Specialty Silicone Products (SSP) attended MD&M West 2024 last week and learned four valuable lessons that we’d like to share with you. Whether you’re a fabricator, a medical device manufacturer, or simply curious about the world’s large medical design and manufacturing event, we want to share our knowledge so that you can put it to work for your business.
#1 Tradeshows are Back
MD&M West was never canceled because of COVID, but some companies skipped it in the aftermath of the pandemic. That’s no longer the case, and the halls were packed this year. SSP was among the 1500 exhibitors, but there were also thousands of attendees who walked the show to meet with customers and suppliers. Many MD&M participants have already signed up for other tradeshows.
#2 Fabricators Continue to Consolidate
Consolidation continues among gasket fabricators and custom fabricators alike. At MD&M West, SSP spoke with several mid-sized fabricators who recently acquired smaller fabricators. We also talked to companies who are searching for fabricators to acquire in order to expand their reach and grow their customer lists. Look for more mergers and acquisitions this year.
#3 Costs are a Key Concern
Companies are keeping a close eye on costs because of across-the-board inflation. As these MD&M West participants explained to us, their labor, material, and overhead costs are all too high. Consequently, many of these businesses seem to be holding off on hiring.
#4 There’s Plenty of Opportunity Outside the Comfort Zone
MD&M West is a medical industry tradeshow, and many of the companies we met are pursuing projects in areas such as flexible electronics and materials for wearables, and healthcare technologies for wound care and drug delivery. Yet many of these players are also pursuing opportunities beyond healthcare, such as with unmanned aerial vehicles (UAVs), and outside their comfort zone.
How to Learn More
SSP hopes these four lessons from MD&M West will help your business throughout 2024 and beyond. If you’d like to know more about what we learned, or if you attended this year’s event and would like to share your own observations, we invite you to contact us.