Medtrum Technologies Files for IPO: Pioneering Diabetes Care with Globally Competitive Medical Devices
In the field of high-end medical devices, an increasing number of domestic companies are forging a path of indigenous innovation. Some have even made significant strides in the international market, competing with industry giants and achieving robust growth. Shanghai Medtrum Technologies Co., Ltd. (hereinafter referred to as “Medtrum”) is one such company.
Medtrum, founded in 2008, is a company dedicated to the research and development, manufacturing, and sales of high-end medical devices in the field of diabetes. Headquartered in Shanghai, China, it has established a global R&D center and manufacturing base in Shanghai.
As a shining example of domestically produced high-end medical devices in the diabetes care sector, Medtrum has attracted investment from prominent institutions such as Morningside Venture Capital, Sequoia Capital, BOC Investment, and CITIC Securities. Its research-driven and manufactured products are exported extensively to European and American markets, with eight overseas subsidiaries established to support global expansion. To date, Medtrum’s products have reached more than twenty developed countries, including Germany, France, the United Kingdom, the Netherlands, Nordic countries, and Italy, and have been incorporated into the national healthcare reimbursement systems of multiple countries.
Centered on global diabetes patients and guided by the vision of simplifying diabetes management, Medtrum pursues exceptional customer experience, drives continuous technological innovation, and iteratively enhances its products. The company holds multiple innovative technologies in tubeless patch-based insulin delivery systems, real-time continuous glucose monitoring (CGM) systems, and closed-loop artificial pancreas systems, with its annual number of invention patent applications in the diabetes field ranking among the highest worldwide. This demonstrates that Medtrum has successfully forged a path of indigenous innovation in China.
Patch insulin pumps, continuous glucose monitoring (CGM) products, and tubeless patch-based semi-closed-loop artificial pancreas systems are Medtrum’s three core product lines. Although each faces strong competition in the European market, Medtrum has gradually established a solid foothold by leveraging its product advantages. Prior to Medtrum’s market entry, only three companies worldwide could stably mass-produce similar products, making Medtrum the fourth. In addition to the high technical barriers associated with each product, Medtrum is the only company that possesses technologies for all three product categories, rendering it the enterprise with the most comprehensive product portfolio in the global high-end medical device sector for diabetes management.
For example, in the patch insulin pump segment, the competitor is Insulet; for continuous glucose monitoring (CGM) products, competitors include Dexcom, Abbott, and Medtronic; and for closed-loop artificial pancreas systems, the competitor is Medtronic. Yang Cuijun, CEO of Medtrum, stated, “Currently, there are few companies specializing in high-end medical devices for diabetes management. Each product category typically has only one to three competitors. While the number of competitors is limited, they are all formidable. As Medtrum entered the market relatively late, we must continue to strive and win market share through superior product quality.”
From Medtrum’s perspective, continuous innovation and technological breakthroughs that deliver products offering a superior patient experience are the only way to win in the market. Medtrum consistently maintains its innovative capabilities and iteratively updates its products. Technologically, the company has bridged multiple disciplines, including biomedicine, microfluidics, electronic circuits, precision instrumentation, semiconductor micromachining, organic synthesis, electrochemistry, and polymer materials, integrating advanced technologies from diverse fields into its products. As early as 2016, Medtrum’s annual number of PCT patent applications in the diabetes field was already among the highest globally, with its annual PCT patent applications related to patch insulin pumps ranking first worldwide in the diabetes industry. Yang Cuijun remarked, “This year, our annual number of PCT patent applications in the diabetes field will exceed 50, and we are very likely to rank first globally once again.”
Medtrum has steadily won market share for its products through sustained innovation: In 2017, Medtrum’s patch-type insulin micro-pump was successfully included in the German statutory health insurance reimbursement list; in 2018, Medtrum defeated multiple international competitors, including Medtronic, Roche, and Johnson & Johnson, in the largest joint tender for diabetes care under the UK’s National Health Service (NHS), with its product achieving the highest score and gaining entry into the NHS reimbursement system; also in 2018, Medtrum’s integrated system of patch-type insulin micro-pump and continuous glucose monitoring (supporting hypoglycemia-induced suspension of insulin delivery) became the first innovative product of its kind to be covered by the German statutory health insurance system. Subsequently, Medtrum’s products were successively included in the national health insurance systems of Denmark, Sweden, Italy, the Netherlands, the Czech Republic, and other countries, firmly establishing its presence in the European market.
While strategizing its global development layout, Medtrum also prioritizes continuous innovation and breakthroughs in its products. Never resting on past achievements, the company is dedicated to building localized teams in multiple countries to stay close to the market and provide high-quality, convenient services. Simultaneously, it relentlessly drives technological innovation and product iteration, continuously adapting to user needs to deliver more patient-centric diabetes management solutions.
For example, Medtrum has revolutionized traditional diabetes management by addressing numerous inconveniences such as the need for finger-prick blood sampling, incomplete monitoring of dynamic blood glucose levels, repetitive manual insulin injections, inaccurate dosage calculations, and the burden of carrying cumbersome devices. The company has developed a real-time continuous glucose monitor (CGM) that is compact and exquisitely designed, fully functional, equipped with intelligent feedback, and safe to use. Yang Cuijun stated, “This product is only the size of a one-yuan coin and features a thin, flexible needle that can be automatically inserted with the press of a button. Once installed, the device can continuously monitor blood glucose levels for 14 days without disrupting the patient’s daily life, allowing for safe, 24-hour wear.”
