Analysis of Chinese Medical Device Manufacturers in 2021

I.IPO

In 2021, a total of 36 medical device enterprises in China completed IPO, including 13 listed in Hong Kong Stock market, 19 on the Science and Technology Innovation Board and 4 on the Growth Enterprise Market, including MicroPort ，CardioFlow, Zylox-Tonbridge, WEGO Orthopaedic, Chunlizhengda Medical, Acotec Scientific, Bioheart, APT Medical in the fields of high value medical consumables such as cardiovascular and orthopedics，in the field of in vitro diagnosis, HOB, Biotest，Novogene，Basecare etc., and in the field of medical imaging equipment and AI medical imaging, CareRay，Airdoc, etc.

II.M&A

procurement policy have further accelerated the merger and reorganization process of medical device enterprises. The polarization of COVID-19’s performance accelerates the merger and acquisition activities of enterprises, and a large number of epidemic damaged enterprises became the target of mergers and acquisitions for enterprises with epidemic benefits. At the same time, the strong promotion of volume procurement continuously reduces the intermediate link cost of medical products and induces enterprises to carry out independent innovation. A single product line is often difficult to support the scale and development of enterprises, and a large number of technological innovation start-ups have become the M & A targets of mature enterprises. M & A in the domestic medical device industry is also heating up under the background of localization and substitution.

In terms of lateral expansion, Lepu Medical enters the field of Orthodontics through the acquisition of Bonsmile; Sanyou Medical expands its business boundary to ultrasonic surgery through the acquisition of SMTP.

In terms of vertical expansion, Mindray Medical supplements its weakness in in vitro diagnostic raw materials by acquiring Hy Test Invest Oy and its subsidiaries in Finland.

In terms of strengthening the competitiveness of product lines, Sansure’s acquisition of Kehua Bio- engineering enables the two sides to unite in terms of technology platform, product line, channel and market; Yuwell acquired POCTech to enhance diabetes and POCT business; Venus Medical acquired NCC to improve the innovation of product pipeline.

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Source：Author |Zhao Chenglong , Aimed