3 Emerging technology trends in the medical industry
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3 Emerging technology trends in the medical industry

  • Highlights

  • Blockchain to solve key medical problems

  • AI will diagnose serious illnesses

  • Increase in mobile engagement

  • Digital transformation bridging communication gaps

Technology has dramatically changed the business dynamics of healthcare and consumer experience in the last few years. Mobile health and wearable technology, especially, have revolutionised medical technology to a large extent. The exponential growth of information technology will further impact all emerging technologies – automation, virtual and augmented reality, mobile technology, artificial intelligence, machine learning, cloud storage, big data analytics, etc.
These emerging technology trends will boost the medical industry in the coming years. blockchain technology, machine learning, artificial intelligence, and digital transformation are the prime trends to watch out for.

1. Blockchain technology

Blockchain technology is a type of distributed database that constantly maintains the growing list of ordered records called blocks. Each block consists of a sequence of encoded information and a link to a previous block, in a chain-like format. All data is publicly shared with no central entity such as a government or bank controlling the data. However, the content of each packet of data is accessible to only those with white-listed permission.
Its well-distributed framework aids in integrating healthcare information for different users and stakeholders.

Blockchain’s application promises to solve these issues in healthcare:
– Limited access to patient data due to inconsistent rules and permissions
– Varying data standards on different systems impacting interoperability
– Hacking attacks on confidential patient and employee information
You could employ blockchain technology to address problems such as security, data inconsistency, and interoperability in your medical practice.

2. Machine learning and artificial intelligence

With the advent of smart robots and virtual personal assistants, Machine learning is here to solve some major problems in healthcare. According to a research done by Frost & Sullivan, AI systems will generate USD 6.7 billion in global healthcare industry revenue by 2021, as compared to USD 634 million in 2014.
AI and machine learning are transforming the medical industry in a big way. Here are some of the specific cases which show their practical value:
– Identifying tuberculosis in the developing world
– Detecting brain bleeds, Alzheimer’s disease and cancer
– Optimising administrative work flow
With the help of Business Loan for Doctors you can integrate AI systems in to your diagnostic setup. You just have to enter some basic details and enjoy exclusive pre-approved offers on your loan so that you can get money that is ready.

How doctors can take their practice to the next level

3. Digital transformation

In the healthcare business, you need to cater to and transform three sets of customers: administrative, clinical, and the patients themselves. With technology as an ally, digital transformation is a wonderful opportunity to marry people with process.
Digital mobile engagement is most likely to increase 50% by 2019, thereby improving the quality of medical treatment. This bridges communication gaps, as both doctors and patients would be using their mobile devices for work and accessing medical records.
Healthcare is going to be majorly influenced by digital transformation, partly enabled by blockchain technology, and machine learning tools and artificial intelligence. It is best to understand the ever-evolving world of medical technology and upgrade your software and systems, accordingly.

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