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Home Medical Devices Market Size Worth $57,102.9 Million, Globally, by 2028 at 7% CAGR – Exclusive Report by The Insight Partners

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The Home Medical Devices Market Size is driven by growing demand for homecare medical devices due to increasing geriatric population, increasing homecare settings, and rising market consolidation. The testing, screening and monitoring equipment segment held largest share during 2021-2028 owing to increasing chronic conditions and large number of people opting to buy testing medical equipment for home use.

New York, December, 14, 2021 /PRNewswire/–According to the new market research report “Home Medical Devices Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Functionality (Testing, Screening and Monitoring Equipment, Therapeutic Products, Mobility Care Products, Biofeedback Instruments, Electrical Stimulation Devices, and Muscle Stimulators), Services (Skilled Nursing Services, Rehabilitation Therapy Services, Hospice and Palliative Care Services, Respiratory Therapy Services, Infusion Therapy Services, Pregnancy Care Services, and Unskilled Care Services), and Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Retailers)”, published by The Insight Partners, the global home medical devices market is expected to reach US$ 57,102.9 million in 2028 from US$ 33,635.2 million in 2020; it is estimated to grow at a CAGR of 7.0% from 2021 to 2028. Get the Latest COVID-19 Analysis on home medical devices market at https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00020904

Home Medical Devices Market: Competition Landscape and Key Developments

F. Hoffmann-La Roche Ltd., General Electric Company, Abbott, Koninklijke Philips N.V., B. Braun Melsungen AG, Johnson and Johnson Services, Inc., Medtronic, Medline Industries, Inc., Baxter International Inc., Invacare Corporation among the key companies operating in the endodontic reparative cement market. These players are focusing on the expansion and diversification of their market presence and the acquisition of a new customer base, thereby tapping prevailing business opportunities.

·  In March 2020 Medtronic Launches New Solutions to Help Monitor Patients for COVID-19. Medtronic Care Management Services (MCMS) business has launched two new solutions designed to help assess and monitor patients who may be concerned about COVID-19 and their respiratory symptoms. The COVID-19 Virtual Care Evaluation and Monitoring solution uses a virtual assistant to evaluate patients at home.

·  In April 2020, B. Braun received US Food and Drug Administration (FDA) Emergency Use Authorization (EUA) for use of Infusion Pumps with Nebulizers to treat COVID-19 patients.B. Braun’s Perfusor Space Syringe Infusion Pump, Infusomat Space Volumetric Infusion Pump, and Outlook ES Pump systems for use in the “tracheal delivery of continuous nebulized medications into a nebulizer to treat patients of all ages with or suspected of having the Coronavirus Disease 2019 (COVID-19) and to decrease the exposure of healthcare providers (HCP) to such patients during the COVID-19 pandemic.

Get Exclusive Sample Pages of Home Medical Devices Market Size – COVID-19 Impact and Global Analysis with Strategic Insights at https://www.theinsightpartners.com/sample/TIPRE00020904/

In 2020, North America registered as the fastest-growing region in the global home medical devices market. The market is this region is expected to grow significantly in countries such as U.S., CanadaMexico. The growth of the market is attributed to increasing awareness among the population for home medical devices, rising adoption rate of advanced medical devices, technological advancements and rising emphasis on improving treatment outcomes.

North America held the largest market share for home medical devices in 2020. The United States held the largest market for home medical devices, and the market is expected to grow due to increasing adoption of advanced medical device technologies, growing digitalization of medical devices, increasing emphasis on improving treatment outcomes and increasing prevalence of chronic diseases. Increasing prevalence of chronic diseases such as diabetes in the US is likely to raise demand for home medical devices. For instance, as per the Centers for Disease Control and Prevention (CDC), in 2017, National Diabetes Statistics Report stated that nearly 23 million people in the US had diabetes, of which type 1 diabetes accounted for nearly 5% to 10%, or nearly 1.2 to 2.3 million people. Of people with type 2 diabetes, nearly 14%, or 3.2 million people, manage their diabetes with insulin only This is likely to grow demand of home medical device market. ncreasing prevalence of chronic diseases such as diabetes in the US is likely to demand home medical devices. The Centers for Disease Control and Prevention (CDC), in 2017, National Diabetes Statistics Report stated that nearly 23 million people in the US had diabetes, of which type 1 diabetes accounted for nearly 5% to 10%, or nearly 1.2 to 2.3 million people. Of people with type 2 diabetes, nearly 14%, or 3.2 million people, manage their diabetes with insulin only. For instance, in August 2018, US FDA approved Abbott’s FreeStyle Libre-14-day, revolutionary continuous glucose monitoring system.

