 2022 National Diabetes Statistics Report public (CDC). According to this report, there are approximately 130 million people in the United States who have diabetes or prediabetes. Diabetes can cause a variety of health problems, including brain or heart disease, kidney illness, neuropathy (nervous system abnormalities), retinopathy, and other eye problems. However, one of the most common and early symptoms among diabetes patients is an increase in skin problems. Because of delayed healing and reduced immunity, the feet of most diabetics become a particularly sore spot. Also, diabetes-related foot ulcers are a common problem that necessitates close monitoring and medical intervention. Diabetic foot ulcers cause more hospitalizations than any other diabetes complication. Diabetes is currently the leading cause of non-traumatic amputations in the United States. Approximately 5% of diabetic people develop foot ulcers, and 1% requires amputation. Additionally, it may cause nerve damage, leading patients to lose sensation in their toes or other portions of their feet. Neglected foot ulcers and open sores can develop infected and, in extreme cases, need an amputation. As a result, diabetic patients who have foot problems such as diabetic foot ulcers, changes in foot color or temperature, irritation, nerve damage, blisters, fungal infections, frequently damp or moist feet, and decreased pedal pulse would benefit from wearing only diabetic socks, which is expected to drive demand for these socks among such patients and is an important component driving market revenue growth.
Diabetic socks are made specifically for persons with diabetes since good foot care is critical, which includes choosing the right socks to prevent diabetes and diabetic neuropathy. Diabetics can use socks to protect their feet from pressure and avoid ulcers, whereas diabetic socks, which cushion the feet and reduce friction, can help prevent blisters and ulcers. These socks have padding as well as a variety of stitch patterns, yarns, and fibers to protect fragile feet. These socks are made of premium materials that are highly absorbent, seamless, well-padded, close-fitting, and non-restrictive. Furthermore, diabetic compression stockings might help to reduce edema and keep your legs and feet healthy. They have a nylon exterior to reduce friction while walking and the risk of a foot injury. Since a study published in the Journal of Diabetes Science and Technology revealed that socks with a little compression might reduce edema without exacerbating poor circulation, that level of accuracy is used to create these extraordinary socks.
Diabetic socks are designed with a variety of features to directly address foot problems associated with the condition, which is associated with rising customer preference for these socks, driving market revenue growth. The primary function of these socks is to protect the feet from damage and to reduce skin inflammation. Some are made from delicately textured materials such as wool and bamboo, which have built-in antibacterial properties and will not irritate the skin, whereas others are made with copper- or silver-infused yarn, which has been found to have anti-fungal qualities, preventing bacteria and fungi growth. Some companies, such as Dr. Scholl's, manufacture diabetic socks made of a special blister-guard yarn meant to reduce friction that could cause blisters. The antibacterial properties of the wool, bamboo, and charcoal used to make diabetic socks make them even more useful. These are some of the most important reasons driving market revenue growth.
Global Market Size
USD 177.7 million
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Global diabetic socks market is segmented on the basis of material, product type, distribution channel and region. By product type, the market is segmented into bamboo, copper, wool, acrylic, and others. By distribution channel, market is segmented into E-Commerce, retail stores, and hospital pharmacies. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Product Type
In 2021, the bamboo sector contributed the most revenue. Bamboo's exceptional features, which include being breathable, cool, soft, quick to absorb water, and antimicrobial, promote the construction of good products when mixed with other materials. Bamboo's natural antibacterial characteristics prevent bacteria from forming on the foot, thus no pesticide is required. It is a big benefit for diabetics who have difficulty recovering from infections since these yarns will not scrape on the skin and can reduce friction, which causes blisters. They combat bacteria naturally, are hypoallergenic, regulate body temperature, and wick moisture away from the foot to keep them dry and fresh. Bamboo plants are carbon-neutral, self-regenerating, fast-growing, and water-efficient, making them environmentally friendly. Furthermore, bamboo threads are frequently combined with other performance-enhancing materials, such as polyamide (nylon), which is added for increased durability, and elastin, which is used for added elasticity and comfort, to create bamboo diabetic socks. These are important aspects driving this segment's growth.
In 2021, the copper segment generated significant revenue. Copper-infused socks also prevent athlete's foot from spreading when worn again, as well as odour. Copper's antibacterial abilities successfully eradicate bacteria, viruses, and fungi that cause skin disorders or objectionable odours within hours of contact, and copper-impregnated fabric also aids in the creation of new skin cells, which promotes wound healing and offers pathogen protection. Compression socks and copper-infused accessories can help with blood flow and foot health, making it easier to manage or prevent diabetes-related complications. Modern technology is used to molecularly introduce copper ions into the sock's yarn, where they will remain. These are the primary factors driving revenue growth in the segment.
