High-growth hidden champions: 10 Chinese medical device sectors driving global expansion

The main theme of China's medical device market is going global!

The 2025 performance report for medical device exports is impressive. According to data from the China Chamber of Commerce for Import and Export of Medicines and Health Products, the export value of medical devices in 2025 reached $50.469 billion, a year-on-year increase of 3.54%.

Industry leaders performed even better, with multiple listed companies highlighting rapid growth in their overseas businesses in their performance pre-announcements. This growth encompasses products with high added value and high competitive thresholds, such as PET and SPECT imaging equipment, artificial joints, surgical robots, and endoscopes.

Which sectors have achieved major breakthroughs in going global? VCBeat has compiled a list of ten sectors worthy of attention in the overseas market, based on the two key dimensions of export scale and growth rate. These sectors are redefining the landscape of Chinese medical device exports.

Endoscopes have emerged as a new growth driver in medical device exports, being among the few products that combine large export scale with high growth rates.

The export scale of endoscopes has reached nearly RMB 4.5 billion, primarily destined for developed country markets. According to data from the General Administration of Customs of People's Republic of China, the export value of endoscopes in 2025 reached RMB 4.47 billion, representing a year-on-year increase of 32.48% compared to RMB 3.374 billion in 2024. This growth rate significantly exceeds the industry average, and sustained high growth over multiple years has propelled endoscopes to become a major export product.

Endoscope exports have also successfully penetrated high-end markets. The top five export destinations for endoscopes are the United States, Germany, Russia, France, and Brazil. Export value to the U.S. market exceeded RMB 1 billion, while exports to Germany surpassed RMB 300 million.

It took only five years for endoscope exports to grow from less than RMB 1 billion in 2019 to nearly RMB 5 billion. The compound annual growth rate (CAGR) for endoscope exports from 2022 to 2025 was 35.14%.

The driving force behind this explosive growth is the convergence of enhanced capabilities in China's domestic endoscope industry and surging demand. The strength of China's domestic endoscope industrial chain has led to increasingly deep participation in the global endoscope supply chain. Additionally, the disposable endoscope market has been fully validated, with Chinese domestic companies leveraging their leading manufacturing and supply chain advantages to become major global suppliers. As the market enters a volume growth phase, it has achieved a relatively high compound growth rate.

A hidden champion has emerged in the export of high-value consumables: artificial joints. According to data from the General Administration of Customs of People's Republic of China, the export value of artificial joints in 2025 exceeded RMB 3.7 billion, representing a year-on-year increase of 19.8%. Artificial joints have become a major export product in the high-value consumables category.

A key factor driving the large-scale export of artificial joints is China's position as a global manufacturing hub. Multinational corporations such as Johnson & Johnson and Zimmer Biomet are the primary players in China's artificial joint exports. For example, Zimmer Biomet's invested facility, Changzhou Biomet Medical Devices Co., Ltd., is China's largest export base for artificial joints.

Artificial joint exports, which were historically dominated by OEM trade, are now undergoing industrial upgrading. Domestic Chinese companies are beginning to enter overseas markets with their own brands. These companies are expanding into international markets through multiple parallel initiatives, including obtaining overseas certifications independently, promoting innovative products, and acquiring overseas distribution channels. Overseas markets have become a second growth curve for domestic Chinese artificial joint companies. In its performance pre-announcement, Chunli Medical highlighted that it achieved a net profit attributable to shareholders of RMB 272 million in 2025, a year-on-year increase of 117.72%. The steady growth of overseas revenue provided important support for Chunli Medical's overall performance increase.

Ultrasound imaging serves as the ballast stone for China's domestic medical device exports, with export value approaching RMB 9 billion. According to statistics from VCBeat based on data from the General Administration of Customs of the People's Republic of China, exports of ultrasonic scanning devices in 2025 reached RMB 8.742 billion, compared to RMB 8.5 billion in 2024. Against the backdrop of an increasing number of volume-based procurement tenders for ultrasound in the Chinese market, downward pressure on ultrasound unit prices, and an overall decline in industry gross margins, Chinese domestic ultrasound products have successfully expanded into overseas markets. Notably, export value to the United States reached RMB 1.376 billion, while exports to Russia, India, Austria, and Japan each exceeded RMB 500 million.

