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Diabetic Socks Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global diabetic socks products market was valued at USD 1.2 billion in 2022 and is projected to expand at a CAGR of 5.2% from 2023 to 2030. Diabetic socks are a special type of socks designed for people living with diabetes and those at risk of developing the condition. These socks are designed to minimize the risk of foot complications in people with diabetes, such as Charcot foot, ulcers, and infections. Diabetic socks are typically made of soft, non-binding material, with extra cushioning and padding to reduce pressure. They are designed to provide extra support and pressure relief for diabetic feet, allowing for better blood circulation.
The rising prevalence of diabetes and the increasing awareness about diabetic foot care is driving the market’s growth. According to the World Health Organization (WHO), in 2019, approximately 463 million people were living with diabetes, and this number is expected to rise to 700 million by 2045. Furthermore, the growing health awareness among people and the rising demand for diabetic-friendly products is spurring the growth of the market. For instance, in March 2021, Amazon launched its new fashion line, Amazon Essentials, which includes diabetic-friendly socks.
The availability of a wide range of diabetic socks is further propelling the growth of the market. Apart from the traditional cotton-based diabetic socks, manufacturers are introducing a wide range of diabetic socks made from synthetic fibers, such as nylon, spandex, and lycra, which offer superior comfort and breathability. For instance, in August 2021, Sockwell launched its new line of compression socks made from Merino wool and natural microfibers, with superior breathability to keep feet comfortable and dry.
Furthermore, the rising trend of customization is boosting the demand for diabetic socks. For instance, in June 2021, Goodfeet launched its new line of custom-fit diabetic socks. The company uses proprietary 3D scanning technology to create a personalized fit for each customer. The technology scans the customer’s feet to identify the dimensions and curves of the foot and then creates a unique pattern to ensure an exact fit.
The growing trend of e-commerce is also driving the growth of the market. The increasing popularity of online shopping is providing a boost to the market. For instance, in May 2021, Zappos partnered with SmartKnit Kids, a manufacturer of diabetic-friendly socks for children, to offer the company’s products on its website. Furthermore, the rising popularity of subscription-based services for diabetic socks is also driving the market’s growth. For instance, in April 2021, Stance Socks launched a subscription program for its diabetic-friendly socks. The service offers customers discounts on socks, as well as free shipping and returns.
Product Insights
The therapeutic diabetic socks segment held a major share of the market in 2020. Diabetic socks are designed to promote better circulation and reduce the risk of skin breakdown, which is an important factor driving the segment growth. According to an article published by the National Center for Biotechnology Information, in January 2019, diabetic socks also help in reducing the incidence of foot ulcers in diabetic patients. Moreover, increasing awareness regarding the health benefits of diabetic socks and rising disposable income of consumers are the major factors fueling the demand for diabetic socks.
The fashion diabetic socks segment is expected to expand at the fastest CAGR of 10.7% during the forecast period. The fashion diabetic socks segment is growing at a significant rate due to the increasing demand for comfortable, stylish, and affordable diabetic socks among consumers. According to an article published by the Diabetes UK, in January 2019, over 30% of people with diabetes prefer to wear fashion diabetic socks. Moreover, increasing awareness regarding the health benefits of diabetic socks and rising disposable income of consumers are the major factors driving the growth of the segment.
Distribution Channel Insights
The pharmacies and drug stores segment held the highest revenue share of over 21.7% in 2022. The growth of the segment is mainly attributed to the presence of a wide variety of products, extensive promotional activities, and discounts & rewards offered by pharmacies & drug stores. Consumers are more likely to visit these outlets to purchase diabetic socks products as they provide detailed information regarding product usage, healthcare advice, and other related services.
The online segment is expected to expand at the highest CAGR of 11.0% over the forecast period. The growth of the segment is attributed to the increasing use of the internet and the rising number of e-commerce websites. Moreover, customers can get detailed information about the product and compare different products before making a purchase decision. Furthermore, the presence of online pharmacies and drug stores has further boosted the online sales of diabetic socks products.
Type Insights
The therapeutic diabetic socks segment accounted for the largest share of the market in 2020 and is expected to remain dominant during the forecast period. The growing awareness among people regarding diabetic health and the recommended use of diabetic socks are the key factors driving the growth of the therapeutic diabetic socks segment. Furthermore, the emergence of product innovations in the market has further augmented the demand for therapeutic diabetic socks. For instance, in January 2021, Sockwell, a US-based company, launched a product called “Ease Diabetic Socks” for men and women. The product has features such as arch support, seamless toe closure, and a non-binding top for comfort.
