Signs of waning Chinese medical equipment subsidy boost

研报英文原文证据摘录

Signs of waning Chinese medical equipment subsidy boost

corporeal

circulation products seems to be still recovering (up roughly 20% YoY).

Overseas sales growth boost Chinese medical equipment makers

In the Chinese medical equipment market, purchasing demand for diagnostic

imaging equipment has contracted since the start of 2026, which apparently

had a negative impact on Chinese sales by foreign manufacturers such as

GE, Phillips, and Siemens. Jan–Mar results for Chinese medical equipment

makers were a mixed affair, with stronger earnings reported by companies

expanding overseas operations. Revenue growth at Mindray Medical, a

medical equipment major, was positive in Jan–Mar, but its domestic sales

fell in the double digits. Chinese medical equipment exports were up 11.5%

YoY in Jan–Mar, steeper than the 6.0% growth in full-year 2025 showed

lasting export growth. Categories with high export value included advanced

medical equipment such as endoscopes, diagnostic imaging equipment, and

rehabilitation equipment. Medical equipment import value was up only 1.7%

YoY in total for Jan–Mar, an improvement from the 0.4% drop in 2025 but

still low. As of end-May the data had once again turned negative, showing

that domestic demand remains weak. Domestic demand for endoscopes

trended firm in 2025, buoyed by government subsidies and broader adoption of

minimally invasive procedures, with import volume recovering to +35.1% YoY.

Import volume for Jan–Apr 2026 fell sharply (down 58.4% YoY). Endoscope

export volume for Jan–Mar was up 22%, for steeper growth than the 17.3%

figure in 2025. Given the growing disparity in the domestic and overseas

demand since the beginning of 2026, we believe Chinese medical equipment

makers are focusing on foreign markets.