By HFT Staff

Every year, the healthcare industry generates a massive amount of data, according to a report by Research and Markets. In fact, healthcare data constitutes a 30 percent share of the global data volume. It is estimated that by 2025 the data generated via the healthcare sector will rise at an annualized growth rate of 36 percent. 

It is important to consider that the constant management of such enormous volumes of data is a tedious and challenging process. Specifically, management and handling of huge datasets in the healthcare industry often requires a large workforce of specialized personnel. 

By 2026, there is likely to be a shortage of 3.2 million healthcare workers, according to the American Hospital Association. The continuously growing data, coupled to the projected deficit of healthcare workers, would inadvertently generate pressure on healthcare manufacturers to adopt novel tools and technologies that can improve management efficiency and better utilize the available, expensive resources. 

Moreover, increasing complexity of healthcare manufacturing operations, along with growing stringency and frequent changes in regulatory requirements has created a dire need for adoption of automated solutions, such as manufacturing execution systems. 

In recent years, several healthcare stakeholders have actively undertaken initiatives to incorporate a manufacturing execution system into their production lines, with an aim to connect, monitor and control the complex manufacturing process. In addition, players are integrating advanced technologies, including internet of thing and artificial intelligence, in order to collect and analyze large volume of data from various sources, as well as to produce value in the form of insights, predictions and actions. 

According to industry experts, manufacturing execution systems have the potential to reduce upwards of 30 percent of the overall production cost depending on the type of industry. It has further been observed that companies are increasingly adopting cloud-based manufacturing execution systems to overcome the challenges associated with growing complexity of processes and global expansion of businesses. 

Specifically, cloud-based manufacturing execution systems integrate real-time information of different production floors and promotes collaboration. Considering the rising demand for such systems, presently, more than 75 companies claim to offer manufacturing execution systems, based on several deployment models, to the healthcare sector.  

Driven by the ongoing innovation in the industry, as well as the rise in demand for automated solutions, the manufacturing execution system providers market for the healthcare sector is likely to witness positive growth over the coming years.