The global diabetic socks market is anticipated to register a CAGR of 5.5% from 2020 to 2027, according to the latest report by Grand View Research, Inc. The CDC (Centers for Disease Control) study throws light on the fact that 1 in 7 Americans are suffering from diabetes and is indicating a significantly high prevalence in the leading economy of the U.S. and the rest of the world.
Patients suffering from high blood sugar levels are imperative to take extreme care of the feet. Excessive moisture makes the feet prone to numerous infections. These help in improving the blood circulation and oxygen flow. Advances have been made in the textile industry and the fabric materials by using extra padding for infection prone areas, like the sole of the feet is fueling the adoption of diabetic socks.
The booming e-commerce sector is increasing product visibility is expected to emerge as the fastest-growing channel in the coming years. Furthermore, industry players like Eversoft and Protect iT are launching exclusive comfort and therapeutic line of products to provide protection to sore-prone and sensitive areas of the feet.
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Diabetes is a condition when nerves get damaged as a result of high blood sugar and it starts with loss of sensation in the feet and legs, which can further develop into foot ulcers. According to the American Diabetes Association, close to 50% of people with type 2 diabetes and 20% of those with type 1 diabetes have been witnessing this kind of nerve damage cases. Wearing diabetic socks are considered a preventive measure as they provide required support and mild compression to the legs and feet. Increasing awareness regarding the benefits of these socks is expected to drive the demand during the forecast period.
Further findings from the report suggest:
- The calf-length diabetic socks segment dominated the market and accounted for a major revenue share of 68.3% in 2019. The growth can be attributed to the increasing number of peripheral vascular and diabetic neuropathy cases, which leads to chronic complications.
- Hypermarkets accounted for a share of 39.9% in 2019. There is a surging consumer demand for product purchases from online and offline stores like drug hypermarkets and pharmacies.
- The e-commerce channel is set to witness the fastest growth and is likely to register a CAGR of 6.7% during the forecast period. Shifting purchasing patterns among consumers, particularly across the developed regions, such as Europe and North America is fueling the segment’s growth.
One of the market drivers is the growing need for non-invasive methodologies. Growing awareness of self-care treatments pertaining to supporting footwear, along with technical advances such as gel padding and the launch of smart socks with fiber-optic sensors, is presenting new growth opportunities for the market. For example, in June 2019, Protect iT, a Swiss brand, launched a therapeutic line and a comfort line of diabetic socks with padded layers to deliver protection to the sensitive and sore-prone areas of the feet for people with diabetes.
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The market for diabetic socks is highly fragmented due to the presence of regional and domestic players. The market is expected to witness the whirlwind of action from local manufacturers. Companies with a strong brand image will build traction and new companies who leverage technology will continue to enjoy a greater portion of the marketplace. Some of the prominent players in the diabetic socks market include:
- BSN Medical
- HangZhou Aidu Trading Co., Ltd.
- Soyad Brothers LLC.
- DJO, LLC
- PediFix Inc.
- Thorlo Inc.
By product type, the calf-length socks segment held the largest share of 68.3% in 2019. The growth is attributed to an increase in recommendations by doctors and medical councilors of calf-length socks to diabetic neuropathy patients. These socks help to avoid infection in the feet and any potential damage to their circulatory and nervous systems caused by high blood sugar levels
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North America accounted for the largest revenue share in 2019. According to the report by the American Diabetes Association, nearly 1.6 million Americans have type 1 diabetes, including about 187,000 children and adolescents. Growing cases of diabetes in this region are expected to fuel the market growth. Moreover, the presence of leading players in this region is driving the market. For example, in February 2015, Sigvaris USA announced the launch of their new diabetic’s sock designed for diabetic patients. Eversoft diabetic socks with FreshGuard technology treatment that can prevent odor and moisture and decrease the risk of infection by reducing the friction against the skin. Technological innovations are expected to bode well for the regional market.
E-commerce is expected to emerge as the fastest-growing channel in the coming years. Online searches for diabetic socks have increased steadily, particularly in the United States, Canada, the U.K., and Australia. This bodes well for manufacturers and brands planning to set up e-commerce sites to sell products wholesale or retail or is setting up shop with one of the top auction or on-line retail sites, such as eBay, uBid, and Bidz.com. These sites already generate a large amount of traffic, which increases product visibility, thereby enhancing sales of these products through online sales channels.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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