(Left: catheter-free patch insulin pump; Right: continuous glucose monitoring system)）
The tubeless patch insulin pump is lightweight and portable, intelligently calculates dosages, and actively adapts to human physiology. It can be easily controlled via a mobile app, requiring minimal user effort and offering broader applicability. The product is continuously evolving, with each generation becoming smaller, simpler, and more user-friendly, setting ever-higher benchmarks. “The latest generation is already undergoing testing, and our users will soon experience the new product,” revealed Yang Cuijun.
The vast population of individuals with diabetes has spurred the growth of a substantial market for diabetes devices. According to data published by the International Diabetes Federation (IDF), there were approximately 463 million adults with diabetes worldwide in 2019. The global number of people with diabetes is projected to reach 578 million by 2030, and to increase by nearly 51% to 700 million by 2045.
Medtrum believes that the diabetes market holds immense potential and will experience rapid growth in the coming years. “The global market size for just three segments—patch insulin pumps, continuous glucose monitoring (CGM) products, and tubeless patch-based semi-closed-loop artificial pancreas systems—will exceed $20 billion within three years. Currently, we estimate the global market size for these three product categories at approximately $10 billion, with an annual growth rate exceeding 50%.”
Following the successful development of its products, Medtrum took the lead in entering the European and American markets. Yang Cuijun explained, “Medtrum’s strategy is to first capture the existing market in Europe and America, and then expand into the incremental market in China.” At present, the European and American markets are mature; patients are accustomed to using related products, and these products have been included in medical insurance systems, with coverage by insurance funds further promoting patient adoption. Therefore, entering the European and American markets first allows for the fastest generation of market revenue to support the company’s growth. The achievements Medtrum has attained to date undoubtedly attest to the correctness of this strategy.
Due to regional differences in patient epidemiological characteristics, coupled with divergent health beliefs across cultures, Chinese patients with diabetes exhibit a low willingness to pay for diabetes medical devices. Consequently, the utilization rate of related products among domestic diabetic patients is low, particularly for high-end diabetes medical devices. However, according to data published by the International Diabetes Federation (IDF), the number of diagnosed diabetes patients in China reached 117 million in 2019, indicating substantial market potential.
Meanwhile, it is foreseeable that as the living standards of Chinese residents improve, their consumption levels will rise significantly and their consumer mindsets will shift toward a continuous pursuit of high-quality life. This trend will further strengthen the willingness of diabetic patients to purchase “health-oriented” products. Therefore, Medtrum will provide Chinese residents with high-quality diabetes medical device products better suited to the local population. Currently, Medtrum’s latest developed continuous glucose monitoring (CGM) system is in the final stages of preparation and is set to be launched in the Chinese market soon.
Medtrum chose to focus on continuous glucose monitoring (CGM) products because they cater to the entire diabetic population, addressing stronger patient needs and offering greater market potential. These devices allow patients to monitor their blood glucose levels automatically and in real time without disrupting their daily lives, enabling them to track dynamic glucose fluctuations and promptly adjust their management plans. For patients dependent on insulin therapy, the integration of Medtrum’s progressively launched tubeless patch insulin infusion systems facilitates a closed-loop artificial pancreas. This truly realizes the long-held dream of allowing individuals with diabetes to maintain normal blood glucose levels despite unrestricted eating and physical activity.
Medtrum expects to achieve an annual production capacity in the tens of millions next year, and reach a hundred-million-unit annual capacity within three years. (Here, “tens of millions” refers to producing over ten million units per year, while “hundred million” denotes producing over one hundred million units per year.) Moving forward, Medtrum will also intensify its efforts in brand building. “First-class products and technologies deserve a first-class brand; therefore, we will increase our investment in brand development. Strengthening our brand will further solidify the bridge of trust between users and Medtrum, enhancing customer confidence in Medtrum’s products.”
(Medtrum Brand Logo)
Additionally, Medtrum announced plans to establish R&D sub-centers and production bases in Europe and the United States. Locating production facilities in regions such as Europe and the U.S. enables closer proximity to local markets, mitigates logistical challenges, ensures timely product delivery, and enhances customer service. This strategy not only aligns with the company’s objectives but also reflects a broader trend in corporate development.
Finally, Yang Cuijun expressed with full confidence: “As initiatives such as brand building and capacity expansion are progressively implemented, Medtrum Technologies projects that its revenue will grow five- to tenfold next year, maintaining rapid growth over the next five years.”
After more than a decade of diligent efforts, the seeds of innovation sown by Medtrum have blossomed into full flower. When asked whether the company has plans to expand into other fields or develop other product lines within the same field, Yang Cuijun stated clearly: “For the foreseeable future, Medtrum will not expand its product portfolio. First, any enterprise has limited resources and energy, and developing high-quality products requires focused dedication. Second, we remain steadfast in our original aspiration to be user-centric and alleviate patient suffering. This is the responsibility and mission that Medtrum, as a medical device company, must uphold.”