Diabetic Socks Market: From Therapeutic Socks to a Smart Medical Accessory
Recent studies have found that, the number of patients suffering from diabetes across the world has increased over 4X in the last 35 years, making it one of the top ten causes of deaths in 2016. A recent study by CDC (Centers for Disease Control) also found that, at least 1 in 7 Americans has diabetes, indicating a substantial high prevalence of the disease in the leading economy of the world.
A recent study by Transparency Market Research (TMR) indicates a potential rise of 45% in the diabetic population, between 20 and 79 years, during 2017-2045, among which, 70% of the patients will belong to the age group of 20-64 years. This translates into the fact that, the younger generation is showing more pre-disposition towards the disease. This alarming and rapid prevalence of the disease, over the next few decades, looms large as a global pandemic, and serves as a wake-up call to medical functionaries at the helm of affairs.
The gargantuan spectrum of disease complications associated with diabetes is shape shifting the way consumers are embracing diabetic socks, not just as a therapeutic clothing, but also as a modern medical accessory. With top manufacturers pitted against each other for therapeutic accessories, diabetic socks are gaining popularity owing to their preventive and non-invasive features.
Coupled with cost-effectiveness, increased health-consciousness among the younger generation will complement the growth of the diabetic socks market in the coming years. In addition, rapid technological proliferation will also have a significant share in the rise of its valuation from ~ US$ 140 million in 2018 to a forecast value of ~ US$ 225 million by 2027.
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Technological Innovations and Inclination towards Non-invasive Treatment Impart a New Lease of Life
Several non-surgical methodologies coupled with self-care treatments associated with podiatric assessment, nail health, and supportive footwear are gaining immense preference from diabetic patients around the world. One of the most recent innovations has been the embedding of silver nanoparticles in the entire volume of the diabetic sock yarn.
In-depth studies conducted by several researchers have established the effectiveness of silver Nano particles measuring 1-100 nm in preventing the pathogenesis of virulent strains of Pseudomonas, E-Coli, Streptococcus, and Staphylococcus among diabetic patients. Harnessing the power of sophisticated technological interventions such as this can garner strategic victories for diabetic sock manufacturers, thus bolstering the growth of the industry.
In addition, the complex and virulent pathology associated with diabetic neuropathy has health ramifications, and pose a serious economic drain on both, developed and developing economies. Hence, a paradigm shift in its evolution with cutting-edge technological solutions is offering timely succor to millions affected by the disease. For instance, micro-fabricated pressure sensors found in the yarn and linked to smartphones give timely warnings to sufferers of an impending risk. It gives patients an upper hand in preventing foot complications, thus reducing healthcare costs related to diabetes, and this will influence the emerging trends in the diabetic socks market.
Furthermore, diabetic socks comprising gel padding are emerging as a favored option, not only for protecting the feet from injuries, but also for reducing sensitivity and irritation. The escalated demand for diabetic socks having gel padding can be seen as an emerging trend, which will have a cascading effect on the growth of the diabetic socks market during the forecast period of 2019-2027.
Offline Distribution Channels Generate Three-fourth Market Revenue
Distribution channel trends in the diabetic socks market underscore an increased inclination of consumers towards purchasing products from offline stores. TMR’s study on the diabetic socks market finds that, offline distribution channels such as large format stores, pharmacies and clinics, specialty stores, and small retail stores accounted for ~ 73% share of the global revenue in 2018.
The emergence of newer cutting-edge technologies is slowly bringing to the fore a highly revolutionized customer channel that uses direct-to-consumer shipping. Direct-to-consumer shipping enables products such as diabetic socks to not only have a unique selling proposition but also allows stakeholders to take care of their most valuable assets – customers. Improving customer relationships via the direct-to-consumer sales channel trend can help key market players leverage this and exponentially increase their revenue margins.
While the importance of offline distribution channels remains untouched in the diabetic socks market, the rise of the e-Commerce industry is expected to change the dynamics of the market in the coming years. Consumers, especially in developed regions such as North America and Europe, are showing a shift in purchasing trends, with increased shipments of diabetic socks purchased through online distribution channels. Consequently, leading players in the diabetic socks landscape are likely join forces with online distribution channels such as Amazon, Walmart, Sockswholesale.com, and others, to reach a larger consumers base and boost their profitable sales, worldwide.
