2026 China Medical Device R&D Comprehensive Strength Ranking Unveiled-VCBeat

Introduction: Crossing Cycles, Standing Out!

May 9,2026 MDI-China Medical Device Innovation & Collaboration ConferenceSuccessfully concluded in Wuxi. The conference was"Leading the Medical Device Ecosystem · Building the Future of the Industry Together"Focusing on the theme, the event brings together forces from government, industry, academia, research, and capital to jointly explore innovative paths in the industry. At the opening ceremony, the highly anticipated "2026 Comprehensive Ranking of Medical Device R&D Strength" (hereinafter referred to as the "Overall Ranking") was officially unveiled.

Top of the List for Consecutive Years

R&D investment approaches 20 billion yuan

Notably, the TOP3 of this year's "General Ranking" have changed significantly. Specifically, the top three in the 2026 "General Ranking" are respectivelyMindray, Double Medical, Lepu Medical, while the top three in 2025 are Mindray, United Imaging Healthcare, and Chunli Medical. Apart from Mindray continuing to hold the leading position, the second and third places have completely changed hands. This shift also reflects the changing competitive landscape of China's medical device industry, where the competition in R&D capabilities is gradually moving from a single-track advantage to a comprehensive contest across the entire industrial chain.

Among them,Mindray Ranks First Again,Demonstrating an unshakable comprehensive strength. However, this "ever-victorious general" experienced the toughest year since its IPO in 2025.

The 2025 financial report shows that Mindray has experienced its first occurrence since going public.First Revenue and Net Profit Double Decline, with revenue reaching 33.282 billion yuan and net profit at 8.14 billion yuan. But even under the pressure of revenue, Mindray still maintained high R&D investment,Increased against the trend to 3.929 billion yuan, accounting for 11.8% of revenueSince 2020, Mindray's cumulative R&D investment has amounted to nearly20 billion yuan`, this unwavering commitment to continuously intensifying R&D efforts has also laid a solid foundation for its continued top ranking.`

Based on continuous high R&D investment, Mindray's R&D achievements have been successfully implemented, and its second growth curve is accelerating. According to Pharmcube MedDevice data, Mindray has currently gone public in China.746 Products, the trend of its first product registration has shown an increasing trend year by year, especially achieving a surge in 2025, reaching the highest peak in history.

Image Source: Pharmcube Medical Device Data

Among them, Mindray's emerging businesses cover multiple high-potential sectors such as minimally invasive surgery (endoscopic systems, energy platforms, ultrasonic scalpels, and other high-value consumables) and minimally invasive intervention (electrophysiology). By 2025, MindrayEmerging businesses achieved revenue of 5.378 billion yuan, with a high growth rate of 38.9%, accounting for approximately 16.16% of total income.。In the context of traditional three major business lines facing price pressure, the rapid growth of emerging businesses has effectively offset some negative impacts.

And in the globalization layout, MindrayIn 2025, overseas revenue exceeded domestic revenue for the first time, with international business segment revenue reaching 17.65 billion yuan, a year-on-year increase of 7.4%. The revenue share surpassed the 50% threshold for the first time, rising to 53%.. Moreover, in 2026, Mindray is also continuously expanding its overseas presence and strengthening its advantages. In January 2026, Mindray formed a strategic partnership with Medtronic, deepening collaboration in North America to leverage top-tier channels for accelerated entry into U.S.-based outpatient surgery centers. Currently, Mindray Medical has gone public in the United States.158 ModelsProduct.

Image Source: PharmCube Medical Device Data

Black Horse Emerges

Multiple Business Pipelines Progressing Simultaneously

Double Medical and Lepu Medical emerged as the dark horses in this "Overall Ranking".Double Medical rose from fourth place last year to second place this year, and Lepu Medical climbed from fifth place last year to third place.。

Under the full coverage of centralized procurement, a group of orthopedic device companies have suffered a "heavy blow." Although Double Medical experienced a phased decline in revenue due to centralized procurement, its R&D investment has not decreased but increased year by year under the pressure of price cuts from centralized procurement.In 2025, its R&D investment reached 3.31 billion yuan.

According to the PharmCube Medical Device Data query, Double Medical has currently been listed in China.199 ModelsProducts: Among them, Double Medical has shown a growth trajectory similar to Mindray in the initial registration product trend, increasing year by year, and experiencing a small surge in 2025, reaching its highest peak in history, with multiple business pipelines advancing simultaneously.

Image Source: Pharmcube Medical Device Data

Based on a rich product portfolio and increasing R&D investment year by year, Double Medical achieved a V-shaped recovery in performance, making a strong comeback after the completion of centralized procurement. In 2025, Double Medical achieved revenue of 2.601 billion yuan, representing a year-on-year increase of 21.8%.Net profit of 6.0 billion yuan, a year-on-year increase of 68.1%, and entering 2026, the growth momentum remains strong with an excellent performance in the first quarter.

As the leading stock in the cardiovascular sector, Lepu Medical also demonstrated outstanding performance in 2025, with its earnings bottoming out and rebounding. Traditional businesses have moved past their darkest hour. In 2025, Lepu Medical achieved a revenue of 6.483 billion yuan, representing a year-on-year increase of 6.22%.Net profit of 962 million yuan, a year-on-year surge of 289.57%, the three core business segments have developed steadily. Moreover, Lepu Medical's R&D investment reached 1.089 billion yuan in 2025, accounting for a high 16.80% of its revenue.