Key companies driving ultrasound equipment exports include Mindray, Edan, and SonoScape. Mindray's international medical imaging business achieved high single-digit year-on-year growth in the first three quarters, with international revenue accounting for 61% of its total during that period. Edan's performance pre-announcement disclosed steady overall revenue growth in 2025, with estimated net profit increasing by over 50% year-on-year. In particular, its international market maintained double-digit growth, with notable increases in patient monitoring and ultrasound imaging businesses.

Chinese domestic ultrasound imaging equipment initially entered overseas markets leveraging cost-performance advantages. After years of dedicated development, ultrasound equipment exports have achieved significant scale, evolving from simple trade-based exports to a phase of "positional warfare." Chinese domestic companies are now deeply developing markets through the establishment of local subsidiaries and localized operational models.

Patient monitors represent a traditional area of strength for China's domestic medical device exports, with a stable market scale in this sector. According to data from the General Administration of Customs of the People's Republic of China, the export value of patient monitors in 2025 reached RMB 4.078 billion, compared to RMB 4.0 billion in 2024.

Chinese domestic patient monitors have successfully penetrated high-end overseas markets. Customs data indicates that the primary export destinations include developed countries such as the United States, Germany, Singapore, the Netherlands, and the United Kingdom, as well as emerging markets like India and Brazil. The ability of Chinese domestic companies to break through high-end market barriers stems from two core advantages: first, their capacity to provide comprehensive solutions for life support equipment, and second, their high level of digital integration capabilities enabling seamless connectivity with local hospital information systems.

Key players in the Chinese patient monitor market include Mindray, Edan, and Comen Medical. Mindray holds a leading global market share in patient monitors. Through years of deep cultivation in overseas markets, Mindray's patient monitors, defibrillators, anesthesia machines, and ventilators have all ranked among the top three globally by market share. However, the market share of its life information and support business line in overseas markets remains significantly lower than its domestic level in China, indicating further growth potential for monitor exports in the future.

In 2025, non-invasive ventilator exports also achieved high-speed growth. According to data from the General Administration of Customs of the People's Republic of China, the export value of non-invasive ventilators in 2025 reached RMB 3.0 billion, a year-on-year increase of 11.11%. The primary driver of growth in overseas markets was the conclusion of the destocking cycle in the U.S. market. Due to significant stockpiling during the COVID-19 pandemic, the global market had been in a destocking phase. With inventory clearance completed in the first half of 2025, the non-invasive ventilator market resumed growth.

Several "hidden champions" have emerged in China's domestic non-invasive ventilator exports, with BMC Medical, Yuwell, and Resvent being the main participants in the export market. Given that the penetration rate of non-invasive ventilators in China is only approximately 1%, the domestic market capacity is currently limited. Consequently, overseas markets have become the cornerstone of revenue growth for these companies. As overseas demand continues to expand, corporate revenues have correspondingly increased. BMC Medical's performance pre-announcement indicated that its net profit after deducting non-recurring gains and losses for 2025 is expected to be between RMB 129 million and RMB 164 million, representing a year-on-year increase of 38.97% to 77.37%, primarily driven by substantial revenue growth in the North American region compared to the previous year.

CT, MRI, and PET/CT scanners are also beginning to go global. According to statistics from the General Administration of Customs of the People's Republic of China, the export value of X-ray computed tomography scanners from China in 2025 reached RMB 5.139 billion, a year-on-year increase of 8%. The total export value of magnetic resonance imaging apparatus amounted to RMB 6.319 billion, a year-on-year increase of 7%. High-end imaging equipment exports have achieved significant scale.

The momentum for high-end imaging equipment exports stems from two sources. On one hand, domestic Chinese companies are expanding overseas, actively exploring international markets and accelerating the introduction of innovative products abroad. CT products have been installed in multiple countries worldwide, even achieving leading market share in some nations. United Imaging Healthcare, a leading domestic Chinese company, has successfully penetrated high-end markets, maintaining rapid growth in key regions including Europe, North America, Asia-Pacific, and emerging markets. Its international brand influence and high-end customer penetration continue to improve, further accelerating its globalization strategy. From a performance perspective, United Imaging Healthcare achieved total operating revenue of RMB 13.821 billion in 2025, a year-on-year increase of 34.18%, reaching a new high since its listing. This growth was primarily driven by the normalization of medical equipment renewal policies in China, overseas market expansion, and product innovation. Revenue growth was particularly rapid in Europe, North America, Asia-Pacific, and emerging markets, with overseas revenue accounting for over 22% in the first three quarters of 2025. United Imaging's high-end imaging equipment has covered approximately 90% of U.S. state-level administrative regions, with cumulative installations approaching 500 units/sets, including over 200 PET/CT units/sets, widely recognized by top-tier clinical and research institutions.

