Comprehensive Overview of China's Medical Device BD Landscape: 22 Strategic Collaborations Achieved!

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In the medical device industry, success driven by a single product is rare.

"Growth through 'transactions' is the norm."

SiYu MedTech has conducted research on business development (BD) in the medical device sector this year and released a white paper.Free Full-Text Download! “Medical Device BD White Paper” Officially Launched

This article reviews 22 representative business development (BD) transactions in the medical device sector between 2023 and July 2025., ranging from cross-border introduction and capital cooperation to ecosystem synergy, covering multiple core sectors including vascular intervention, respiratory care, neurology, and interventional oncology, for readers’ reference.

# Trend 1 | Cross-Border Introduction and Global Expansion

Keywords: Bring advanced therapies “in,” and sell domestically produced hardcore innovations “out.”

Over the past two years, cross-border transactions have accounted for nearly half of business development (BD) activities in the medical device sector. Several clear trends are evident:

• Domestic enterprises have become more confident, not only introducing technology to address shortcomings but also bringing Chinese solutions to the global market;

• The alignment between products and clinical scenarios is increasingly precise, shifting from a "ready-to-use" approach to addressing highly specific clinical challenges;

• Overseas destinations are becoming more diversified, with expansion spanning from North America to Latin America and covering therapeutic areas ranging from cardiovascular to respiratory care.

Typical Case Review

Endovastec × Saihe Medical| Exclusive Distributor in Mainland China

• Target：LiqMagic^®Peripheral VesselsIntravascular Lithotripsy (IVL) System

• Progress: Approved by the NMPA in December 2024, with the first batch of post-marketing clinical cases reported in April 2025.

• Highlights: Fills the gap in the "plaque modification" segment of peripheral vascular interventions, creating synergy with Endovastec's peripheral stents and balloons.

Gagee Medical (a Peijia subsidiary) × Nuanyang Medical｜Exclusive Distribution in Greater China

• Subject Matter：YonFlow^®Flow-Diverter Stent (FD)

• Progress: Under special review for approval of innovative medical devices; retrievable even after full deployment

• Highlights: Filling the domestic gap in China100% RecyclableFD's blank space provides physicians with the possibility of "taking back a move," significantly enhancing intraoperative safety.

EverBridge × Pulmonx (NASDAQ: LUNG)｜Exclusive General Distributor for Greater China

• Target：Zephyr^®Bronchial Valve, Chartis^®Pulmonary Function Assessment System

• Scenario: Interventional Treatment for COPD/Severe Emphysema

• Highlights: Directly introducing the global leading solution to fill the gap in respiratory intervention, thereby establishing a dual-track layout in respiratory and cardiovascular fields.

Amate Medical × EverBridge｜Exclusive Authorized Distributor for Latin America

• Target：Jetfall^®CO₂ Angiography Power Injection Kit (CE-MDR Certified)

• Scenario: Zero/Low-Iodine, Renal-Safe Angiography

• Highlights: Chinese-made niche essential products go global, precisely targeting the Latin American population with renal insufficiency and iodinated contrast media allergies.

EverBridge × Beijing Guanqiao Medical｜Greater China Commercialization

• Target: Pulmonary Artery Balloon + Access Products (CTEPH Treatment)

• Highlights: BackupChronic Thromboembolic Pulmonary Hypertension (CTEPH)Seize this interventional gap and capitalize on the window for rapid volume expansion.

Grand Pharma × Zhenyi Medical｜Multi-Product Distribution + Strategic Partnership

• Target: DEEPQUAKE™ Peripheral IVL, NeoNova^®Mitral Clip

• Progress: Successively approved by the NMPA in November 2024 and February 2025

• Highlights: Pursuing both “calcification breakthrough” and “structural heart disease” to complete the high-end cardiovascular ecosystem.

Grand Pharma × Antong| Academic Promotion + Channel Collaboration

• Target: Iberis RDN (Radiofrequency Renal Denervation Ablation)

• Progress: The 4th RDN system approved by the NMPA, featuring a dual-access (radial/femoral) design

• Highlights: RDN has entered a period of rapid clinical adoption, with Iberis differentiating itself in terms of manufacturing process and access approach.

Dingke Medical × Mozarc Medical (DaVita & MDT JV)｜Exclusive Promotion in the US Market

• Target: DKutting™ Scoring High-Pressure Balloon, DKaptain™ High-Pressure Balloon Catheter

• Parameters: Covers vessel diameters of 3–12 mm, with a burst pressure of up to 26 atm

• Highlights: This is domestically produced balloon technology“Reverse Export” to North AmericaA representative case implemented in hemodialysis access scenarios.