Conclusion

Overall, the "2026 Medical Device R&D Power Ranking" shows that China's medical device industry is accelerating from the phases of catching up and running neck-to-neck to taking the lead. Among the leading companies, Mindray has defended its leading position with consistent R&D efforts across cycles; Double Medical has achieved a “dark horse” breakthrough through cross-sector expansion; and Lepu Medical has embarked on a unique transformation path with its three core businesses. Despite their different approaches, they all converge on the same goal: continuously increasing R&D investment, expanding product pipelines, and more.

Attachment:

"2026 Medical Device R&D Power Ranking" Scoring Rules

1. Statistical Rules for the "2026 Medical Device R&D Strength Ranking"

The "2026 Medical Device R&D Strength Ranking" is composed of the "2026 Medical Device R&D Comprehensive Strength Ranking" (hereinafter referred to as the "General Ranking"), and three sub-rankings: the "2026 Medical Consumables R&D Strength Ranking" (hereinafter referred to as the "Consumables Ranking"), the "2026 Medical Equipment R&D Strength Ranking" (hereinafter referred to as the "Equipment Ranking"), and the "2026 IVD R&D Strength Ranking" (hereinafter referred to as the "IVD Ranking").

The statistical content mainly includes: scores for the registration status of medical devices in 2025, scores for R&D investment by medical device manufacturers, scores for clinical trial status, scores for innovation and priority review status, and patent scores.

1. Ranking Scoring Rules

The ranking evaluation rules were formulated by the Expert Committee of the Medical Device R&D Strength Ranking and the Organizing Committee of the 2026 China Medical Device Innovation & Cooperation Summit, based on relevant data calculations.

(1) "General Ranking" Scoring Rules

The "Overall Ranking" is calculated based on the scores from five components in proportion: the 2025 medical device registration status, R&D investment funding of medical device companies, clinical trial status, innovation and priority review status, and patent scores. The R&D investment assessment applies only to publicly listed companies or those providing audited data; companies without R&D investment data are not included in this calculation. For companies without R&D investment data, their total score is derived from four components in proportion: the 2025 medical device registration status, clinical trial completion status, innovation and priority review status, and patent scores (the proportion of each part is shown in Table 1-1).

Table 1-1 Composition and Proportions of the Total Score in the "Overall Ranking"

(2) "Consumables List" Scoring Rules

The "Consumables Ranking" is calculated based on five components: the score for medical device registration status in 2025, the score for R&D investment funding of medical device companies, the score for clinical trial status, the score for innovation and priority approval status, and the patent score (2025), each weighted proportionally. The R&D investment status only applies to publicly listed companies or companies providing audited data; companies without R&D investment data do not have this component calculated. For companies without R&D investment data, their total score consists of four parts: the score for medical device registration status in 2025, the score for clinical trial status, the score for innovation and priority approval status, and the patent score (2025) (the proportion of each part is shown in Table 1-2).

Table 1-2 "Consumables List" Score Components and Proportions

(3) "Equipment Ranking" Scoring Rules

The scoring rules for the "Equipment List" are the same as those for the "Consumables List" (the proportions of each part are shown in Table 1-3).

Table 1-3 "Equipment Ranking" Score Components and Proportions

(4) "IVD Ranking" Scoring Rules

The scoring rules for the "IVD Ranking" are the same as those for the "Consumables Ranking" (the proportion of each part is shown in Table 1-4).

Table 1-4 "IVD Ranking" Score Components and Proportions

2. Special Instructions

2.1 Instructions on Special Rules

(1) Diagnostic equipment is only counted as equipment, not included in IVD, and no duplicate counting is performed; (2) Companies whose main business is not medical devices and foreign medical device companies are not included in the ranking.

2.2 Instructions on the Classification Weight of Medical Devices

In 2025, the registration scores for medical devices in China will be weighted differently based on product categories and whether it is a first-time or renewal registration, reflecting variations in the R&D capabilities of medical devices.

2.3 Explanation of Data Sources

The data is sourced from the PharmCube Medical Device Data, covering enterprises including medical device companies, research institutes (excluding universities and hospitals), and other institutions. Among them, the scores for medical device registration status (application period: January 1, 2025 – December 31, 2025) are calculated based on data from the "PharmCube Medical Device China Marketed Device Screening System"; the scores for clinical trial status are calculated based on data from the "China Clinical Trial Database"; the scores for innovation and priority review status are calculated based on data from the "China Medical Device Innovation and Priority Review Database"; patent scores are calculated based on data from "PharmCube PatentSearch." The R&D investment of medical device enterprises comes from the 2025 annual reports of major listed medical device companies, including a. Shanghai Stock Exchange, Shenzhen Stock Exchange, Hong Kong Stock Exchange, New Third Board, and Growth Enterprise Market; b. Companies planning to go public that have issued prospectuses; c. Non-listed companies voluntarily providing audit reports.

It is worth noting that the rankings this year are mainly based on the weighted comprehensive scores of companies' "2025 single-year indicators," and in principle, they only represent the R&D strength of companies in the 2025 fiscal year. The Expert Committee of the Medical Device R&D Strength Rankings and the Organizing Committee of the 2026 China Medical Device Innovation & Cooperation Summit have adhered to the principles of professionalism, focus, integrity, and responsibility, striving to ensure fairness and impartiality. However, there may be shortcomings in the scoring, and we kindly ask for your understanding.

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