The fashion diabetic socks segment is expected to expand at the highest CAGR of 10.7% from 2021 to 2027. The increasing demand for fashionable and stylish diabetic socks to match the outfits of the customers is driving the growth of this segment. Additionally, the increasing awareness among people regarding diabetic health and the availability of fashionable diabetic socks in the market are further fueling the demand for fashion diabetic socks. For instance, in May 2021, DiabeticSockShop.com, a US-based company, launched a range of fashionable diabetic socks with a wide variety of colors and prints.
Regional Insights
North America is expected to witness the highest growth rate in the forecast period. High prevalence of diabetes and rising awareness among consumers is expected to drive the growth of the market in the region. According to the Centers for Disease Control and Prevention (CDC), the number of people with diabetes in the U.S. was estimated to be 30.2 million in 2020. Moreover, increasing initiatives to promote awareness regarding diabetic socks is further expected to fuel the market growth in the region. For instance, in April 2021, the Diabetic Sock Exchange, LLC held a live webinar with a leading podiatrist to educate people about diabetic socks and its benefits.
Europe is expected to witness significant growth in the forecast period. Increasing awareness among consumers regarding the importance of wearing diabetic socks to treat various diabetic complications is a major factor driving the market growth in the region. Moreover, the presence of leading players, such as Medi and Reh4Mat, is further expected to boost the market growth in the region.
Financial Projections
In this part of the diabetic socks products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your diabetic socks business. Usually, these projections are drafted for a 3-5 year period.
Revenue Assumptions
The main source of revenues for a diabetic socks products business comes from the sale of diabetic socks. Here you will find a list with a description of the various types of diabetic socks that you may offer, such as compression socks, moisture wicking socks, and anti-bacterial socks. There may also be other possible sources of profit such as the sale of diabetic foot care products, fundraising, and corporate sponsorship.
Projecting Expenses
In this section, all the regular expenses related to keeping the diabetic socks products business running will be described. The list of operating expenses includes wages, inventory purchases, marketing and advertising, warehouse expenses, legal and accounting fees, utilities, and insurance policies.
Key companies & market share insights
Some of the key companies operating in the diabetic socks market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Dr. Scholl’s launched a new range of diabetic socks designed to provide superior comfort to diabetic patients.
– In August 2022, Wigwam Mills, Inc. launched a new range of diabetic socks designed to provide superior comfort, cushioning and support for diabetic patients.
– In October 2022, Sockwell, Inc. launched a new range of diabetic socks designed to provide superior comfort and breathability for diabetic patients.
Some of the prominent players in the diabetic socks market include:
– Dr. Scholl’s
– Wigwam Mills, Inc.
– Sockwell, Inc.
– Copper Compression
– Physix Gear Sport
– SocksLane
– DiabeticSocks.com
– Diabetic Socks Shop
– Alpha Socks
– Therafirm
Global Diabetic Socks Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global diabetic socks products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Compression Socks
– Moisture Wicking Socks
– Seamless Socks
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Online
– Offline
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mens
– Womens
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Product Innovation?
[A]: Product innovation is a key factor driving the diabetic socks market as manufacturers are focused on introducing new and improved products with improved features such as breathability, cushioning, and wicking. Moreover, manufacturers are also emphasizing on product customization and personalization, which helps in catering to the needs of different customers.
[Q]: Who are the Key Players in the Diabetic Socks Market?
[A]: Key players in the diabetic socks market include Elis AG, ASO Corporation, Medi-Sock, Inc., Sigvaris, Dr. Scholl’s, and 3M Company.
[Q]: Which Region Offers the Largest Opportunity for Sales of Diabetic Socks?
[A]: North America is expected to be the most lucrative region for the diabetic socks market due to the increasing prevalence of diabetes, enhancing healthcare infrastructure, and increasing awareness about diabetes management.
[Q]: What are the factors driving the diabetic socks market?
[A]: Factors such as the increasing prevalence of diabetes, increasing awareness about diabetes management, and the rising demand for comfortable and high-quality diabetic socks are driving the diabetic socks market. Additionally, increasing demand for technologically advanced products with improved features such as breathability, cushioning, and wicking are expected to drive the diabetic socks market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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