Rank: #23 (Last year: N/A)
¥36.73 Billion ($5.03B)
Prior Fiscal: ¥34.93 Billion
Percentage Change: 5.2%
Best FY24 Quarter: Q2 ¥11.16B
Latest Quarter: Q1 ¥8.24B
No. of Employees: 19,172
Global Headquarters: Shenzhen, China

The world of medtech has no borders or regions. Companies are based everywhere, with some serving the local population and others serving the world. And yet, after more than 20 years of producing the MPO Top 30 list, a Chinese firm has never been on the list.

While medical device organizations have leveraged manufacturing capabilities and services within the country for decades, no OEM headquartered in the country reported large enough revenues to join its international peers. That is, until this year. Mindray makes its debut as the first Chinese medical device manufacturer to do so. (Admittedly, probably a couple of years late.)

With 2024 revenue of ¥36.73 billion (approximately $5 billion at the time of the close of its fiscal year), the company continued its gains year over year that it has enjoyed since at least 2020. In fact, if it maintains its expansion pace, the company will have doubled in sales from the pandemic year. The growth in 2024 was 5.2% greater than the previous fiscal year.

Mindray is involved in a variety of medical device segments. Its largest business, accounting for more than a third of its total revenue, is In Vitro Diagnostic Products. The segment has enjoyed double-digit percentage gains for several years, with the latest reported at almost 11%. It finished with ¥13.76 billion.

The organization’s second-largest business was bypassed by the rapidly growing IVD unit in the most recent fiscal. Just last year, Life Information and Support Products was the top earner, but the unit contracted by 11.1% in 2024 to contribute ¥13.56 billion to the company’s coffers.

Medical Imaging Products grew 6.6% to bring in ¥7.50 billion. Other Income was reported as ¥101 million (79%) and Other Products achieved ¥365 million (117%).

The final business unit, Electrophysiology and Vascular Intervention Products, had no reported revenue in previous years as it was established out of an acquisition that took place in early 2024. The organization purchased shares of APT Medical for the sum of ¥6.65 billion ($927 million), according to a release from the company, “through a combination of ‘share transfer by agreement and waiver of voting rights.’” The transaction gave Mindray control over approximately 16.46 million shares of the company, representing 24.61% of APT Medical’s total equity. The deal made Mindray the firm’s largest and controlling shareholder.

Further, the transaction entered Mindray into the cardiovascular space, which research reports place at a global value of $56 billion and local (i.e., China) value of more than ¥50 billion (almost $7 billion). APT Medical has focused on the cardiovascular sector for many years, achieving a leading market position in areas such as cardiac electrophysiology, coronary artery access, peripheral vascular intervention, and other segmented fields. With capabilities spanning from upstream raw materials to finished products in the research and development and supply chain of consumable products, it stands as a leading enterprise in China’s cardiovascular sector.

ANALYST INSIGHTS: While Mindray continues its rise as a leader in patient monitoring and imaging, within China, it’s bumping into global headwinds due to geopolitical reasons. As one example, Europe just announced it is banning Chinese companies from participation in most medtech RFQs for the next five years. It will be interesting to observe how Mindray navigates these headwinds to maintain growth internationally. With that stated, their dominance within China may allow them to grow regardless of global politics.

—Dave Sheppard, Co-Founder and Managing Director, MedWorld Advisors

The organization also provided updates on the introduction of two of its products.

In November, it launched the Consona-Series Ultrasound Machines, two imaging solutions that expanded the firm’s private office portfolio. The Consona N9 and the more compact Consona N6 console-based ultrasound systems are powered by Mindray’s proprietary software-based beamformer Zone Sonography Technology+ (ZST+). The series addresses the needs of women’s health, radiology, and cardiovascular departments. Both systems offer enhanced image quality and ergonomics, helping clinicians increase throughput, accelerate exam times, and streamline workflow across diverse clinical settings.

About two weeks later, Mindray expanded its Resona-Series radiology portfolio with the introduction of the Resona I8 Ultrasound Machine. The I8 joins the company’s Resona I9 and Resona 7 Platinum Ultrasound Machines to complement the Resona-Series portfolio. With advanced imaging technology also fueled by the same ZST+ in a mobile platform, the Resona I8 delivers comprehensive performance. In addition, the system aims to align with the financial goals of a broad range of practices while providing top-tier diagnostic capabilities.

In an announcement regarding a product already on the market, Mindray received an Innovative Technology designation for its Hepatus-Series technology from Vizient Inc., the largest provider-driven healthcare performance improvement company in the U.S. Vizient serves more than 65% of the nation’s acute care providers, including 97% of the nation’s academic medical centers, and more than 35% of the non-acute market.

“What makes a product worthy of this designation is that it has a unique quality that differentiates it from its competitors,” said Kelly Flaharty, senior director, Contract Services and Vizient Innovative Technology Program leader. “Our provider customer council determined that Mindray’s Hepatus-Series Liver Imaging Technology met this standard and recognizes its potential to improve quality outcomes.”

Earlier in the year, Mindray partnered with Aegle Medical Solutions in an arrangement centered around the award-winning Hepatus-Series systems. Specifically, Aegle would become the sole distributor of the Hepatus-Series Transient Elastography Diagnostic Ultrasound Systems for liver care. It marked the introduction of the technology to the U.S. market.

In another partnership agreement, Mindray teamed with TeleRay, a virtual care company dedicated to providing the world’s most scalable, accessible, and user-friendly healthcare communications platform specifically for radiology. The collaboration aims to transform how clinicians access ultrasound imaging on Mindray’s Resona 7 Ultrasound System and Resona I9 Ultrasound System, which address the needs of radiology, vascular, women’s health, pediatric, and shared service imaging applications.

The alliance between Mindray and TeleRay integrates medical image and patient information distribution software with telehealth technology, bringing a host of advanced features designed to elevate medical imaging and ensure data security. The HIPAA-compliant TeleRay platform works seamlessly with the Resona Systems, facilitating secure, real-time streaming of ultrasound images. The viewer includes data masking capabilities for quality control and patient anonymization, enhancing privacy while maintaining the highest industry standards.