Diabetic Socks Market Size, Share & Industry Analysis, By Product Type ( Regular Socks, Smart Socks, ), By Material Use ( Polyester, Cotton, Nylon, Wool ), By Quality ( Low, Standard, Premium ) and regional forecast 2023-2030

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.

Key Players Covered:

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.

Regional Analysis:

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.

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Segmentation

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.

Key Industry Developments-

• In March 2018, Siren declared the introduction of its first diabetic sock product. This diabetic sock run on smartphone app which even have the capability to monitor and give alert signs of inflammation.

• In October 2019,  Handok Pharm collaborate with fashion hosiery brand for the launch of its new diabetic stock. Handok Pharm also donate one pair of the socks for every product sold in the market to diabetes patients.