Kangfeng Bio × Boston Scientific (China)｜Exclusive Sales/Promotion in Mainland China

• Target: Respiratory Interventional Product Portfolio

• Highlights: The cryoablation company enters the respiratory sector, establishing channel and academic systems to pave the way for platformization.

Trend I Summary

The keywords for this group are"Precise Matching"。
The bidirectional flow between domestic and international markets has become the norm. Truly valuable transactions focus on addressing specific clinical pain points, such as “calcium modification,” “zero-iodine contrast,” “dual-access RDN,” and “hemodialysis access.” Behind each product lies the opening of a new clinical scenario.

# Trend 2 | Capital-Driven Growth and Equity Partnerships

Keywords: Using capital to "buy time, address weaknesses, and gain global access."

If “introduction and going global” address gaps in products and scenarios, then capital operations serve as an accelerator for enterprises to narrow disparities and bolster capabilities. Over the past two years, the capitalization characteristics of business development (BD) in the medical device sector have become more pronounced: license-out deals, option-based mergers and acquisitions, and strategic equity investments—each step aimed at securing faster entry into the global competitive landscape.

Typical Case Review

JianShi Medical × Edwards Lifesciences｜Overseas Rights License-out + Strategic Equity Investment

• Target: J-Valve TF Transfemoral TAVR (Indications Covering AR/AS)

• Progress: Edwards acquired a stake in Jieshi for approximately RMB 180 million, while also securing overseas rights, creating synergies with its recently acquired JenaValve.

• Highlights: The first license-out of a domestically produced valve to a global leader signifies not merely a “technology sale,” but genuine entry into the international competitive landscape.

Sirtex (Grand Pharma Affiliated) × Nanospectra｜Equity Investment + Regional Priority Rights

• Target：AuroLase^®Nano-photothermal Ablation (Starting with Prostate Cancer, Expandable to Thyroid and Breast)

• Key Points: Sirtex invested approximately USD 1.5 million to acquire a 6% equity stake, while also securing the exclusive right of first negotiation for the Europe and Asia regions.

• Highlights: Pursuing a "differentiated ablation" strategy to explore "focal ultra-precise therapy" for solid tumors, paving the way for an alternative to radiofrequency/cryoablation.

Sirtex (Grand Pharma Group) × BlackSwan Vascular｜Equity Investment + Option for Full Acquisition

• Target: Lava Liquid Embolic Agent (Peripheral Vessels), Kona (Neurovascular, Drug/Radionuclide-Loaded)

• Key Points: Acquired a 12.5% equity stake for USD 5 million, with an option for full acquisition during the PMA submission period.

• Highlights: Creates synergy with Sirtex’s proprietary 90Y microspheres, linking tumor intervention with vascular intervention to expand multi-scenario combination strategies.

Grand Pharma ↔ FastWave Medical｜Phased Acquisition + Development Support (Up to $80 Million)

• Target: FastWave IVL Shockwave Balloon

• Progress: Initial clinical data showed a 0% rate of major adverse events at 30 days, with the ABI increasing from 0.56 to 0.89; multiple U.S. patents have been granted.

• Highlights: Securing a global technology reserve through acquisition to complete its dual domestic and international footprint. Its products feature a more compact design and superior traceability, directly addressing the shortcomings of traditional shockwave balloons, which are “large and cumbersome.”

JianShi Medical (Historical Case) | Acquisition of Rich Surgical & Huarkang

• Target: Staplers, Energy Platforms, Sutures (including Antibacterial/Barbed)

• Extension: Following the acquisition, it launched the OP9 Integrated Energy Platform and the “Ruizhi” 90° Electric Endoscopic Stapler.

• Highlights: This is a typical case of the combined strategy of "platform-based M&A + in-house R&D": it not only supplements the product portfolio but also leverages proprietary research and development to build a systematic product ecosystem.

Summary of Trend 2

Capital is never the end goal, but a tool. The commonality here is:

• License-outEnabling domestic technologies to sit at the global leadership table for the first time;

• Equity + Option M&AProvided companies with time and a window to ensure the possibility of a "buyout" in the future;

• Strategic Equity InvestmentThis accelerates the pace at which domestic enterprises secure international resources and channels.

One-sentence summary:Capital is an accelerator, enabling technologies to go global more rapidly and significantly shortening the “growth cycle” of Chinese enterprises.

# Trend 3 | Joint Ecosystem and Channel Synergy

Keywords: From “Single Product” to “Scenario,” from “Channel” to “Ecosystem.”

If the first two types of transactions are more akin to “buying and selling products” and “buying and selling time,” then building a joint ecosystem is essentially “buying the future.” Medical device companies are no longer satisfied with breakthroughs in single products; instead, they bundle devices, tools, imaging, and distribution channels into comprehensive solutions. Underpinning this shift is a clear logic: physicians do not need an isolated medical device, but rather a complete, replicable, and implementable clinical scenario.