On the other hand, multinational corporations are leveraging China's manufacturing capabilities to supply the global market. These companies implement localization strategies, utilizing the advantages of China's industrial chain by establishing manufacturing centers in China. These China-based manufacturing centers have become the main force behind high-end imaging equipment exports. GE Healthcare's Beijing base accounts for approximately 50% of Beijing's medical device exports. Siemens' Shenzhen manufacturing base exports 50% of its finished products, and in 2024, MRI exports from Siemens' Shenzhen base accounted for over 70% of China's national total for similar products.

The fundamental reason behind the large-scale export of high-end imaging equipment lies in the systematic upgrading of China's domestic high-end diagnostic imaging industrial chain. Currently, the technological capabilities of domestic Chinese companies are on par with multinational corporations. Combined with a highly coordinated supply chain system where most components can be sourced locally—attracting deep investment from multinational corporations—these factors collectively form the foundational support for the explosive growth of high-end imaging equipment exports.

The aging population in Europe and America has given rise to a major export product: hearing aids. According to data from the General Administration of Customs of the People's Republic of China, the export value of hearing aids in 2025 reached RMB 3.202 billion, a year-on-year increase of 15.88%.

Sustained growth in demand from the U.S. OTC (over-the-counter) market is driving the increase in China's domestic exports. Following the implementation of the U.S. OTC Hearing Aid Act, hearing aids can now be sold in American supermarkets and e-commerce platforms, creating new incremental space for the hearing aid industry and stimulating growth in China's export market.

Key players in China's hearing aid export sector include Jinhao Medical, Austar Hearing, Newsound, and Retone Technology. China's domestic hearing aid exports are primarily conducted through the ODM model, providing processing and assembly services for overseas brands. Jinhao Medical, a standout in this model, experienced significant performance growth in 2025, with its hearing aid business revenue increasing from RMB 169 million in 2024 to approximately RMB 240 million in 2025. Jinhao Medical has strengthened its collaboration with key brand clients through customized product development and upgraded supply chain support, leading to order growth. Its clients include renowned companies such as Germany's Sivantos, Japan's Green Oak, and Germany's Beurer.

Chinese domestic hearing aid exports are undergoing an industrial upgrade, transitioning from manufacturing and assembly toward higher value-added segments with core technological capabilities. In the past, domestic Chinese hearing aid companies relied on externally sourced chips, were dependent on foreign suppliers for receivers/speakers, and had insufficient expertise in signal processing algorithms. Consequently, Chinese domestic hearing aid exports were primarily concentrated in the low-value-added segment of assembly and manufacturing. However, this sector has now begun its industrial upgrade. In 2024, Jinhao Medical acquired Intricon, gaining access to its core DSP chip technology for hearing aids. Chinese domestic companies are now establishing capabilities in high-end component supply, achieving a leap from assembly to the production of core components.

In 2025, against the overall challenging backdrop for China's domestic in vitro diagnostic (IVD) business, Chinese domestic IVD companies achieved successive growth in overseas markets. Going global has brought significant incremental gains for leading IVD companies, with particularly rapid growth observed in respiratory multiplex test products and chemiluminescence platforms.

Leading IVD exporters including Mindray, New Industries Biomedical (Snibe), Wondfo Health, and Andon Health all experienced growth in their overseas businesses. Snibe achieved overseas revenue of RMB 1.467 billion in the first three quarters, a year-on-year increase of 21%. Its reagent business performed particularly well, with revenue increasing by 37% year-on-year, driving the overseas gross margin to 69.49%, surpassing its domestic level in China. A total of 2,631 fully automated chemiluminescence analyzers were sold in overseas markets, with mid-to-large sized analyzers accounting for 76% of sales. Mindray's in vitro diagnostics business achieved double-digit growth in its international operations during the first half of 2025, with its international chemiluminescence business growing by over 20%.

