Insights from Compamed 2023
Our Managing Director, James Lawrence, and Export Sales Manager, Eoghan Ross, embarked on a brief but impactful visit to Compamed in Germany on Tuesday, November 14.
Compamed, held in Düsseldorf, is Europe’s leading international trade fair for the medical technology sector. Co-located with Medica and spanning two halls, the event showcases a comprehensive array of high-quality medical technology components, services, and production equipment.
It quickly became evident that a single day was insufficient to explore the wealth of intriguing companies present at the show. Despite not being potential customers, we were pleasantly surprised by the willingness of companies to invest time in meaningful discussions about potential future collaborations. Our injection mould tooling capabilities were of particular interest, along with our ability to follow-on with the moulding of parts. Balloon mould tooling and extrusion tooling also emerged as highly popular topics among attendees.
The overall outlook for 2024 appeared positive, with many anticipating stability in the medical device market. While lead times have been a significant challenge in recent years, there is optimism as they seem to be returning to pre-COVID levels, albeit with persistently high prices.
A noteworthy concept repeatedly mentioned was the idea of nearshoring and the repatriation of engineering resources to Europe. The impact of COVID and supply chain disruptions has prompted companies to scrutinize their supply chains, leading to a recognition of the advantages of working with suppliers closer to home. These benefits include operating within the same time zone, shorter lead times, access to a skilled knowledge base, and advanced machinery and technology. We anticipate reaping the rewards of this trend in the months and years to come.
In conclusion, our experience at the event left a strong first impression, and we look forward to returning in 2024. The lesson learned was clear: a single day is insufficient to fully grasp the depth of opportunities and insights that Compamed has to offer.