Similarly, in January 2021New York based TytoCare has launched fingertip Pulse Oximeter (SpO2) medical device for checking blood oxygen saturation levels and heart rate remotely. This solution is used in home setting which supports clinicians to monitor patients with Covid-19 and chronic lung or heart conditions, which helps them in avoiding hospital and clinic visits.

As per the CDC, there were around 12,200, home health agencies in the US. Thus, such high number of agencies offering home healthcare services is likely to favor market growth.

Download Sample PDF Brochure of Home Medical Devices Market Size and Growth Research Report at https://www.theinsightpartners.com/sample/TIPRE00020904/

In 2019, Asia Pacific registered as the second fastest growing region of the global home medical devices market in 2020 owing to the increasing medical device production in countries such as IndiaJapan, and South Korea. Whereas, the up-gradation in the medical device guidelines and government support for the increasing production in Australia and China are expected to drive market growth significantly during the forecast period.

Growing Demand for Homecare Medical Devices due to Increaing Geriatric Population in Home Medical Devices Market Growth:

The home medical devices market is estimated to grow significantly due to primary factors such as increasing development in the medical device industry and the growing geriatric population. Owing to the increasing technological development, remote patient monitoring has evolved as an excellent growth strategy for medical device players. The growing geriatric population has supported the market players by demanding user-friendly, efficient, accurate, and effective medical devices in a homecare setting. Therefore, the demand for monitoring devices, mobility aids devices, and therapeutic devices among older people has significantly increased and helped in leveraging the market’s growth.

Similarly, technological developments have enabled players to integrate the internet of things (IoT) with medical devices, which facilitates the connection between patients and service providers. The built-in connectivity for medical devices through mobile applications, cloud, machine-to-machine, and other options has resulted in the adoption of telemedicine and mHealth technologies. Thus, the developments have allowed medical device players to attract the geriatric population segment to offer their innovative home medical devices. It is expected that the growing population will broadly contribute to the indirect growth of the market as the countries across the world are experiencing growth in the geriatric population. Hence, the demand for home medical devices will exponentially grow in coming future. For instance, countries such as the US, JapanSouth KoreaCanada, the UK, Spain, and France are significantly experiencing growth in the geriatric population.

The above-mentioned countries along with the developing countries such as ChinaIndiaSaudi Arabia, the UAE, and Brazil offer significant growth opportunities for the medical device players to provide innovative devices. The improved healthcare services such as diagnostics and therapeutics have helped in declining death rates. On the other hand, the improving healthcare system is widely contributing to the growth of the geriatric population. According to the United Nations (UN) estimation, by 2060, there will 1.8 billion older people, which will account for 17.8% of the world’s total population. Population growth will see the rise twice of 607 million people, i.e., 8.2% of the world’s total population in 2015. Therefore, as per the estimation, the growth of the home medical devices market is expected to be driven by the increasing geriatric population during the forecast period.

Buy Premium Copy of Home Medical Devices Market Size, Share, Revenue, Strategic Insights and Forecasts 2021-2028 Research Report at https://www.theinsightpartners.com/buy/TIPRE00020904/

Home Medical Devices Market: Segmental Overview

Based on functionality was segmented into testing, screening and monitoring equipment, therapeutic products, mobility care products, biofeedback instruments, electrical stimulation devices, and muscle stimulators. The testing, screening and monitoring equipment segment accounted for more than 31.38% of the market share in 2020. In terms of  services was segmented into skilled nursing services, rehabilitation therapy services, hospice and palliative care services, respiratory therapy services, infusion therapy services, pregnancy care services, and unskilled care services. The skilled nursing services segment held the largest share of the market in 2020. In terms of distribution channel, the home medical device market is segmented into hospital pharmacies, retail pharmacies, and online retailers. The hospital pharmacy segment  held the largest share of the market in 2020.

The COVID-19 outbreak has disturbed various trades and businesses across the world. Due to growing demand for ventilators many companies have seen increasing sales in their respective segments. For instance, in response to the coronavirus pandemic ResMed announced its fiscal third quarter results with revenue of US$769.5 million, a 16% year-over-year increase fueled by growth in its ventilator business. Moreover, remote patient monitoring (RPM) in COVID-19 crisis offers tools for disease monitoring and patient-provider communications that reduce infection risks for patients, communities and providers. These are especially safe and useful method of care as healthcare system works to combat COVID-19. According to the Healthcare Information and Management Systems Society, Inc. (HIMSS), COVID-19 allows clinicians to monitor temperature and pulmonary function, blood pressure and other appropriate physiology for changes in a patient’s disease and symptom progression, using digitally connected, non-invasive devices (e.g. sensors for body temperature or thermometers, pulse-oximeters and home blood pressure monitors). Due to growing hospital bed shortage, this type of remote monitoring free up valuable and critical hospital resources to treat the most critical cases. Thus, owing to the above–mentioned factors, the pandemic has shown a positive impact on the home medical devices market.

Artificial Intelligence

vcita Completes Full Rollout of BizAI, the First AI-driven SMB Business Advisor

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After months of research and beta testing, BizAI is now available to all vcita customers, bringing the promise of AI within reach for the SMB ecosystem
SEATTLE, May 2, 2024 /PRNewswire/ — vcita, the technology platform designed to serve the needs of SMBs and the organizations that serve them, announced today that it has completed the full rollout of its AI-powered SMB business advisor, BizAI. During beta testing over the last several months, vcita saw the significant success and impact of BizAI, and is now making it available to all SMB users, including SMBs using partner solutions, built on its inTandem platform.

