2023 Global Medical Device Top 100 List Released: Chinese Companies Make Strong Showing

Quick Overview of the Top 100 Global Medical Device Companies

Recently, the medical device industry website Medical Device+Diagnostic Industry (MD+DI) released the 2023 Top 100 Global Medical Device Companies list.

The TOP10 companies are: Medtronic, Abbott, Danaher, Johnson & Johnson, Siemens Healthineers, Fresenius, Medline Industries, BD, GE Healthcare, Stryker.

Among them, Medtronic still firmly ranks first in the medical device industry, with Abbott following closely in second place, and Danaher jumping from 12th place last year to third this year. Compared to last year, new entrants in the TOP10 include Fresenius Medical and Medline, while Philips, Cardinal Health, and Baxter fell out of the top 10 but remained in positions 11 to 13.

Note:

1. Revenue comes from the medical devices and supplies sector.

2. Market value refers to the entire company.

3. Companies focused on distribution are excluded.

11 Chinese Companies Rank on the Global TOP 100 Medical Device Enterprises List, Specifically Including:

Mindray (27), Weigao (59), Winner Medical (63), United Imaging Healthcare (67), Lepu Medical (70), Shinva Medical (71), Yuwell Medical (80), MicroPort (87), Dongfu Medical (92), Sansure Biotech (97), Jiuan Medical (100).

Compared with last year, Mindray, the "top player" in China's medical device industry, still ranks 27th. In addition, MicroPort Medical has newly entered the TOP100 list, ranking 87th. Some companies mainly engaged in the in vitro diagnostics field have experienced a roller-coaster performance in the past two years, and currently, only Sansure Biotech and Jiuan Medical remain on the list.

▍Mindray

Mindray, which has been developing steadily over the long term, has achieved double-digit growth in both revenue and net profit for multiple consecutive years.

In an announcement released on February 18,Mindray reiterated its goal of entering the global top 20 medical device companies and expressed confidence in achieving it by 2025.，and will strive to reach the top ten or even higher position in the global industry in the future.

Mindray has previously made significant investments in the medical device and in vitro diagnostics fields, with its patient monitors, anesthesia machines, and ventilators ranking high in global market share. In the past three years, it has also completed acquisitions of HyTest, a globally renowned supplier of in vitro diagnostic raw materials, and Germany’s well-known IVD company DiaSys. However, in the consumables sector, Mindray's current layout is relatively limited.

This year, Mindray's acquisition plan for Hetech Medical, a leading domestic electrophysiology company, has caused a sensation. Using this as a starting point, Mindray will officially enter the vast cardiovascular market.

In terms of mergers and acquisitions, Mindray stated,Will accelerate the acquisition of outstanding global targets to seek long-term sustainable growth space.

▍Minimally Invasive Medical

In this list, MicroPort is a new face among domestically produced enterprises, ranking 87th.

Minimally Invasive Medical shows strong momentum in exploring innovative fields and cutting-edge sectors, and its frequent spin-offs of subsidiaries for public listing are also quite distinctive.

Currently, MicroPort Scientific Corporation has not yet achieved overall profitability. According to the earnings forecast released on March 5, the company expects a loss of no more than US$580 million for 2023, compared to a loss of US$588 million in 2022. Excluding non-cash items such as impairment losses, the annual loss is expected to be no more than US$436 million, narrowing from a loss of US$503 million in the previous year.

Minimally Invasive Medical clearly stated,Will focus on business, increase revenue, reduce R&D expenses and related expense ratios, and strive to significantly reduce losses and achieve break-even in the coming years.

Driven by factors such as new product launches and commercialization progress, MicroPort Medical's sales revenue increased by 15% year-on-year in 2023. Among this, the income of independently listed subsidiaries grew rapidly, and emerging businesses achieved exponential growth.

In 2023, Cardiva Medical (aortic and peripheral vascular intervention business) achieved revenue growth of over 32% year-over-year. MicroPort NeuroTech (neurointervention business) reported approximately 22% year-over-year revenue growth. VascularMedic (cardiac valve business) saw its revenue grow by about 31% to 36% year-over-year, while MicroPort Robotics (surgical robotics) experienced revenue growth exceeding 350% year-over-year.

▍United Imaging Healthcare

In 2023, United Imaging Healthcare officially became a member of the "Billion-Dollar Revenue Club."

Corporate earnings forecasts show,In 2023, United Imaging achieved a revenue of 11.411 billion yuan, representing a year-on-year increase of 23.52%; the net profit attributable to the parent company's owners was 197,400 yuan, marking a year-on-year growth of 19.21%.During the reporting period, United Imaging continued to advance the deep integration of technological innovation and products. By increasing investment in the research and development of new products and technologies, it successfully launched several innovative products.

In the field of medical imaging, multinational giants like GPS have long dominated. The high-end market in China is currently still led by foreign enterprises. However, with the innovation and development of local companies and the support of favorable policies for domestically produced equipment, China-made devices are gradually gaining market share in the mid-to-high-end sector.

In addition, in March last year, the new version of the large medical equipment configuration permit management directory was implemented in China. The configuration requirements for mid-to-high-end CT and MR products were relaxed, further unleashing market demand.

United Imaging previously disclosed that in the first three quarters of 2023, under the requirement for high-quality construction of the medical and health service system, the market demand for mid-to-high-end and ultra-high-end CT continued to rise.The revenue share of the company's mid-to-high-end CT products continues to increase, with a year-on-year growth rate exceeding 100%.; MR increased by more than 60% year-over-year,Among them, products above 3.0T achieved double high-speed growth in both revenue and gross margin, with revenue growth exceeding 100%., the market share ranking of ultra-high field MR (>3.0T) has risen to the first place.

Attached is the original list: