China Healthcare: Jul 2026 China hospital equipment bidding: Strong momentum reinforces our recovery view

Research evidence excerpt

Equity Research

10 August 2026 | 2:44PM CST

China Healthcare: Jul 2026 China hospital equipment bidding: Strong

momentum reinforces our recovery view

July bidding data came in strong (+34% YoY and +9% MoM) and broadly in line with

our expectations, further reinforcing our view that the medical equipment market is

entering a sustainable recovery phase. We believe the improvement is driven by two

key factors. First, as local authorities become increasingly familiar with and continue

to streamline the implementation process for the trade-in program, we expect a

larger proportion of this year’s projects to be completed within 2026. While the

overall funding scale may ultimately fall short of the levels seen in the previous two

years, the pace of bidding execution is likely to be significantly faster. Second,

ongoing product upgrades are also creating replacement demand, particularly as

hospitals begin to adopt a new generation of high-end equipment featuring more

advanced technologies. Looking into August, we expect these drivers to remain

intact and tender growth to stay positive YoY, which should provide further evidence

that the industry recovery is gaining traction.

Tianyi Yan

+86(21)2401-8609 |

Goldman Sachs (China) Securities

Company Limited

Ziyi Chen

Goldman Sachs (Asia) L.L.C.

Michael Zheng

+86(21)2401-8928 |

Goldman Sachs (China) Securities

Company Limited

Exhibit 1: Total bidding value of 9 main medical devices in China

In Rmb, mn

First single month

y/y decline in the

last thirteen months

20,000

Anti-corruption

campaign kicked off,

resulting in -25%/26% y/y decline for

Aug/Sep 2023

18,000

16,000

14,000

12,000

Trade-in policy

began to take

effect

Inflection point

after a sixmonth decline

10,000

8,000

6,000

4,000

2,000

LINAC

Jul-26

May-26

Mar-26

Jan-26

Nov-25

DR

Sep-25

PET-CT

Jul-25

May-25

MRI

Mar-25

CT

Jan-25

Sep-24

Nov-24

Endoscope

May-24

Mar-24

Jan-24

Ultrasound

Jul-24

Patient monitor

Nov-23

Sep-23

Jul-23

May-23

Mar-23

Jan-23

DSA (IGT)

Source: Joinchain

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