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Top 20 Medical Device Companies by Revenue
Release time:
2025-03-12 09:43
With the continuous growth of human health needs, the medical device industry has become an area that developed countries around the world are competing to seize.
China is no exception. In recent years, with the increasing aging population, the growth of per capita disposable income, and the strong support and promotion of relevant policies, the medical device industry has embarked on a path of vigorous development.
Data shows that in 2017, the size of China's medical device market exceeded 500 billion yuan, with a compound annual growth rate of 18.21% over the past six years.
However, in terms of per capita medical device expenditure, China is currently far lower than developed countries such as Europe and the United States. Per capita medical device expenditure in developed countries exceeds US\$100, with Switzerland reaching as high as US\$513, while China's per capita medical device expenditure is only US\$6.
This means that related enterprises in the medical device industry have enormous development potential in the future.
On the other hand, China's medical device industry as a whole is still in the mid-to-low-end manufacturing stage, and high-end products still rely on imports. With the government's policy support for the domestic medical device industry, and the continuous improvement of enterprises' independent innovation awareness and technological level, large-scale import substitution of high-end products is expected in the future.
Domestic medical device manufacturers will usher in a new spring.
This issue of "Yingcai" has sorted through A-share listed companies and selected 20 medical device manufacturing companies with the highest profitability. Among them, Mindray Medical (300760.SZ) has become a giant in the domestic medical device industry, enjoying profit growth brought about by increased industry concentration; there are also companies such as DaBo Medical (002901.SZ) and Jianfan Bio (300529.SZ), which are leaders in their respective segments, possessing high gross profit margins comparable to Kweichow Moutai.
Mindray Medical: A Colossal Medical Device Giant
On October 16, 2018, Mindray Medical (300760.SZ) officially listed on the Growth Enterprise Market, securing the third place on the Growth Enterprise Market with a market capitalization of 85.426 billion yuan on its first day of listing. On October 19, Mindray Medical's total market capitalization exceeded 100 billion yuan.
Mindray Medical is one of the few companies in China that can compete with international medical device giants in the high-end medical device field.
Established in 1999, Mindray Medical initially focused its business on the field of life support monitoring. In 2001, Mindray Medical gradually expanded its product layout to the field of in-vitro diagnostics and entered the medical imaging field in 2002. Subsequently, it expanded its global layout with three core product lines: life information and support, in-vitro diagnostics, and medical imaging.
Unlike other medical device companies, Mindray Medical, which has been privatized and delisted from the New York Stock Exchange, clearly has a significant advantage in overseas markets. In 2017, Mindray Medical's overseas revenue exceeded 5 billion yuan, making it the largest exporter of medical devices in China.
Mindray Medical has established nearly 40 overseas subsidiaries in more than 30 countries in North America, Europe, and Asia, and has repeatedly acquired international medical device companies to strengthen its product lines and R\&D capabilities.
On the other hand, Mindray Medical has established a vast global R\&D, marketing, and service network through global partners, with channels covering developed countries such as the United States, the United Kingdom, Germany, and France. Mindray Medical's products have now entered more than 60% of hospitals in the United States, including world-renowned institutions such as the Mayo Clinic and Johns Hopkins Hospital.
In the domestic market, Mindray Medical is one of the medical device companies with the most Branches, having established Branches in 31 major cities in China. The functions and personnel configuration of the Branches are complete, which enables Mindray Medical's sales and services to penetrate all parts of the country. In addition, Mindray Medical's products have covered nearly 110,000 medical institutions and almost all tertiary hospitals, making it one of the domestic medical device companies with the widest downstream layout.
In 2017, Mindray Medical's operating revenue and net profit were 11.173 billion yuan and 2.601 billion yuan, respectively. Among them, life information and support products accounted for 38.05%, in-vitro diagnostic products accounted for 33.60%, and medical imaging products accounted for 26.37%.
In terms of product lines, Mindray Medical invests its resources mainly in its leading products, further consolidating its leading position in the field of life information and support, continuously improving its global market share in in-vitro diagnostics and medical imaging, and cultivating new growth points.
R\&D investment is the foundation of Mindray Medical's ability to continuously expand its advantages in the three core areas. Data shows that from 2015 to 2017, Mindray's R\&D expenditure was 988 million yuan, 1.089 billion yuan, and 1.132 billion yuan, respectively, accounting for 12.33%, 12.06%, and 10.13%, respectively, far exceeding the R\&D investment of its peers.
Mindray Medical is undoubtedly the giant in China's medical device industry.
Jianfan Bio: Leader in a Specific Segment
Jianfan Bio (300529.SZ) was founded in 1989. Its main products are independently developed disposable hemoperfusion devices, disposable plasma bilirubin adsorbers, DNA immunoadsorption columns, and blood purification equipment.
