Diabetic Socks Market Sale Valuation to Reach Significantly at $318.80 Billion by 2028 | SkyQuest Recommends Players to Broaden Their Offerings to Survive
Global Diabetic Socks market size was valued at USD 219.15 Million in 2021, and it is expected to reach a value of USD 318.80 Million by 2028, at a CAGR of 5.5% over the forecast period (2022–2028).
Westford, USA, Jan. 17, 2023 (GLOBE NEWSWIRE) — SkyQuest’s analysis of the Diabetic Socks market provides valuable insights. The industry is currently in a growth phase, with sales increasing at a rate of 5.5% per year. However, there is potential for further growth, particularly in the Calf Length segment of the market.
One of the key factors driving the market’s expansion is the increased incidence of diabetic neuropathy around the world. Diabetes is a condition that begins with the loss of sensation in the feet and legs and can progress to foot ulcers when nerves are destroyed as a result of high blood sugar. The American Diabetes Association estimates that 20% of persons with type 1 diabetes and close to 50% of people with type 2 diabetes have experienced incidences of this form of nerve injury. Since diabetic socks give the legs and feet the necessary support and gentle compression, wearing them is seen as a preventative precaution. The demand is anticipated to rise as people become more aware of the advantages of wearing these socks.
The market is anticipated to be driven by the rising number of diabetic patients over the world. According to Diabetes UK, 1 in 11 of the adult population worldwide is thought to have diabetes as of 2019. Nearly 415 million individuals worldwide are thought to have the disease. By 2040, there will likely be 642 million individuals living with diabetes worldwide. Diabetic socks are now being viewed by customers not just as medical garments but also as cutting-edge medical accessories due to the vast array of illness issues linked to diabetes.
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SkyQuest Recommend Players in Diabetic Socks Market to Broaden Their Portfolio and Offer advanced Diabetic Socks Products
The main thing to watch out for, according to SkyQuest, is the broadening of the player’s portfolio along with the advancements in the products such as the integration of technology. The most recent development in diabetic socks is smart socks. These socks not only provide comfort for the wearer, but they also have fiber optic sensors that can check the patient’s lower legs for weight, humidity, and foot joints to monitor any potential ulcer formation in areas of nerve loss. Nearly 10% of persons with diabetes have experienced removals and fatalities as a result of foot ulcers and contamination; this technological development will greatly minimize those numbers.
The huge demand for diabetic socks among consumers has inspired many businesses to enter the market with an inventive product offering in an effort to draw in a sizable customer base. For instance, diabetic socks with embedded microsensors have been created by Siren, a U.S.-based firm founded in 2015. Six sensors are attached to each sock, for a total of 12 sensors per pair of socks. Utilizing neurofabric technology, these socks track the temperatures of the wearer’s feet in an effort to anticipate probable foot ailments. Additionally, to increase the comfort of the socks, makers have started employing neuro fabric and gel padding to lower warmth, redness, irritation, nerve damage, blisters, and fungus. Additionally, they can be washed in a machine and don’t require charging.
Moisture-wicking materials that keep the feet dry so that excess moisture does not serve as a breeding ground for fungi infections and antimicrobial elements in the fabric that stop the growth of bacteria and fungi are additional major qualities that many manufacturers include. These materials have improved by providing more padding to susceptible places, such as the soles of the feet, which helps prevent foot damage.
Our industry analyst notes that the competitive environment is characterized by fragmented production, with no one manufacturer having a significant market share. In addition, there are no barriers to entry in this industry. Also, we recommend that companies focus on cost-reduction strategies in order to be more competitive. In terms of marketing, companies in the global Diabetic Socks market should focus on differentiation in order to stand out in the market. This can be done through unique product offerings, technology integration with the products, branding, and marketing campaigns. Finally, in terms of distribution, the industry is quite fragmented, with no one distributor having a significant market share. As a result, companies need to focus on developing strong relationships with retailers in order to be successful.
