Diabetic socks are specially designed socks for patients with diabetes so as to prevent the chances for blistering. These socks are designed for controlling moisture, prevent blistering on the skin surface, and minimizing moisture accumulation. Basically their main function is to protect the feet and provide maximum support. Diabetic socks are cushioned with extra padding in order to prevent foot ulcers. These socks are typically non-elastic and seamless. Diabetic socks are an important preventive tool for people who have diabetes because they work to protect the feet from potential injuries. Smart socks is the newest development in diabetic socks. Smart socks utilize fiber optic sensors to monitor pressure, moisture and foot joint ankles to warn of the potential development of ulcers in parts with nerve damage. Smart diabetic socks can greatly reduce the amount of amputations and death due to foot ulcers and infections.
Market Value and Forecast
The global diabetic socks market – forecasted to be worth US$ 192.8 Mn by 2025 end – is expected to increase at a CAGR of above 4% throughout the forecast period. North America is the largest regional market that was valued at US$ 42.3 Mn in 2016 and is expected to grow at a CAGR of above 3.8% during the forecast period.
The primary factors driving the growth of the global diabetic socks market revenue are increasing prevalence of diabetic neuropathy across the globe, changes in lifestyle, and rising demand for new technologies. The global market does have its share of challenges. High costs associated with diabetic socks and lack of awareness among the population are some of the factors that are likely to restrain revenue growth of the diabetic socks market over the forecast period.
Market Segmentation by Product Type
Based on product type, the market has been segmented into
By product type, the regular socks segment is expected to gain more than 40% of market share in terms of revenue in the global diabetic socks market during the forecast period.
Market Segmentation by Material Type
Based on material type, the market has been segmented into
The others segment is expected to gain maximum share in terms of value due to the material properties like moisture wicking, sag resistance, use of natural organic material, etc.
Market Segmentation by Distribution Channel
Based on distribution channel, the market has been segmented into
The online stores segment is expected to gain maximum share in terms of value during the forecast period. Products in the diabetic socks market are exclusively available in online stores.
Market Segmentation by Region
Based on region, the market has been segmented into
In terms of value, North America is the largest market and is expected to increase at over 4% CAGR during the forecast period. Europe is the second largest market and is anticipated to grow at above 3.5% CAGR over the forecast period.
Some key players in the global diabetic socks market across the value chain are BSN Medical, Therafirm, SIGVARIS, SIMCAN ENTERPRISES INC, 3M, Veba Inc.,Siren care, Intersocks S.R.L, THORLO, Inc, Cupron and Cresswell Socks Mill. Acquisitions and collaborations are the key strategies adopted by market players to develop better products in the global diabetic socks market.
This Persistence Market Research (PMR) report examines the global diabetic socks market for the period 2017–2025. The primary objective of the report is to offer updates and information related to market opportunities in the global diabetic socks market.
The Diabetic Socks Market is segmented as follows:
This report covers the global diabetic socks market performance in terms of revenue contribution from various segments. The diabetic socks market report begins with an overview of diabetic socks and definition. Market viewpoint section underlines the macro-economic factors influencing revenue growth of the diabetic socks market along with a detailing of the opportunity analysis of the market.
The global diabetic socks market is segmented based on product type, material type, distribution channel and region. On the basis of product type, the market has been segmented as regular socks and smart socks. On the basis of material type, the market has been segmented as polyester, cotton, nylon, spandex, lycra and others. On the basis of distribution channel, the market has been segmented as retail stores, online stores, modern trade, pharmacies, clinics and other healthcare facilities. A detailed analysis has been provided for each segment in terms of market size, volume, Y-o-Y growth rate, absolute $ opportunity, and market attractiveness index. Regional market dynamics highlights key growth drivers, restraints, and trends pertaining to each assessed region. The forecast for the diabetic socks market by country, product type, material type and distribution channel are represented in tabular form for each region. This section will help understand the opportunity in the diabetic socks market in major countries by each segment.
In the next section of the report, a ‘Competitive Landscape’ is included to provide report audiences with a dashboard view and to access the key differentiators among the competitor firms. This section is primarily designed to provide clients with an objective and detailed comparative assessment of product offerings and strategies of key providers specific to a market segments. Detailed profiles of players in the diabetic socks market are also provided in the report that highlight company description, product/segment overview, SWOT analysis, financial information, key developments related to the market and a strategic overview.
Another section of the report highlights market outlook for 2017–2025 and sets the forecast within the context of the diabetic socks market by region. Key regions assessed in this report include North America, Latin America, Europe, Asia Pacific and MEA. A detailed analysis has been provided for each region in terms of market size, volume, Y-o-Y growth rate, absolute $ opportunity, and market attractiveness index.
The above sections – product type, material type, distribution channel and region – evaluate the historical market analysis for the period 2012-2016 and growth prospects of the diabetic socks market for the period 2017-2025. We have considered 2016 as the base year and provided data for the forecast period. The final section of the report represents the global scenario of the diabetic socks market along with Y-o-Y growth and market forecast till 2025. This section also evaluates the global market opportunity over the forecast period and also the absolute dollar opportunity for each year. This section will help understand the overall market growth in the diabetic socks market and the opportunity analysis for every year over the forecast period.
To arrive at the market size, we have considered parent market statistics i.e. prevalence of diabetes, prevalence of diabetic neuropathy, adoption rate, treatment rate in each region and share of the diabetic socks market. Bottom up approach has been used to validate the total market size obtained. The forecast presented in the report provides total revenue of the diabetic socks market over 2017–2025. While forecasting the market size we have considered the impact of several factors such as product approvals for diabetic socks, pipeline analysis, penetration of products in different distribution channels, generic penetration across all regions etc. However, quantifying the market across the aforementioned segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalizing them after the forecast has been completed. In addition, we have taken into consideration the year-on-year growth to understand the predictability of the market and to identify the right growth opportunities in the global market.