BizAI is different from other generative AI tools as it combines the wide perspectives of the market’s best practices with the deep familiarity with each individual businesses’ successes and failures, bespoke data that it is able to obtain exclusively through vcita. This enables BizAI to identify growth opportunities and diagnose areas for improvement, translating insights into actionable recommendations for immediate implementation. SMBs can use BizAI to build business growth plans, optimize their pricing and product offerings according to their competitors, generate converting marketing assets, analyze staff performance, and more.
“BizAI is a pioneering AI-driven business advisor created specifically for the SMB sector,” said Itzik Levy, CEO and founder at vcita. “BizAI brings the strategic prowess of top-tier consulting into the hands of small business owners, empowering SMBs to navigate their unique challenges with tailored, actionable insights derived from a blend of external data, their own operational metrics, and industry benchmarks. The enthusiastic feedback from our beta testers has been incredibly affirming, and this is only the beginning of what BizAI can deliver.”
A common challenge in the adoption of AI is that SMBs don’t always know where AI might help them so BizAI is integrated into the everyday tasks of the business owner, offering them tailored insights and suggestions with contextual relevance. BizAI is completely embedded within the business management solution offered by vcita, with many touch points that are presented to SMBs throughout their workday. For example, SMBs will be prompted to use BizAI when creating and pricing a new service, while writing their cancellation policy, or when answering an inquiry from a promising prospect.
“Our roadmap is packed with plans to further expand BizAI and make it available across all components of our platform. As a platform company, we will soon offer our partners the opportunity to leverage BizAI in two additional ways: the first is their ability to launch AI-enriched applications of their own, and the second is to draw AI-driven insights that help them better understand their SMB clients, detect risks such as churn and identify new business opportunities in real-time,” continued Levy.
A recent survey of BizAI beta users highlights the value they’re gaining from the tool with 43% returning to BizAI within a week of their first usage. 63% used BizAI to seek critical business advice, such as how to position and price their services and products, highlighting the trust users have in BizAI. 32% of users copied the chat’s answers to the clipboard, indicating they were happy with the output and chose to use it. To see a full report with this data please click here.
vcita has spent the past 13 years providing SMBs with advanced technology solutions and is committed to digital inclusion in the SMB community. vcita’s technology solutions include popular digital tools like online billing, CRM, online scheduling, marketing, and online presence, and the company is now bringing the promise of AI within reach for small businesses. Armed with BizAI’s personalized insights and recommendations, vcita is revolutionizing the way SMBs manage their operations and seize growth opportunities within a competitive market. With inTandem, vcita’s partner platform, organizations that serve the SMB market can join vcita’s partner ecosystem and expand their own SMB proposition to include these digital tools and AI driven insights, increase engagement among their SMB customers, and unlock new revenue potential.
About vcita
vcita is an SMB tech company dedicated to helping small and medium businesses thrive in today’s digital world by providing them with the tools to manage and grow their business. With vcita’s solution, small businesses can manage all aspects of their day-to-day operations and client engagement including scheduling, billing, payment collection, client management, email and SMS marketing. inTandem by vcita is a platform designed to serve the needs of SMB service providers, offering a customizable, white-label, platform that allows organizations that serve SMBs to bring their clients all the essential vcita tools under their own brand. With inTandem, partners can deliver great service and value to their SMB customers and unlock new revenue streams, reduce churn, and increase customer loyalty. With hundreds of thousands of small business users worldwide and partnerships including marketing agencies, banks, financial service providers, telcos, MSPs, and fintechs, vcita delivers an innovative digital solution uniquely designed to serve the needs of SMBs and the companies that support them.
For more information, visit www.vcita.com or follow us on LinkedIn.
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Sarah SchlossHeadline Media [email protected] 914.506.5105
 
 

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Stamus Networks Recognized in 2024 Gartner® Market Guide for Network Detection and Response

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Company recognized as a Representative Vendor for the second consecutive time
INDIANAPOLIS and PARIS, May 2, 2024 /PRNewswire/ — Stamus Networks, a global provider of high-performance network-based threat detection and response (NDR) systems, today announced it has been recognized as a Representative Vendor in the 2024 Gartner “Market Guide for Network Detection and Response.” This is the second consecutive time Stamus Networks has been named in the report.

“For now, stand-alone NDR vendors provide a breadth of network analytics and efficacy not available with multifunction security platforms (SIEM, XDR),” wrote Gartner Analysts Jeremy D’Hoinne, Thomas Lintemuth, Nahim Fazal and Charanpal Bhogal.
The report continues, “NDR providers continue to improve their detection capabilities and improve incident response workflows, highlighting the identified root causes of an incident. With this success and confidence, enterprises are experimenting with new NDR features and expanding their coverage to include areas of the network not initially exposed to NDR, especially to see all lateral movement between different types of infrastructure.”
The Stamus Security Platform (SSP) is an open NDR that delivers actionable network visibility and high-fidelity threat detection to enterprise security teams around the world. SSP prioritizes advanced detection – using machine learning and statistical anomaly detection, advanced heuristics, and more traditional signature and IoC based detection – with explainable attack timelines. Its transparency, openness and extensibility empower security teams to quickly respond to serious threats and unauthorized activity.
“As a pure-play NDR solution vendor, we are uniquely focused on delivering the best threat detection possible with the lowest rate of false positives in the industry, enabling organizations to automate their response to serious and imminent threats,” said Stamus Networks CEO Ken Gramley. “We take great pride in being recognized by Gartner, once again, and believe our inclusion in this report is validation of our approach to helping defenders around the world secure their organizations.”
Learn more and download the Gartner “Market Guide for Network Detection and Response.”
To learn more about SSP, go to: https://www.stamus-networks.com/stamus-security-platform.
Gartner Disclaimer:Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
About Stamus Networks:Stamus Networks believes in a world where defenders are heroes, and a future where those they protect remain safe. As organizations face threats from well-funded adversaries, we relentlessly pursue solutions that make the defender’s job easier and more impactful. The global leader in Suricata-based network security solutions, Stamus Networks helps enterprise security teams know more, respond sooner and mitigate their risk with insights gathered from cloud and on-premise network activity. Our Stamus Security Platform combines the best of intrusion detection (IDS), network security monitoring (NSM), and network detection and response (NDR) systems into a single solution that exposes serious and imminent threats to critical assets and empowers rapid response. For more information visit: stamus-networks.com.
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StrongDM Secures $34 Million Series C Funding to Expand into Europe and Asia, and Establish Zero Trust PAM for Enterprise Security

