Top 10 Fastest-Growing Medical Device Blockbusters of the Past Year File IPO Prospectus

In mid-2025, EY predicted that the global medical device market would grow by approximately 6% for the entire year, with the overall market experiencing steady growth. The medical device industry is shifting its growth drivers, with multinational corporations (MNCs) intensively divesting or selling businesses with slowing growth to focus on high-growth sectors. As growth vitality diminishes in some areas, which new sectors are emerging to become the new growth drivers for the industry?

VCBeat (WeChat ID: vcbeat) has identified ten high-growth single-product segments with growth rates far exceeding the industry average by analyzing the performance of key players in the global medical device market. These segments have achieved year-over-year market size growth of over 15%. Industry leaders focusing on these tracks have achieved rapid growth through innovative products, significantly outperforming their peers.

Pulsed Field Ablation is an emerging technique that has rapidly developed in cardiac electrophysiology procedures in recent years. With advantages such as tissue selectivity, it has been widely applied in clinical practice.

In the past two years, the new product in the cardiac electrophysiology field, pulsed field ablation (PFA), has experienced continuous rapid growth. In the global PFA market, the related businesses of the two major leaders, Boston Scientific and Medtronic, have achieved year-over-year growth of over 25%. The number of global surgeries using Boston Scientific's Farapulse PFA system has exceeded 500,000 cases, with PFA business revenue expected to surpass $2 billion. In the fiscal year 2025, Medtronic’s PFA ablation revenue is approximately $1 billion, and it is projected to increase by another $1 billion in 2026.

Medtronic positioned PFA as a track with a scale exceeding $13 billion and an annual growth rate of over 25% during its presentation at the JPM conference in early 2026. It is projected that the penetration rate of PFA will increase to 80% by 2028. Building a complete ecosystem, enriching mapping systems and catheter varieties, and linking with other cardiovascular intervention businesses have become strategic consensuses among key players.

In contrast, the penetration rate of PFA in China is relatively slow, and the market is still in the introduction phase. The volume of surgeries performed by domestic companies still lags behind that of international enterprises. The number of surgeries using domestically produced PFA systems is around ten thousand. In terms of catheter operability, equipment stability, and imaging accuracy, some domestic PFA systems also show a certain gap compared to international companies.

In the endoscopy market, global disposable endoscopes have achieved strong growth, with the market size growing at a year-on-year rate of over 20% for two consecutive years.

According to the Q3 2025 financial report data from Ambu, the global leader in single-use endoscopes, revenue from single-use endoscopes in urology, ENT, and gastrointestinal departments increased by over 25% year-on-year, while growth in the field of pulmonology slowed.

Ambu's CEO Britt Meelby Jensen stated: The single-use endoscope market is expected to continue growing at a compound annual growth rate of over 20%. This growth is driven by two factors: the global endoscopy market’s expansion at approximately 5%, fueled by an aging population, rising chronic diseases, and the increasing adoption of minimally invasive surgeries; and the transition from reusable to single-use endoscopes.In the future, Ambu will focus on urology and respiratory systems, followed by ENT, gradually guiding the use of endoscopes in these departments from reusable to single-use.

In the Chinese market, disposable endoscopes are also a high-growth track. The revenue of domestic disposable endoscope companies comes from both overseas and domestic markets, with the export scale of disposable endoscopes expected to exceed 500 million yuan. By 2026, the inclusion of disposable flexible ureteroscopes in centralized procurement is expected to drive a rapid increase in the penetration rate of disposable endoscopes.

Laparoscopic surgical robots are widely used in multiple departments. A laparoscopic surgical robot is typically composed of a surgeon console, a patient surgery platform, and an imaging system. Surgeons remotely control the surgical instruments attached to robotic arms via the patient surgery platform to perform surgical steps such as compression, cutting, coagulation, dissection, suturing, and tissue manipulation. Compared to manual operation, this method is more precise and better suited for performing surgeries within confined spaces.

In 2025, the laparoscopic surgical robot remains a rapidly growing track.The United States is currently the largest global market for endoscopic surgical robots, with the da Vinci Surgical System being the predominant product in the global market. In 2025, Intuitive Surgical, the parent company of the da Vinci Surgical System, is expected to generate over $10 billion in revenue, representing a 21% year-over-year increase. The volume of surgeries performed using the da Vinci Surgical Robot is projected to grow by 13% to 15% year-over-year in 2025. Throughout 2025, a total of 1,721 da Vinci Surgical Systems are expected to be installed, including 870 units of the da Vinci 5, surpassing the total installations of 1,526 units in 2024. Intuitive Surgical disclosed that robotic-assisted surgeries have experienced rapid growth globally, with strong growth observed in India, Canada, South Korea, and Brazil, while steady growth was seen in China, the UK, Italy, and France. Intuitive Surgical anticipates that future growth will primarily be driven by the increasing adoption of robotic-assisted surgeries in more general surgical procedures.

