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Global Healthcare Industry

We are living in the era witnessing widespread digitization of healthcare. Rapid technology innovation of Industry 4.0, and the consequential digital transformation due to it, is set to cause massive disruption. Today, there are medical platforms – wearables, Big Data, and health analytics – powered by emerging technologies that are providing valuable services. The future of the healthcare industry would focus on creating intelligent medical solutions with evidence-based approaches utilizing cognitive technologies like Machine Learning and AI, Robotics, and Augmented Reality.

Overview

Experts believe that to keep up with the consistently growing needs in the healthcare sector, leveraging emerging technologies will be the key strategy to mitigate the shortage of physicians and other healthcare professionals, along with augmenting this sector to make it more advanced. Healthcare, as we know, is a critical sector since the life and the well-being of individuals are at stake. It is thus imperative to embrace technologies in a way that enhances the quality of life for millions. From medical apps that augment medical record accessibility and patient education, to highly advanced smart medical devices powered by IoT, AI, Robotics, etc. that makes diagnosing and treatment of ailments quick and accurate, emerging technologies are set to revolutionize the healthcare industry.

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According to Transparent Market Research (TMR), by 2025, the digital healthcare market is expected to reach $536.6 billion.

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Grand View Research predicts that the healthcare market for IoT devices is slated to top $409.9 billion by 2022. Also, 40% of all IoT products will be used in the medical field.

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In a recent study by Fortune magazine, AI medical software was 95% accurate in identifying skin cancer. Dermatologists, by comparison, were only 86.6% accurate. That’s 8.4% more patients whose cancer can be treated in early stages.

Career Opportunities in Healthcare Industry

Internet of Things (IoT)

Smart sensors and smart devices powered by Internet of Things has caused the most significant disruption in the healthcare sector spawning a new term – Internet of Medical Things (IoMT). Manual scanning of patients and their records by healthcare professionals is susceptible to human error. This can be greatly reduced with the help of RFID tags worn by patients that alert the monitoring systems. IoMT also enhances drug management through smart biosensors that monitor vital signs and health conditions. Sensors for monitoring biological conditions like blood coagulation, heart rate, glucose level, etc. have been there in place in the healthcare sector, but adding IoMT connectivity adds a new dimension to these devices opening a wide avenue to devise new applications that can transform the healthcare industry.

Cloud & DevOps

The need for innovation to make product and service delivery agile and efficient is encouraging an uptake of cloud and DevOps technologies in the BFSI industry. Cloud solutions enable open banking that provides the flexibility to create open APIs. This will create agile and lean delivery. With the surge of Analytics and AI in this sector, the need for efficient data utilization, increased computing, greater storage power, and deployment of services will make cloud and DevOps indispensable for the BFSI industry. As the competition on the cloud intensifies, companies strive to provide the best services and technological requirements to the BFSI companies.

DL, ML, & Big Data

AI, machine learning, and deep learning are enabling the BFSI industry to collect customer data and leverage it to improve their services through dynamic customization. AI powers virtual assistants, conversational interfaces, and fraud detection. Virtual assistants will soon be empowered with financial services skills, leading to profitable collaboration with BFSI organizations. On the other hand, BFSI institutions will also collaborate with AI startups to improve both their front-end and back-end operations while remaining compliant with regulatory compliances.

Others (Business Courses)

In this era of Industry 4.0, the growth of every technology in any industry is dependent upon networking expertise. Cisco certifications and other IT infrastructure certifications will, therefore, play a significant role in making the BFSI sector leverage the unprecedented innovations and disruptions due to the rise of emerging technologies. There will also be an increased demand for professionals in operations and management of the business, and aligning it effectively with the IT services. With the aim to make digital transformation seamless, the BFSI sector will need professionals who can bring about faster innovation and focus on enhancing customer engagement.

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