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Customized Solutions: A Winning Business Strategy for Diabetic Sock Manufacturers
With declining revenues for standardized or poorly-fitted socks arousing concerns among manufacturers, diabetic socks in customized sizes would spell extended comfort to a happy customer. While ill-fitted socks may spell doom and be the causative factor behind declining revenues, inadequate reimbursement options in the diabetic socks market could also hamper market growth. Customized diabetic socks with all the essential attributes of comfort, convenience, and specific medical features are likely to grow high in demand, triggering manufacturers to capitalize on this trend in the coming years.
Many diabetic socks manufacturers are expected to focus on introducing tailor-made and custom-fit diabetic socks to meet the specific medical requirements of diabetic patients, which, in turn, would reflect positively on the development of the global diabetic socks market. Key market players can revel in the fact that, innovative products such as customized socks can positively influence their brand identity, which can help them create a stronger position in this landscape.
Analysis of the Competitive Landscape of the Diabetic Socks Market
The competitive landscape of the diabetic socks market is witnessing a flurry of activity, with companies facing intense competition from local manufacturers. A significantly high number of emerging stakeholders and players in the diabetic socks market will continue to prove to be a threat for well-established brands, with their cost-effective products with innovative fabrics that are selling faster in this landscape.
Emerging players are also adopting technologies to introduce innovative features of diabetic socks, to reach diabetic patients with specific health conditions. For instance, in March 2018, Siren – a California-based start-up in the diabetic socks market – announced that it had launched its first product – diabetic socks – using its proprietary Neurofabric material along with a foot monitoring system, which can be connected to an app that alerts early warning signs of inflammation, and subsequently, diabetic foot ulcers. The company also declared that, with this launch, it is targeting diabetic patients who have foot ulcers.
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Preventive and Protective – A Systematic Review of Diabetic Socks Market from the Analyst’s Perspective
A bird’s eye view of the diabetic socks market has led our analysts to conclude that, this market is growing at an incremental rate, and is expected to reach a valuation of ~ US$ 225 million by the end of forecasted year of 2027. The increasing prevalence of diabetes in North America will bolster the sales of diabetic socks in the region, making it a leading market with lucrative opportunities for manufacturers and distributors.
In addition, technological breakthroughs and advancements, not only in the healthcare industry, but also in the textiles industry, will drive innovation in the features of diabetic socks, creating ample opportunities for market players. However, the high investments required for technological integration and the preference for alternate treatment options could restrain the market. Companies that hold a great brand recognition will gather impetus, and emerging players who are leveraging technology will continue to enjoy a larger slice of the market pie.
- According to Transparency Market Research’s latest market report on the diabetic socks market for the historical period of 2017, base year 2018, and forecast years 2019-2027, the demand for diabetic socks is expected to rise during the forecast period.
- Globally, revenue generated by the diabetic socks market is estimated to reach ~ US$ 145 Mn in 2019, and expand at a CAGR of ~ 6% in terms of value throughout the forecast period.
Increase in Awareness Regarding Diabetes Prevention: A Key Driver for the Diabetic Socks Market
- The increasing prevalence of diabetes around the world is expected to drive the revenue growth of the diabetic socks market.
- Awareness regarding fitness is higher in urban areas. In the near future, the diabetic socks market is expected to witness steady growth in the semi-urban areas of developing economies. Rising disposable income is expected to continue to improve the standard of living of people. A global rise in fitness consciousness and increasing participation in sports activities is set to largely contribute to the growth of the diabetic socks market.
Improved Product Features - Latest Trend in the Diabetic Socks Market
- Various advantages such as moisture-wicking materials to keep the feet dry so that excess moisture does not form a breeding ground for fungal infections.
- Antimicrobial features in these textiles prevent fungal and bacterial growth.
- Advancements in these textiles have been made by adding extra padding for sensitive areas, such as the soles of the feet, which helps prevent foot injury.
High Product Cost - Major Challenge to the Growth of the Diabetic Socks Market
- High cost associated with diabetic socks is one of the major factors expected to restrain the growth of the diabetic socks market over the forecast timeframe.
- Patients suffering from diabetes are making investments to directly cure the problem instead of investing in protection.
- Alternate treatment options are expected to restrict the growth of the diabetic socks market over the forecast period.
Diabetic Socks Market: Competition Landscape
- Detailed profiles of the manufacturers of diabetic socks have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies.
- Key players operating in the global diabetic socks market include
- BSN Medical,
- Simcan Enterprises Inc.
- Intersocks S.R.L
- Thorlo Inc.