Typical Case Review

Medtronic Kanghui × Rosenbot｜Digital Intelligence Platform for Traumatic Orthopedics

• Target: Rosen Wanxiang^®Trauma Fracture Reduction Robot

• Highlights: By leveraging the “consumables + instruments + robotics” combination, traditional single-point interventions in trauma orthopedics are transformed into a comprehensive whole-course management solution. For Medtronic Kanghui, this represents a critical step in upgrading its “orthopedic business” into a “digital and intelligent trauma platform.”

• Highlights: This is a typical case of an "ecological closed loop," where the future lies not just in robots, but in the "surgical standardization" capabilities behind them.

Shenchang Medical · Changyida × Johnson & Johnson MedTech (J&J)| Comprehensive Solutions for Neurointervention

• Content: Both parties will collaborate across multiple dimensions, including market expansion, technology advancement, and innovation incubation.

• Highlights: Foreign-headquartered enterprises and local companies have joined forces to cover the entire continuum of stroke care. For Johnson & Johnson, this represents channel penetration into lower-tier markets; for ShenChang, it signifies resource amplification.

• Highlights: The synergistic integration of “market + technology + academia” directly enhances implementation efficiency.

Mindray Medical × Juzheng Medical｜Postoperative Hemostasis Scenarios

• Target: Collseal Collagen Hemostatic Sealant

• Highlights: This is a differentiated product featuring visualized positioning, room-temperature storage, and non-intravascular application, helping physicians control postoperative complications.

• Highlights: This type of “small yet exquisite” collaboration indicates that companies are increasingly focusing on the “details” within surgical procedures.

Endovastec × EverBridge| Technology + Business “Coalition”

• Target: Oncology Intervention B-TACE/All-tumor, Peripheral Intervention Devices

• Highlights: With cutting-edge technology and channel resources, the two parties are joining forces not only for sales but also to jointly build an ecosystem of “medical-engineering integration + market synergy.”

Rongmai Medical × Jiutong Medical｜PE Interventional Track Accelerator

• Target：FuseVive^®Pulmonary Artery Thrombus Removal System

• Progress: A multicenter clinical study involving 128 cases showed that the 30-day device-related SAE rate was 0%.

• Highlights: This is a new product category with clinically validated safety, and the collaboration has accelerated its commercialization.

Xiaoyu Medical (a subsidiary of Endovastec) × Jiutong Medical| Peripheral Embolization Combination

• Target：FuseEasy^®Detachable Peripheral Coils (NMPA Approved), FuseSuper®

• Highlights: Enhance the peripheral embolization product portfolio through a comprehensive strategy to cover diverse anatomical and procedural needs.

KDL Medical Devices (Pulin) × Weiguang Medical｜Carotid Artery Imaging Closed-Loop

• Target: The First OCT Intravascular Imaging for Carotid Artery Diagnostic Indications in China

• Highlights: Imaging and therapy form a closed loop, turning "visible" into "curable."

• Highlights: This collaboration is driving the expansion of “imaging-guided therapy” from coronary to neurovascular applications.

Summary of Trend 3

The most significant commonality among this group of cases is:

• Companies no longer focus solely on a single “blockbuster product,” but rather emphasize the ability to provide comprehensive surgical solutions.

• Channel and ecosystem partnerships are not just about sales volume, but also about building “clinical standardization capabilities”;

• From hemostatic devices to imaging, and further to robotics and pulmonary artery intervention systems, each point serves as proof:Medical devices are shifting from being “product-oriented” to “scenario-oriented.”

One-sentence summary:A joint ecosystem is not merely an added bonus, but a mandatory requirement for the next round of competition.

Final Thoughts: The “Long Slope, Thick Snow” of Business Development in the Medical Device Industry

From 2024 to 2025, the momentum in China’s medical device business development (BD) market has continued to intensify. What we are witnessing is not merely the bustle of individual transactions, but an increasingly clear landscape of industrial evolution.

Behind every transaction lies not only a corporate survival strategy but also a bellwether for the industry. EverBridge’s global expansion of its balloon products represents Chinese innovation’s tentative steps onto the world stage; Amet’s CO₂ angiography marks a breakthrough in a niche sector; and Grand Pharma’s investment in Sirtex constitutes a long-term bet on the field of precision interventional medicine.

It can be said that,China's medical device BD is entering a phase of "long slope, thick snow.": The slope is long with boundless opportunities, but the snow is deep, making the journey far from easy. For enterprises, the test lies not only in technological and capital strength, but also in patience and steadfastness.

As industry observers, we are committed to continuously documenting these milestones and look forward to witnessing more stories of “China-originated, global-reaching” innovations.