Organization: Medical Device Export Structure Accelerating Transformation Toward Technology-Intensive

Guotai Haitong Securities believes that 1) the ongoing implementation of equipment upgrade policies is expected to drive medical equipment procurement over the long term. 2) The export structure of medical devices is accelerating its shift toward technology-intensive products, steadily enhancing international competitiveness. According to data from the China Chamber of Commerce for Import and Export of Medicines and Health Products, by 2025, China’s exports of hospital diagnostic and treatment products will reach $24.057 billion, an 8.12% increase year-on-year, accounting for nearly half of total medical device exports. High value-added categories are experiencing explosive growth, with exports of PET and SPECT imaging equipment surging by 175.2% year-on-year, and surgical robot exports increasing by 368.1%. Products such as endoscopes, artificial joints, hearing aids, MR, artificial kidneys, invasive ventilators, artificial implants, and other ophthalmic instruments and devices all saw double-digit growth in exports. Additionally, core components of high-end imaging equipment like X-ray generators and X-ray tubes are also experiencing rapid growth. Overall, with the continuous upgrade of China’s medical technology, related products are rapidly penetrating the global market due to their high cost-performance ratio, accelerating the transformation of export structure toward technology-intensive products, and steadily improving the industry’s international competitiveness.

Century Securities believes that medical devices are poised to enter a new era of global expansion. After extensive and in-depth centralized procurement, domestic medical device manufacturers have gained a significant market share within China. The industry is further consolidating around leading companies, which are expected to benefit from scale effects and export policies, creating pathways for high-level medical device products to go global. Medical devices may replicate the path of domestic pharmaceutical companies by promoting innovation through centralized procurement, enhancing global competitiveness, and building world-class medical device enterprises. It is recommended to pay attention to the transformation progress of leading companies in the medical device sector.