- Cresswell Socks Mill
- Dr Scholls
Diabetic Socks Market: Key Developments
Some other key developments in the diabetic socks market are as follows:
- In March 2018, Siren launched its first product using its proprietary Neurofabric material. These diabetic socks and foot monitoring systems are connected to an app, which alerts about the early warning signs of inflammation, and subsequently, diabetic foot ulcers. This launch is expected to benefit the company in targeting customers who have foot ulcers along with diabetes.
- In February 2018, Therafrim was awarded the distinction of being North Carolina’s top rural exporter. The company exports its products to more than 50 countries, and all the materials used for manufacturing are sourced from the U.S. It increased its production and sales by 20% in 2017 as compared to 2016.
- In April 2017, SCA acquired BSN Medical. The purchase price for the shares amounted to US$ 1.70 Bn. This acquisition is an excellent strategic fit for SCA, as the TENA brand of SCA shares similar market characteristics as BSN Medical. This is expected to provide opportunities for accelerated growth of the company through cross-selling.
In the global diabetic socks market report, we have discussed individual strategies, followed by company profiles of the manufacturers of diabetic socks. The ‘Competitive Landscape’ section is included in the diabetic socks market report to provide readers with a dashboard view and a company market share analysis of the key players operating in the global diabetic socks market.
Our top analysts at Transparency Market Research, in their recently generated research report, have given detailed, comprehensive, and objective insights on the expansive market landscape of diabetic socks. The study is impactful, insightful, and actionable, and will equip stakeholders with strategic tools that will serve as game-changers and considerably improve their bottom line.
The report extensively brings out the dynamics of the diabetic socks industry that are currently affecting its market landscape. Special emphasis has been laid on drivers, restraints, opportunities, and threats in the diabetic socks market space. This in-depth research report also has an extensive SWOT analysis of the leading industry heavyweights, in an attempt to garner information on industry strongholds as well as areas of improvement. This gives stakeholders a holistic view of the diabetic socks market, especially for the forecast period.
The study on the diabetic socks market has also been conducted a thorough appraisal of Porter’s Five Forces analysis. This is an attempt to let stakeholders understand what are the growth strategies and underlying opportunities that could enable them in making expert decisions in the expanding repertoire of the diabetic socks market. An extensive global research done on the market also strives to highlight the key market trends in the diabetic socks industry that are likely to propel its growth during the forecast period. Competitive analysis of manufacturers in the diabetic socks market by our researchers perhaps remains the most vital ingredient in giving insights about mergers, acquisitions, research and development, and technological innovations. These allow competitors to accelerate their growth in the right direction, in this landscape.
Statistical assessments of diabetic socks market growth have been carried out in terms of value (US$Mn) and volume (Million Units).
Diabetic Socks Market – Key Questions That Have Been Answered
Authors of this report, through a comprehensive study and intelligent analytics, have arrived at some key questions that give business stakeholders a holistic and refreshing perspective of the diabetic socks market landscape. Through statistical analysis, detailed figures have been arrived at, which describe the growth of the diabetic socks market. Influential trends help answer critical questions, some of which are listed below:
- What are the key factors that are influencing the diabetic socks markets in each region?
- What are the prevalent trends and how do they affect the future scope of the diabetic socks market?
- What are the revenue portfolios and key strategies of the major market players who manufacture diabetic socks?
- What are the revenue figures of the global diabetic socks market by product, material, distribution channel, and region?
- What kind of regulatory frameworks have been adopted in the arena of diabetic socks, and how will these shape-shift the market?
- What are the major developments that will take place in the diabetic socks market during the forecasted period of 2019- 2027?
Diabetic Socks Market Report: Research Methodology
Extensive research by our authors has been carried out using both, primary and secondary research parameters. Information on the diabetic socks market has been sourced from Transparency Market Research’s internal repositories as well as client-specific databases. Qualitative and quantitative information on the diabetic socks sector is then culled out by exhaustive research. Our research has been lauded and widely sought-after, thanks to the infinite supply of information that we obtain from company websites, industrial publications, and government statistics. Face-to-face discussions give us valuable inputs in the planning stage of the research. Key opinion leaders, distributors, and vendors also aid in analyzing the demand-supply gap, if any.
Diabetic Socks Market – Segmentation
In order to understand the finer and broader nuances of the market, the segmentation of the diabetic socks market has been done on the basis of product, material, distribution channel, and region. This is one way by which incremental opportunities can be assessed in the market landscape.
Over the Calf/ Knee-High Length
Middle East and Africa