This post looks at the megatrend of Aging Society and its potential impacts on our precision machining businesses. It is based on a presentation I attended at HORN Technology Days.
Our future is determined more by societal demands than it is by our workforce and current capability.
Why Aging Society is my choice for most impactful megatrend for our industry
- Annual worldwide growth trend of 5% increase in Medical Technology Developments is 2X -3X current GDP growth. (Economically compelling)
- Who is against improving the quality of life of the people we love? (Emotionally compelling)
- Growth in the sector of Endoprosthetics- Human Spare Parts. (Aging and active population makes this compelling)
Because of this megatrend, our industry can expect to see growing opportunities in the production of
- Surgical tools and instruments
- Human spare parts and hardware (Bone screws, implants (including dental), joints, and hardware)
- More challenging materials to process – ceramics, titanium, magnesium, and composites.
What will the keys be to growing in participation in this field in the future?
- Flexibility and speed of processes and capacity
- Systems built on assuring quality
- Taking advantage of cost effective technologies to build in process assurance, and cost effective minimum waste provision of parts.
Over the long run, our businesses seldom grow faster than GDP. Knowing that the impacts of our aging society will grow faster than GDP provides a roadmap for savvy managements to plot their course to use their companies to serve this growing market.
You can see the aging of society every day – at work, shopping, and even in our schools (universities).
What are you doing to meet the demands that this megatrend is creating for your precision machining business?
Horn is working on developing tooling technologies and processes to improve your capability and performance, improve cost effectiveness and innovate your production.
What are you doing to take advantage of this growing 2X-3X faster than GDP opportunity?