Megatrends and business model

The demographic megatrends that drive our business, such as urbanization and an aging population, remain intact. However, in 2021 these trends unfolded against a backdrop of increasing de­glob­alization and a mix of complex global challenges – supply chain disruptions, electronics shortages, and material cost inflation, to name just a few.

In this environment our business model, our strategy, and the dedication of a team of more than 69 000 colleagues globally helped us to pull through. Our presence in more than 100 countries once again allowed us to think globally and act and deliver locally. In 2021 we helped our suppliers to open new sourcing channels, thereby reducing dependency on sub-suppliers and markets.

Nonetheless, the global semiconductor shortage forced us to adapt throughout 2021 as supply failed to catch up with global demand. In response to this difficult procurement environment, we developed alternative supply sources, and bought on the spot markets. We also made design changes and switched to components that are more widely available on the market.