Healthcare services manufacture products aimed at preventing diseases or controlling their adverse effects. In some cases, healthcare products merely keep the patient comfortable while not actually treating their illness.
This class of products is palliative in nature. Mainly, this field comprises biotechnology, healthcare, medical devices and pharmaceuticals.
Run-through: The sub-industries within Healthcare
1. Biopolymers and Biotechnology:
Biotechnology undertakes research and development of genetic material from Biotechnology undertakes research and development of genetic material from humans and animals while looking at cures of some critical illnesses.
In 2020, this industry was valued at USD 497 billion. A degree in biotechnology will establish a career for you in this field. The forecasted CAGR from 2021 to 2027 is expected to be about 9.4%.
2. Healthcare Services, Specialists, and Healthcare IT:
The study of medicine is challenging, but medical professionals are in high demand in society. When software and computers are utilized in this process, you get healthcare IT.
An approximately 5-year degree course in medicine and further specialization will help you become a healthcare specialist.
Doctors (or related professionals like nurses, etc.) who have some exposure to computers can work successfully in healthcare IT. From 2020 to 2030, the employment in this sector is expected to grow by 16%.
3. Medical Devices and Equipment:
This healthcare branch combines manufacturing and medical knowledge to manufacture important medical equipment like wheelchairs, rods to insert to repair fractures, and other machines like CT scans.
Principally, manufacturing is an engineer’s job. By 2025, it is expected to reach $62 billion at a rate of 7.7%.
This is the foundation of all healthcare, as, without medicines and pills, there essentially would be no treatment for most of the patients. Pharmaceutical companies are forever looking to develop newer drugs and vaccines against all forms of the disease.
A degree in chemical engineering coupled with some knowledge of medicine and pharmacy will equip you well to have a successful career here.
Deep Dive: Explore which sub-industry resonates with you
Companies engaged in creating bio-based solutions for waste management and packaging through the usage of bioplastics and polyesters.
Top 3 Companies: NatureWorks (US), Braskem (Brazil), BASF (Germany)
Companies in the research and development of the manipulation of living organisms to produce commercial products and services. Swipe left to explore!
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3. Healthcare (Services)
Companies that provide services to treat patients with curative, preventative, rehabilitative, and palliative care. Swipe left to explore!
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4. Healthcare IT
Companies engaged in providing software or technology platforms to the healthcare industry. These include solutions for decision/risk analysis, enterprise system management, medical record system management, outcome management, and other related healthcare information technology services.
Top 3 Companies: Cerner Corporation, McKesson Corporation & International Business Machine Corporation
5. Healthcare Specialist
Companies that focus on a specific area of medicine or a group of patients to diagnose, manage, prevent or treat certain symptoms or conditions. Swipe left to explore!
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6. Medical devices & Equipment
Companies that manufacture and distribute devices for the diagnosis and treatment of disease or injury. Swipe left to explore!
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Companies involved in drug discovery, development and production to cure or vaccinate against diseases or alleviate symptoms. Swipe left to explore!
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Wait, I’m confused? –
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What skills and experiences do OTHER people in this industry typically have?
Are there any more resources to find out about this industry and job roles?
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