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Despite ongoing innovation in China’s medical device industry over recent years, the country still captures only about 10% of the global market, leaving significant growth potential, according to the CEO of a Singapore-based medical equipment company.
“Unlike biomedicine, which is mainly driven by scientists, medical device innovation is predominantly led by engineers,” Warren Wang, who also serves as chairman of the company, stated during a symposium focused on AI-powered medical devices, precision diagnosis, and treatments held on May 9. “China needs more engineers with medical expertise to advance technological improvements in this field, and this development will take time.”
The company, specializing in minimally invasive surgical tools and devices for structural heart conditions, has recently collaborated with local investment firms and government districts to kick off an industrial incubation fund of nearly 1 billion yuan (about USD 138 million). This fund intends to finance innovations in cardiovascular and surgical devices and attract talented medical engineers to foster a vibrant ecosystem for medical device development and commercialization.
Meanwhile, the rapid expansion of emerging sectors is helping to cut supply chain costs in China’s medical device industry. For instance, increasing demand for components driven by the embedded intelligence industry is addressing the historically high costs associated with small-batch production and fragmented supply chains characteristic of domestic medical device manufacturing, according to Lucas Cheng, the company’s global surgery market head.
Chinese medical device companies are starting to follow the example set by innovative pharmaceutical firms, aiming to develop advanced products for mature foreign markets while exporting more affordable, mid-to-low-end devices to emerging regions such as Southeast Asia and South America.
In Wang’s opinion, medical devices should not be viewed as high-profit items in any market. “The focus should be on pricing products fairly and reasonably, ensuring that companies can earn enough profit to sustain ongoing research and development,” he explained.
“Businesses shouldn’t just chase fleeting trends; they need to concentrate on their core offerings,” Wang added. “At our company, for example, minimally invasive interventional products are mainly sold domestically, while high-end surgical innovations are exported to Europe and North America.”
One notable product is the company’s ultra-curved 90-degree laparoscopic stapler, which became the first of its kind globally after its launch in 2024. Since then, it has gained access to multiple European markets. This device, designed for tissue cutting and suturing in minimally invasive procedures, has already been adopted by top medical institutions such as Berlin’s Charité University Hospital and hospitals affiliated with the University of Cambridge, with its market share expanding rapidly.
Partnership Opportunities
Compared to Chinese pharmaceutical firms that have secured numerous licensing deals with international companies, few Chinese medical device firms have engaged in outbound licensing transactions so far.
However, Wang believes there is considerable potential for collaborations between Chinese medical device manufacturers and multinational corporations. Since most Chinese firms currently focus on establishing their own overseas sales channels—an expensive approach—partnerships with established global players could be mutually beneficial.
“While local brands are working to close the gap with multinational giants, there remains a lot of room for collaboration,” he noted. “Such partnerships could become a reality in the near future.”
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