Currently, China's domestic IVD exporters have established multi-dimensional competitive advantages in overseas markets. In terms of distribution channels, they have accumulated extensive overseas retail networks and a substantial base of mid-to-large client resources with abundant sample volumes. On the product front, their portfolio diversity is steadily catching up with imported brands, enabling broad coverage across diverse customer segments in overseas markets. In developed markets, companies are continuously strengthening customer loyalty through the in-depth establishment of localized service platforms. The systematic enhancement of these comprehensive capabilities is becoming the core driving force behind the sustained growth of China's IVD overseas business.

In 2025, exports of Chinese domestic surgical robots experienced explosive growth, with the total annual export value reaching RMB 490 million, a staggering year-on-year increase of 368.1%. This leap signifies that Chinese domestic surgical robots are transitioning from the "technology validation" phase to a new stage of "large-scale export," poised to become another core product category of China's smart manufacturing exports, following imaging equipment and life support devices.

Order-driven growth has become the primary engine. MedBot's Toumai Laparoscopic Surgical Robot has secured over 200 global commercial orders, covering nearly 50 countries and regions. Since Edge Medical initiated its global commercialization in 2025, it has demonstrated strong growth momentum in overseas markets, with overseas revenue accounting for over 40% in the first half of the year, indicating that the competitiveness of Chinese domestic products in the international market is rapidly translating into tangible results.

Emerging markets have become key strategic territories for exports. The Toumai robot has accumulated 14 orders in India and surpassed 10 orders in Brazil, validating the feasibility of the differentiated path combining "high-end equipment with emerging markets." Edge Medical has adopted a multi-pronged strategy, focusing on deepening its presence in Eastern and Southern European markets while simultaneously expanding into Southeast Asia, forming a tiered market penetration approach. As multiple Chinese companies accelerate overseas regulatory approvals and channel development, surgical robot exports are expected to maintain a high growth trajectory in 2026, becoming a significant growth driver for China's high-end medical equipment exports.

Domestic Chinese companies in the hemodialysis sector are also entering a sweet harvest period. According to statistics from the General Administration of Customs of the People's Republic of China, the export value of kidney dialysis equipment (artificial kidney) in 2025 reached RMB 946 million, with a year-on-year growth rate as high as 40.20%.

Multiple hemodialysis companies, including Jafron Biomedical, SWS Hemodialysis, Tianyi Medical, and Biolight, have expanded their overseas businesses, driving the growth of hemodialysis exports. SWS Hemodialysis reported that from January to September 2025, its exports—primarily blood purification equipment—achieved revenue of RMB 131.9199 million, a year-on-year increase of 43.04%. Significant growth in overseas sales revenue was realized in emerging markets and regions such as Latin America and Africa. Wego Blood Purification disclosed that its overseas revenue accounted for approximately 11% of its total in the first three quarters of 2025, reaching RMB 300 million, demonstrating remarkable overseas expansion results. Biolight's overseas hemodialysis revenue grew by 121.29% in the first half of 2025.

Currently, Southeast Asia is the primary market for hemodialysis exports. Indonesia, India, Mexico, Thailand, and the Philippines are the top five export destinations for domestic Chinese hemodialysis products, with export values to Indonesia and India exceeding RMB 100 million each. The driving force behind the export growth of domestic Chinese kidney dialysis equipment in emerging markets is that these markets are currently undergoing medical infrastructure construction, resulting in substantial demand for life support equipment.

The sea is wide enough for fish to leap. In 2025, a qualitative transformation is occurring in China's domestic medical device exports. Mature exports of low-value consumables and OEM products are undergoing industrial upgrading, transitioning toward high-end products, proprietary brand sales, and mastery of core technologies. Taking medical dressings as an observation window: The structure of domestic Chinese dressing exports has long been dominated by traditional bulk categories such as absorbent cotton, gauze, and bandages. However, in recent years, the proportion of high-end dressings has continuously increased, with export value reaching USD 909 million in 2025. This data turning point clearly reveals a new trend in domestic Chinese low-value consumable exports—rising from cost advantages toward the upper echelons of the value chain. Medical devices such as imaging equipment and endoscopes have grown into the backbone of exports, with China leveraging its technological and manufacturing advantages to become a global supply center. Innovative medical device products including surgical robots, vascular stents, and drug balloons are demonstrating sharp competitive edges in exports, with multiple innovative product markets currently being cultivated. 

With smooth sailing ahead, multi-tiered product exports will drive sustained growth in China's medical device exports.