Analysis by Distribution Channel
In 2021, the E-Commerce segment had the largest revenue share. This market's expansion is helped by a growth in the number of online services offered as well as an increase in internet users. To avoid physical shopping, people are turning to e-commerce websites, where they can select from a large choice of products and benefit from advantageous deals and discounts. The way people buy and sell medical footwear, particularly diabetic socks, is changing as a result of e-commerce. In terms of product accessibility, cost, transportation patterns, and a variety of other critical factors, e-commerce websites outperform other forms of sales channels. Furthermore, most people choose to shop online because it offers lower pricing than other shops and physical locations. Furthermore, this market sector provides additional benefits such as speedy delivery, simple ordering, and lower transaction and item costs. As a result, modern commerce and convenience stores will continue to be the primary drivers of sales, driving this segment's revenue growth. These are significant elements driving the growth of this segment.
The retail stores segment is expected to develop at a fastest rate during the forecast period due to offline retailers offering a wide range of hair care products, promoting both branded and private-label items. Customers have the right to make such a decision since retail outlets allow them to choose from a variety of brands. Customers can also interact with retail outlet owners and personnel about various products to obtain relevant information. Customers may benefit from the assistance of retail store owners and personnel in making the best option, which may be more convenient for them if they prefer an efficient purchasing method to browse online. Retail establishments, on the other hand, increase customer satisfaction and allow better purchasing selections by facilitating a comprehensive shift in the consumer's shopping trip. These are some of the key factors driving the growth of this segment.
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The North America market accounted for the largest revenue share in 2021, owing to the presence of major pharmaceutical companies, favorable government regulations, and increasing recommendations for diabetic socks by various hospitals across the US, which has led to increased demand for these socks in this region. The US Department of Health recommends that diabetic patients always wear cotton or wool diabetic socks to keep their feet dry and avoid exposure to injury or bacteria. Cotton and wool socks, according to official authorities, are ideal for diabetics because they keep the feet dry. When advising patients, healthcare practitioners regularly use diabetes foot care and general diabetes care material provided by pharmaceutical companies.
In 2021, the Asia Pacific market had the second-largest revenue share. The market is expanding in this region, particularly in India, Japan, and China, as a result of rising diabetes prevalence among the population, particularly among the growing elderly population, and rising textile imports and exports for hosiery products including diabetic socks, particularly in China and India, which has resulted in the continued growth of this industry. According to International Markets for Hosiery, the global hosiery market, which includes socks, pantyhose, tights, compression hosiery, and stockings, is expected to grow in 2021. Extra taxes on Chinese imports to the United States, particularly on hosiery, are likely to encourage some Chinese production to shift to lower-cost Asian nations such as Bangladesh, India, Indonesia, Pakistan, and Vietnam. In actuality, emerging Asian economies are expected to see the majority of growth in textile import markets, reflecting the rapid development of upper and middle classes in a number of these countries.
In 2021, the European market accounted for a significant revenue share. Growing preventative care needs, increased collaborations and funding between major companies and hospitals for the increased provision of diabetics, and growing consumer demand for practical, efficient, novel, and eco-friendly alternatives for diabetic socks such as bamboo socks are driving the market forward.
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Increasing Number of Diabetic Patients
Technological Advancement in the Healthcare Sector
Significant Investments Needed for Technological Integration
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The global diabetic socks market is fragmented and highly competitive. Key industry players are focused on product developments, new product launches, and geographical expansions to gain a significant amount of market share.
Top Player’s Company Profiles
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According to our global diabetic socks market analysis, by product type segment, the bamboo sector generated the largest revenue in 2021. When combined with other materials, bamboo's remarkable properties, such as being breathable, cool, soft, quick to absorb water, and antibacterial, stimulate the building of good products. The copper segment earned significant income in 2021. Copper-infused socks also prevent athlete's foot and odour from spreading when worn again. Copper's antibacterial properties successfully remove bacteria, viruses, and fungi that cause skin problems or disagreeable odours within hours of contact, and copper-impregnated cloth also improves wound healing and pathogen protection. In terms of distribution channels, the E-Commerce segment has the highest revenue share in 2021. The expansion of this market is supported by an increase in the number of online services available as well as an increase in internet users. Due to offline shops offering a wide choice of hair care products and pushing both branded and private-label items, the retail outlet's category is predicted to grow at the quickest rate over the projection period. Due to the presence of major pharmaceutical companies, favourable government regulations, and increasing recommendations for diabetic socks by various hospitals across the US, the North America market accounted for the largest revenue share in 2021, resulting in increased demand for these socks in this region. The Asia Pacific market will have the second-largest revenue share in 2021. The market is expanding in this region, particularly in India, Japan, and China, as a result of rising diabetes prevalence among the population, particularly among the growing elderly population, and rising textile imports and exports for hosiery products, particularly in China and India, which has resulted in the industry's continued growth.
|Market size value in 2021||USD 177.7 million|
|Market size value in 2030||USD 187.3 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Diabetic Socks Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Diabetic Socks Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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