Diabetic Socks Market: Current Analysis and Forecast (2021-2027)

Report Description

Diabetic Socks Market was valued at US$ 230 million in 2020 and is expected to grow at a CAGR of 5% over the forecast period (2021-2027). A rise in the number of obese people coupled with the surging obesity in children are some of the prominent factors resulting in the higher prevalence of diabetes. As per World Obesity Federation, The number of children and adolescents (aged 5-19 years) who are obese is predicted to rise to 254 million by 2030. About 210,000 Americans under age 20 are estimated to have diagnosed diabetes, approximately 0.25% of that population, as revealed by the American Diabetes Association.

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As per the Center for Disease Control and Prevention (CDC), 34.2 million people have diabetes (10.5% of the US population) and 26.9 million people, including 26.8 million adults. Moreover, around 88 million people aged 18 years or older have prediabetes (34.5% of the adult US population) as of 2020. People with diabetes often develop nerve damage, so a small injury can easily go unnoticed and lead to an ulcer, infection, and even amputation due to lost nerve sensitivity. Therefore, the demand for diabetic socks is promulgating in the country.

Furthermore, the cost of care for people with diabetes now accounts for ∼1 in 4 health care dollars spent in the U.S. Care for a person with diabetes now costs an average of US$16,752 per year. The total costs of diagnosed diabetes have risen to US$327 billion in 2017 from US$245 billion in 2012, as per American Diabetes Association. The rising cost of treatment of diabetes coupled with the other problem caused by that is a major concern, due to which end-users are more inclined towards buying diabetic socks.

Estimated Number Of Adults With Diabetes (In Millions)

3M, BSN Medicals, SIGVARIS, SIMCAN, Syounaa, HangZhou Aidu Trading Co., Ltd, Soyad Brithers LLC, DJO, LLC, PediFix, Reflexa, etc, are some of the prominent players operating in the Diabetic Socks market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst Product, Calf length segment holds the major share”

Based on the Product, the market is fragmented into Ankle Length, Calf Length, and Knee Length. The Calf-length segment of the Global Diabetic Socks market grabbed the major market share and dominated the market. The segment captured around XX% market share and generated USD XX Mn in 2020 and is expected to grow at a CAGR of XX% during the forthcoming years

“Amongst Type, Smart Socks segment to dominate the market during the forecast period”

Based on the type, the market is mainly fragmented into Regular socks and Smart socks. The Regular socks segment grabbed XX% market share and captured US$ XX Mn in 2020. Moreover, the market of this segment is expected to proliferate with a CAGR of XX% in the forthcoming coming period of 2021-27. However, the smart socks segment is expected to witness exhibit growth in the coming years owing to the benefits it provides.

“Amongst Material Type, Cotton segment grabbed Major Market share in 2020”

Based on material type, the market is mainly fragmented into Polyester, Cotton, Nylon, Spandex,Lycra, and Others. In 2020, the cotton segment grabbed the major market share and dominated the market. The segment gathered an XX% revenue share in 2020.

“Amongst Distribution Channel, the Online segment to dominate the market during the forecast period”

Based on the Distribution Channel, the market is mainly fragmented into Online and Offline. The offline segment grabbed XX% market share and captured US$ XX Mn in 2020. Moreover, the market of this segment is expected to proliferate with a CAGR of XX% in the forthcoming coming period of 2021-27. However, the online segment is expected to witness exhibit growth in the coming years.

Amongst Application, Men segment grabbed Major Market share in 2020”

Based on Application, the market is mainly fragmented, Men and Women. In 2020, the Men segment grabbed XX% market share. The segment gathered an XX% revenue share in 2020.  However, the women’s segment is expected to witness an exhibit growth during the forecast period.

“North America represents one of the largest markets of Diabetic Socks market”

For a better understanding of the market dynamics of the Diabetic Socks market, a detailed analysis was conducted for different regions across the globe including North America, Europe, Asia Pacific, and the Rest of the world. North America dominated the market and generated revenue of US$ XX Million in 2020 owing to the change in lifestyle and growing demand for smart wearables.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Diabetic Socks Market were the three major steps undertaken to create and analyze the demand for Diabetic Socks across major regions. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Diabetic Socks market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/ bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Diabetic Socks through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Diabetic Socks market, we conducted a detailed secondary analysis to gather historical market insights and share for different types, products, distribution channels, and applications for major regions. Major segments included in the report are material type, application, and product. Further region and country-level analyses were conducted to evaluate the overall adoption of Diabetic Socks across the globe.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Diabetic Socks. Further, we conducted factor analysis using dependent and independent variables such as surging health awareness,  rising prevalence of diabetic individuals, etc., A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Diabetic Socks industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Diabetic Socks market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weightage was assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. bottom-up/ top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Diabetic Socks across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Diabetic Socks market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Diabetic Socks market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Type, product distribution channel, application, and material of the Diabetic Socks market.

Main Objective of the Diabetic Socks Market Study

The current & future market trends of Diabetic Socks were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Diabetic Socks in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type, product, material type, distribution channel, and application
• Define and analysis of the regulatory framework for the Diabetic Socks industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Diabetic Socks market for the major countries
• The major region studied in the report includes North America, Europe, Asia- Pacific and Rest of the World.
• Company profiles of the Diabetic Socks market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry