Haitong International: Medical equipment procurement resumed in October, domestic manufacturers continued to grow rapidly
The Zhitong Finance App learned that Haitong International released a research report saying that medical equipment procurement continued to recover in October '26, maintaining the industry's “gain” rating. Since 2025, large-scale equipment upgrades promoted by the state have gradually been normalized and specialized, driving a significant increase in procurement enthusiasm in medical institutions at all levels, and demand for the renewal of innovative diagnostic and treatment equipment such as imaging and radiotherapy has been rapidly released. The bank recommends medical equipment companies that are expected to benefit from the implementation of equipment renewal policies.
Haitong International's main views are as follows:
Equipment procurement continued to recover in October '26
According to data from Zhongcheng Mathematics, the monthly year-on-year situation of equipment bid winning scale in October 2026: the overall market increased by 6.3%, CT increased by 17.1%, MR decreased by 7.0%, DR increased by 12.9%, ultrasound increased by 21.6%, endoscopy fell 11.2%, hemodialysis equipment increased by 32.8%, and surgical robots decreased by 34.1%. The cumulative bid scale for equipment from January to October '26 was compared to year: the overall market declined by 4.5%, CT by 1.1%, MR by 1.2%, DR by 3.5%, ultrasound by 12.2%, endoscopy by 13.9%, hemodialysis equipment by 14.0%, and surgical robots by 27.7%.
Domestic medical equipment manufacturer recruitment is growing rapidly
According to the year-on-year situation of key companies winning bids in October '26, Mindray Healthcare increased 32.7%, Lianying Healthcare increased 15.8%, Australian and Chinese endoscopy grew 13.5%, Shanwai Mountain grew 78.8%, GE Healthcare fell 7.6%, Siemens Healthcare grew 42.7%, Philips fell 0.9%, Olympus grew 18.5%, and intuitive surgery fell 77.9%. From January to October '26, the cumulative number of bids won by key companies in the same year was as follows: Mindray Healthcare increased by 9.5%, Lianying Healthcare grew by 15.2%, Australian and Chinese endoscopy fell 6.5%, Shanwai Mountain grew by 55.1%, GE Healthcare grew by 1.0%, Siemens Healthcare grew 13.0%, Philips grew 11.2%, Olympus grew 4.6%, and intuitive surgery declined by 51.4%.
Equipment renewal policies continue to be implemented, which is expected to drive medical equipment procurement at a continuous level
In 2024, the four ministries and commissions jointly issued the “Notice on the Implementation Plan for Promoting Equipment Renewal in the Medical and Health Care Sector”, which clearly sets out the goal of increasing the scale of investment in medical and health equipment by more than 25% by 2027 compared to 2023, and raising the allocation of high-end equipment to the level of middle- and high-income countries. Meanwhile, within 2024, all provinces and cities across the country have issued large-scale procurement plans for domestic medical equipment renewal projects. Since 2025, large-scale equipment upgrades promoted by the state have gradually been normalized and specialized, driving a significant increase in procurement enthusiasm in medical institutions at all levels, and demand for the renewal of innovative diagnostic and treatment equipment such as imaging and radiotherapy has been rapidly released.
Risk Alerts
The recovery in equipment procurement fell short of expectations, policy implementation fell short of expectations, risk of product price fluctuations, etc.