The competition in the surgical robot market will intensify by 2026.At the JPM conference, Johnson & Johnson and Medtronic both mentioned that laparoscopic surgical robots are key projects they are advancing. The main differentiation point for the two giants in competing with the Da Vinci surgical robot is the integration of surgical robots with advanced minimally invasive surgical instruments.

The domestic surgical robot market is also entering a growth window period. According to data from VCBeat, domestic endoscopic surgical robots achieved sales of 119 units from January to November 2025. At the same time, in 2025, domestically produced endoscopic surgical robots exceeded expected growth in overseas markets, opening up channels in emerging markets and establishing brands, with continued growth anticipated. In 2026, the further relaxation of large medical equipment configuration permits in China is expected to drive the expansion of the domestic endoscopic surgical robot market.

Structural heart disease is the fastest-growing direction in the cardiovascular field in recent years. Innovative products in this field, such as interventional valves and left atrial appendage occluders, are major drivers of revenue growth for MNC enterprises.

Among them, multiple companies in the field of transcatheter mitral and tricuspid valve treatment (TMTT) have shown strong growth. The global heart valve treatment is undergoing a rapid transition phase from traditional open-heart surgery to transcatheter interventional treatment. The prevalence of mitral and tricuspid valve diseases continues to rise with the aging population, and the strong demand for minimally invasive procedures is driving interventional technology to become a focal point in the industry. Abbott has achieved steady growth in mitral and tricuspid valve treatments. In Q3 2025, Edwards Lifesciences' TMTT also experienced robust growth, with sales reaching $145.2 million, a year-over-year increase of 59.3%, or 53.2% on an adjusted basis. This growth was primarily driven by the strong performance of PASCAL and EVOQUE. Edwards Lifesciences stated that the growth of the TMTT market has only just begun.

In the Chinese market, the TMTT market is also showing a doubling growth. In 2024, there were only three certificates in the domestic TMTT field, and by 2025, six certificates had been approved for the Chinese market. The combination of innovative supply and huge demand will drive the growth of penetration rate.

The diabetes care market is experiencing robust growth driven by a large patient population. The diabetes care market is primarily propelled by Continuous Glucose Monitoring (CGM) products. CGM technology continuously monitors glucose levels in the interstitial fluid of subcutaneous tissue through a glucose sensor, indirectly reflecting blood glucose levels and providing comprehensive, continuous glucose information throughout the day.

The global CGM market is dominated by Abbott and Dexcom, with a market size exceeding 10 billion US dollars. Abbott's CGM product sales are expected to exceed 8 billion US dollars in 2025, with a year-on-year increase of approximately 23%. Dexcom's revenue is expected to reach 4.63-4.65 billion US dollars in 2025, with a year-on-year increase of approximately 15%.

Abbott believes that the current penetration rate of CGM in the United States is about 20%, and globally it is approximately 5%. There is still significant room for market penetration, and the CGM market is expected to grow further by 2026.

The CGM market in China is also experiencing rapid growth, with strong performance from related companies. For instance, Microtech Medical reported CGM revenue of 143 million yuan in the first half of 2025, representing a year-on-year increase of 91.5%. Yuwell Medical stated that its CGM business has grown significantly, with a rapid rise in market share.

In addition to endoscopic surgical robots, the second curve of Intuitive Surgical's layout — the Ion transbronchial surgical robot — has also started to gain momentum. By incorporating robotic navigation and remote control technologies, the transbronchial surgical robot can reconstruct a 3D model of the bronchial tree and plan trajectories pre-operation. During surgery, it combines virtual imaging with real-time image navigation. Surgeons can remotely control the movement of the flexible bronchoscope in real time via an operating controller, reaching over 90% of lung segments (including sixth-order and higher segmental bronchi). It enables real-time, precise biopsy or ablation procedures, improving diagnostic accuracy for pulmonary lesions and early treatment outcomes.

Globally, there are three main bronchoscopic surgical robots approved by the FDA: Intuitive Surgical's Ion platform with a single robotic arm, Johnson & Johnson's dual-arm Monarch platform, and Noah Medical's Galaxy system.

Intuitive Surgical's Ion platform has reached an installed base of 905 units, with a cumulative total of 38,000 surgeries performed. The growth rate of surgeries in 2025 is expected to exceed 50%. The rapid increase in clinical utilization indicates that bronchoscopy robots are in the stage of scaled-up volume expansion. Noah Medical's Galaxy system has also announced the completion of 5,000 clinical surgeries in the United States.

Major global players are currently enhancing the precision of bronchoscopy robotic biopsies through AI. Taking Intuitive Surgical's Ion platform as an example, it is already capable of using artificial intelligence to analyze CT images and plan biopsy pathways, thereby providing accurate and personalized patient-specific navigation solutions.

In the field of vascular intervention, mechanical thrombectomy devices achieve rapid growth.Mechanical thrombectomy devices remove thrombi through percutaneous interventional procedures by placing thrombectomy equipment at the site of venous thrombosis and using various mechanical methods to clear the thrombus. For patients with initial acute or subacute, central or mixed deep vein thrombosis, low risk of bleeding, long life expectancy, or femoral contusion, the advantages of mechanical thrombectomy outweigh catheter-directed thrombolysis because it is more time-efficient, reduces the use of thrombolytic drugs, and shortens hospital stays.