Top Trends in Global Diabetic Socks Market
- The calf-length diabetic socks are among the most preferred socks for the diabetic patient and are among the most trending & dominating products in the industry. Most diabetics experience diabetic neuropathy and peripheral vascular disease, which can result in life-threatening infections and complications. For this reason, many producers of diabetic socks are concentrating on tailored solutions to satisfy the distinct medical needs of diabetes patients, which would favorably affect the expansion of the global market. For those who have huge legs and feet and have problems finding socks that fit them, Verne Bintz Company, for instance, makes Care sox plus. These have light cushioning and can extend up to 25 inches in circumference, allowing for customization.
- Another major trend observed in the market is the development in knee-length diabetic socks. In case of poor blood circulation, knee-length socks are typically preferable. These socks are made to regulate moisture to lower the chance of fungus infection or with cushioning to prevent foot ulcers. For instance, Skinnies Therapeutic Socks feature specialized synthetic yarn that helps maintain emollients and lotions while removing some moisture to efficiently moisturize the skin.
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SkyQuest Survey Reveals that the E-Commerce Distribution Channel is Likely to Grow at the Fastest Rate in the Global Diabetic Socks Market
The e-commerce channel is projected to register the fastest rate during the forecast period. In the upcoming years, market dynamics are anticipated to shift due to the global expansion of the e-commerce sector. With a surge in shipments of diabetic socks bought through online distribution channels, consumers are demonstrating a shift in their shopping habits, especially in developed regions like North America and Europe. For instance, a quick search on eBay reveals that diabetic socks have a conversion rate of about 50% and are good sellers. To meet the demand of a larger client base and boost their competitive global sales, major companies in the diabetic sock industry have been collaborating with online distribution networks like Amazon, Walmart, and Sockswholesale.com on a regular basis. For instance, the manufacturer of diabetic socks SmartKnit offers links to online shops that sell their products, such as FootSmart and For Your Legs, as well as details on how diabetics should take care of their feet.
North America & Asia-Pacific Region to Pave the Way in the Global Diabetic Socks Market
SkyQuest analysis of the market reveals that North America & Asia-Pacific region would continue to dominate and observe the fastest growth in the global Diabetic Socks market in terms of revenue share and CAGR. The growing number of obese and diabetic persons drives up demand for the product because they are more likely to experience foot issues. For instance, it is estimated that 89% of Americans who are obese also have diabetes, according to the National Diabetes Statistics Report 2020. Furthermore, the use of numerous diabetic control, preventive, and monitoring items, including diabetic socks, is being driven by the population’s growing awareness of the expensive cost of a diabetes diagnosis.
The region’s well-established automotive and electronics sectors are what are primarily causing the industry to grow. Fast-growing industries like renewable energy and electric vehicles (EV) are creating potentially lucrative commercial prospects for Diabetic Socks manufacturers. Stakeholders are paying close attention to China, Japan, India, and Australia because these countries have substantial manufacturing industries. The demand for Diabetic socks in the APAC area is being driven by the cumulative expansion in end-use sectors including building & construction, health care, personal care, electronics & energy.
While on the other hand, the Diabetic Socks market in the Asia-Pacific region is predicted to grow at a significant CAGR between 2022 and 2028. Due to the increasing prevalence of diabetes cases in various nations, which has a significant impact on the expanding demand for the product, the Asia Pacific region is predicted to have a significant market share for diabetic socks. For instance, the International Diabetes Federation reported that between November 2019 and May 2020, there were 77 million instances of diabetes in India, 8.4 million in Bangladesh, 1.2 million in Sri Lanka, and 116.45 million in China. Furthermore, the increasing presence of domestic brands like Syounaa, Ista Healthcare LLP, Zhejiang Fele Sports Co., Ltd., and others on the domestic market has increased demand in this region.
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Major Players in Global Diabetic Socks Market
- Colfax Corporation
- I-Runner
- Orthofeet Inc.
- European Lingerie Group
- Drew Shoe
- Creswell Sock Mills
- Pantherella International Group
- Nishikaa Garments International LLP
- Simcan Enterprises Inc.
- Drew Shoe
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