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New funding to fuel global expansion and a pioneering approach to preemptive, action-based cybersecurity
PALO ALTO, Calif., May 2, 2024 /PRNewswire/ — StrongDM, the Zero Trust privileged access company, today announced the closure of a $34 million Series C funding round led by Anchor Capital, with participation from new investors Capital One Ventures, Cisco Investments, Frontline Ventures, and Singtel Innov8, as well as existing investors including GV, Sequoia Capital, and True Ventures. This investment underscores StrongDM’s commitment to reshaping enterprise security with its revolutionary Zero Trust privileged access management (PAM) solution. The Series C funding round brings StrongDM’s total funding to $96 million.

Revolutionizing PAM
StrongDM introduces a next-generation PAM solution that shifts from traditional role- or attribute-based security models to one that emphasizes continuous, fine-grained, and context-aware policy enforcement. This approach scrutinizes each user action and context in real-time, enabling immediate blocking or additional verification for activities that pose security risks. By focusing on preemptive measures rather than reactive responses, StrongDM aims to halt breaches as they are attempted, setting a new standard in cybersecurity.
Global Expansion and Innovation
With the new funds, StrongDM will expand its operations into the Europe, Middle East, and Africa (EMEA) and Asia-Pacific (APAC) regions, addressing the growing demand for modern security solutions. The company is also establishing an engineering center of excellence in Poland, bringing its innovations closer to global customers.
A Word from Leadership
Tim Prendergast, chief executive officer of StrongDM, emphasizes the transformative nature of its Zero Trust PAM solution: “Our Zero Trust approach extends beyond initial access, offering continuous protection throughout the entire session. This isn’t just about reducing identification times; it’s about preventing breaches before they even happen. We’re setting new standards that legacy access management providers have failed to achieve over the past decade.”
Enhancing Enterprise Operations
StrongDM’s solution integrates security directly into operational workflows, enhancing agility and productivity without sacrificing protection. Amol Kabe, chief product officer of StrongDM, said: “StrongDM provides a way for users to create and apply policies that govern authorization in real time, which simplifies the process of proving regulatory compliance. By integrating comprehensive audit trails, we ensure that every action is recorded with precision. This provides unprecedented oversight and enforcement of security policies, creating an environment that is simple, agile, and secure.”
Kabe adds, “StrongDM can also trigger policy-based MFA or administrator-defined workflows natively or in Slack or ServiceNow to implement multi-party authorization for risky actions.”
Upcoming Features
In the coming months, StrongDM will roll out advanced policy-based control features that further enhance security for critical infrastructure. These include micro-authorizations and contextual enforcement capabilities designed to meet the specific needs of CISOs and security teams.
About StrongDM
StrongDM is at the forefront of cybersecurity, specializing in Zero Trust Privileged Access Management (PAM). Our innovative solutions focus on continuous, policy-based controls that leverage actions and context to enhance enterprise security. StrongDM’s technology scrutinizes each interaction in real time, preventing breaches before they occur and ensuring secure, frustration-free access across all platforms.
Supported by leading investors, including GV, Sequoia Capital, True Ventures, and Anchor Capital, StrongDM operates across North America, Europe, and Asia-Pacific, dedicated to setting new standards in cybersecurity and providing top-tier protection for today’s digital enterprises.
For more information, visit the StrongDM website.
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