The global mechanical thrombectomy market is dominated by Inari Medical and Penumbra. Inari Medical has two core products: ClotTriever for deep vein thrombosis (DVT) treatment and FlowTriever for pulmonary embolism (PE) treatment. Penumbra's core product is a thrombus aspiration system. Both companies have been acquired by giants.

Stryker Completed the Acquisition of Inari Medical in 2025. In the 10 months since Stryker completed the acquisition, Inari Medical's revenue reached $590 million. Financial reports show that Inari Medical has become the fastest-growing subsidiary segment of the company, with a year-on-year growth of 52.3% in Q2 of 2025.

At the beginning of 2026, Boston Scientific acquired Penumbra for $14.5 billion, highlighting the potential in this field. Penumbra is expected to report revenue growth of approximately 21.4% to 22.0% in the fourth quarter of 2025, with full-year 2025 reported revenue of about $1.4 billion, representing an increase of approximately 17.3% to 17.5% over the previous fiscal year.

According to industry insiders, the market for mechanical thrombectomy in China is also maintaining rapid growth, with a market growth rate exceeding 20%. Several similar products have already been approved in China.

In 2025, the medical aesthetics market is affected by market headwinds, with growth under pressure globally. However, some products have achieved rapid growth, succeeding against the odds. Galderma's liquid Type A botulinum toxin Relfydess has achieved rapid growth as a new product. This product has been launched in 17 markets worldwide and has shown strong performance in the European markets where it has been launched, exceeding expectations.

Relfydess, pioneered by Galderma, is the first and currently the only ready-to-use liquid botulinum toxin that utilizes PEARL technology, designed to maintain molecular integrity. This optimized novel liquid Type A botulinum toxin allows for simple volumetric dosing without the need for reconstitution, enhancing ease of use and helping to ensure the stability of each dose/volume. In contrast, traditional botulinum toxins often require reconstitution, a cumbersome process that may affect toxin activity. PEARL technology aims to deliver a highly active, innovative non-complex molecule, with up to 39% of patients seeing effects on Day 1 and up to 75% of patients maintaining improvements for six months. This liquid botulinum toxin has already applied for clinical trials in China, and some China-based companies are also developing this innovative product.

In 2025, the non-invasive ventilator market continues its strong growth momentum, with a particularly noticeable rebound in the U.S. market. Non-invasive ventilators are mechanical ventilation devices that deliver continuous positive airway pressure non-invasively through the mouth and nose to control or assist breathing, primarily used for treating sleep apnea-hypopnea syndrome.

Globally, brands such as ResMed, Resmart, and Yuwell Medical occupy the main market share.In 2025, the non-invasive ventilator businesses of major companies generally rebounded: ResMed achieved double-digit growth; RMT's revenue in the first three quarters exceeded 800 million yuan, a year-on-year increase of 34.24%, with a net profit reaching 180 million yuan, a year-on-year increase of 43.87%, including overseas revenue of 558 million yuan, a year-on-year increase of 52.96%. Yuwell Medical's respiratory treatment products, as pioneers in overseas markets, maintained rapid growth in categories such as oxygen concentrators, ventilators, and masks, achieving breakthroughs in key countries and regions.

ResMed pointed out at the JPM conference that the treatment penetration rate for obstructive sleep apnea hypopnea syndrome (OSA) remains low, with less than 20% in the U.S. market and even lower than 10% in other regions globally. Factors driving market expansion include increased consumer health awareness, heightened attention to sleep apnea due to the widespread use of GLP-1 drugs, continuous sleep quality monitoring through wearable devices, and growing pressure on healthcare systems prompting payers and service providers to place greater emphasis on preventive treatments.

In the cardiovascular intervention market, IVL (Shockwave Balloon) continues to maintain double-digit high growth. This technology uses acoustic pressure waves to precisely target calcified lesions in the intima and media of coronary arteries. Without damaging the vascular intima structure, it effectively loosens or fractures calcified tissue, restoring vascular compliance, thereby creating more ideal conditions for subsequent stent implantation.

Currently, the shock wave balloon market as a whole maintains a strong growth momentum.Johnson & Johnson expects IVL to become its 13th billion-dollar blockbuster product.According to Johnson & Johnson, the penetration rate of IVL in coronary intervention treatments in the United States is approximately 10%. In addition to Johnson & Johnson, companies such as Boston Scientific and Abbott are also actively expanding in this field. Considering that about 30% of patients with coronary atherosclerosis have calcified lesions, IVL still has significant room for increased penetration at the clinical level. With more products coming to market, the market is expected to expand further.

From the several major fields summarized above, it is not difficult to see that innovative products bring new prosperity opportunities to the medical device industry and drive rapid market growth. The ability to proactively position in high-growth areas and how to continue innovating after launching innovative products have become key competitive points. In the Chinese market, innovation competition tends to be more intense. Companies must endure fierce struggles to win market share before achieving steady growth.