Officially listed on the Shenzhen Stock Exchange on August 2, 2016, Jianfan Bio currently accounts for more than 70% of the domestic hemoperfusion device market share, and is the undisputed leader in this field.
Because hemoperfusion technology is still in its early stages of development, most companies engaged in the production and sales of related products are still small in scale, while Jianfan Bio has already occupied a dominant position. Data shows that as of the end of June this year, more than 4,000 medical institutions in China have conducted blood purification treatment, and Jianfan Bio's products have covered more than 3,800 of them, accounting for 80%.
Jianfan Bio's product advantages are mainly reflected in two dimensions.
First, compared with domestic companies such as Tianjin Zibo and Kangbei Medical Devices, Jianfan Bio has advantages in product performance and material selection. Jianfan Bio's products use neutral macroporous resin and carbonized resin as raw materials, while other domestic manufacturers mostly use activated carbon and ion exchange resin as raw materials, resulting in a significant difference in product performance.
Second, compared with foreign companies such as Gambro from Sweden and Kaneka from Japan, Jianfan Bio also has advantages in Price and technology. Foreign companies mainly use plasma perfusion technology, which requires separating plasma from blood first, requiring the use of a plasma separator, which leads to a high Price.
However, Jianfan Bio uses whole blood perfusion, eliminating the need to separate plasma, and can be used directly on a dialysis machine without requiring special perfusion equipment, resulting in a lower Price.
In addition, because Jianfan Bio completely masters the core technology of HA resin, the raw material for hemoperfusion devices, suppliers must complete production under the guidance and supervision of R\&D personnel, and then sell all of it to Jianfan Bio, and are required not to disclose the formula or provide similar resins to third parties.
In terms of performance, Jianfan Bio also performed quite outstandingly. In the first half of 2018, Jianfan Bio achieved operating revenue of 698 million yuan, a year-on-year increase of 41.95%; and achieved non-net attributable profit of 264 million yuan, a year-on-year increase of 46.50%. In terms of gross profit margin, Jianfan Bio maintained its consistent advantage, with a gross profit margin of 84.80% in the first three quarters of 2018, an increase of 0.94% year-on-year.
In terms of the three expenses, in the first three quarters of 2018, the sales expense ratio was 25.46%, down 1.63% year-on-year, and the sales expense ratio was relatively low in the entire pharmaceutical industry. Jianfan Bio's management expense ratio has long been stable between 10% and 15%, and the financial expense ratio is basically 0 or negative.
DaBo Medical “The strong get stronger”
DaBo Medical (002901.SZ) was founded in 2004 and listed on the Shenzhen Stock Exchange in 2017. It mainly engages in the production, research, and sales of orthopedic trauma implants, spinal implants, and neurosurgical implants, and is one of the most competitive orthopedic implant manufacturers in China.
DaBo Medical's main operating revenue comes from trauma, spinal, and neurosurgical implants. In 2017, the revenue share of these three categories was 66.57%, 19.21%, and 3.92%, respectively.
In the past five years, DaBo Medical's business has expanded rapidly, with operating revenue increasing from 203 million yuan in 2013 to 594 million yuan in 2017, with a compound annual growth rate of 30.79%. According to the latest quarterly report, DaBo Medical achieved revenue of 545 million yuan in the first three quarters of 2018, a year-on-year increase of 23.48%; and non-net attributable profit of 248 million yuan, a year-on-year increase of 23.70%.
DaBo Medical's advantages are mainly reflected in three aspects: First, the advantage in overseas markets. Currently, DaBo Medical's products have covered more than 3,000 hospitals in China and exported to more than 20 countries including Switzerland, Australia, and Russia. Since 2014, its export business has been ahead of other domestic competitors, possessing a first-mover advantage in the market.
Second, DaBo Medical has established sales offices and regional marketing and distribution outlets in more than 30 provinces across China, and has established good cooperative relationships with more than 3,000 hospitals and more than 500 distributors in China. DaBo Medical has strong advantages in hospital coverage and sales coverage.
Third, DaBo Medical's product registration certificates cover trauma, spine, neurosurgery, joints and other fields, totaling approximately 15,400 specifications of various consumable products, making it one of the few companies in the industry with a full product line in the field of orthopedic implants. With the expansion of business scale and the continuous expansion of the product line, DaBo Medical will achieve “the strong get stronger”, and its leading advantage in the orthopedic industry will continue to expand.
In addition, DaBo Medical has strong R&D capabilities and has built a research and development team covering multiple fields such as basic research, clinical research, and engineering research. The management has been deeply involved in the industry for many years and has unique insights into product selection and clinical innovation.
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