"Assisting You in Establishing Data Driven Brands"
Diabetic socks are designed to reduce the risk of foot injury, increase blood flow, and retain the feet dry. The various positive attributes of the product are it is an anti-bacterial, prevents fungal infection, uses a moisture-wicking material, and others. The rising number of people with various types of foot diseases such as diabetic neuropathy, bunions, plantar fasciitis, and others upsurge the consumption of the product. Furthermore, the increasing number of people with prediabetes becoming more cautious and willing to take certain remedies to prevent themselves from getting diabetes help to the increasing demand of the product. For instance, according to the data published by the Center for Disease Control and Prevention on ’National Diabetes Statistics Report, 2020’, there is an estimation of 88 million people of age 18 years and above to have prediabetes which is considered to be 34.5% of the United States population.
The rising health concern of the global population resulting to upsurge the spending made on various health care products including diabetic socks acts as a driving factor for the market growth. For instance, according to the World Health Organisation article ‘Global Spending on Health’, in 2018 from an estimation of 88 countries the spending on PHC (Primary Health Care) ranges from 33 percent to 88 percent on health spending. The per capita expenditure is larger in wealthier countries, however, PHC takes a greater share of health expenses in low and middle-income countries. Furthermore, the increasing number of innovative smart diabetes socks which comes with the ability to monitor the blood circulation, temperature, health score, and others act as an opportunity for the market growth. For instance, Siren Care is coming up with such smart diabetic socks which not only improves the health of the foot but also comes with features such as ability to monitor the health of a foot, detected injury, and can even be connected to a smartphone without charging.
However, the lack of awareness of the various health benefits that the product provides to people with diabetes especially among developing and underdeveloped nations is acting as a hampering factor for the market growth.
Key Market Driver -
The global population increasing their spending on health care products acts as a driving factor for the market
Key Market Restraint -
Lack of awareness of the product act as a restraining factor for the market growth.
Simcan Enterprises Inc., Sigvaris, BSN Medical, Cresswell Socks Mill, Intersocks S.R.L, Dr. Scholls, and others are the key companies operating in the diabetic socks market.
By quality, the market is divided into low, standard, and premium. Standard is estimated to be leading segment due to manufacturing of the product at a reasonable price range for most consumers but still owning qualities such as durability, hypoallergic, insulation, moisture control, and others which many of the premium products are possessing.
On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America is assessed to be the prominent market shareholder and is anticipated to continue throughout the forecast period of 2020-2027. The rising number of people with obesity possessing diabetes increase the demand of the product due to being more prone to foot problem. For instance, according to the National Diabetes Statistics Report 2020, there is an estimation of 89% of people with obesity to be suffering from diabetes in the United States. Furthermore, the increasing awareness of the high cost of diagnosing diabetes among large percent of its population is driving the consumption of various diabetic control, preventive, monitoring products including diabetic socks.
The Asia Pacific is assessed to display a crucial presence in the diabetic socks market owing to the rising number of diabetes cases in different countries plays a vital role in the growing usage of the product. For instance, according to the International Diabetes Federation data issued, on November 2019 and May 2020, the number of diabetes cases in various Asian countries are India 77 million, Bangaladesh 8.4 million, SriLanka 1.2 million, China 116.45 million. Additionally, the rising number of domestic brands such as Syounaa, Ista Healthcare LLP, Zhejiang Fele Sports Co., Ltd., and others increasingly making their presence in the domestic market also boosted the consumption rate in this region.
To gain extensive insights into the market, Request for Customization
By Product Type
By Material Use
The diabetic socks market is segmented into by product type, material use, sales channel, and geography.
On the basis of product type, the market is bifurcated into regular socks and smart socks. Regular is estimated to be the larger market shareholder owing its affordability, and large numbers of users are considered to be elderly population who find it hard to grasp the functionality of smart electronic goods.
Based on material use the market is fragmented into polyester, cotton, nylon, and wool. Cotton is anticipated to be the dominant on an account of possessing moisture-absorbing fiber capability, breathability, lightweight, and others which are highly crucial for diabetic socks. Likewise, its easy cleanability and longlasting quality also upsurge the use of the product over other types of material.
“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”- U.S.-based biotechnology company focussing on treatment of chronic pain.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- UGlobal hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry