Personalized services and changing markets

One area where personalization is being used is in the manufacture of personalized prostheses.
© Fraunhofer IGB; Photo: Ludmilla Parsyak

Due to the growing desire for individuality, the personalization of products is becoming increasingly important. Companies are faced with the challenge of satisfying the desire for personalized products while at the same time producing them in an economically efficient manner. This is where the approaches of Mass Personalization come in to resolve this contradiction.

Individuality and adaptation to individual needs – these requirements have become much more important for customers in recent years. In response to this, the share of personalized products is increasing not only in consumer goods but also, for example, in the field of medicine/pharmaceuticals. According to the market research institute Grand View Research, the market volume of personalized medicine worldwide was around USD 1.57 trillion in 2018; the forecast for 2025 is 3.18 trillion (source: Statista).

Companies that offer their customers the option of customizing and adapting products can hope for greater satisfaction with the end-product and an increased willingness to pay. At the same time, however, the challenge arises of manufacturing individualized products just as economically and cost-effectively. The mass personalization approach is designed to resolve this dichotomy. Additive manufacturing in particular, better known as 3D printing, represents a key technology here. Additive manufacturing methods can be used to produce small batches and individual items much more cost-effectively than conventional production methods. Products can therefore be tailored to customer requirements at low cost.

The increasing importance of personalization represents one of many examples of how much markets are changing today. Another trend closely related to personalization is the increasing shift of services to the online sphere. It is only through the use of digital methods that companies can offer customer-centric products that are optimally tailored to the individual needs of the user. In order to successfully meet the changing market conditions, companies must help drive the digital transformation in the various business units.

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