According to Zhitong Finance APP, Guotai Haitong Securities Co., Ltd. released a research report stating that based on data from Zhongcheng Digital Technology, the bidding scale for new equipment in August 2025 showed significant growth: MR increased by 36.7%, CT by 77.5%, DR by 50.2%, ultrasound by 35.2%, while endoscopes declined by 2.7% and surgical robots dropped by 51.9%. Since 2025, the large-scale equipment updates promoted by the government have gradually become normalized and specialized, significantly boosting procurement enthusiasm across medical institutions at all levels, with rapid release of upgrade demand for innovative diagnostic and treatment equipment such as imaging and radiotherapy. Current equipment updates exhibit more market-oriented operational characteristics, with increasing proportion of autonomous procurement, meeting the upgrade needs of medical institutions to keep pace with clinical trends in high-end medical imaging, radiotherapy and other fields.
Key findings from Guotai Haitong Securities Co., Ltd.:
Medical Equipment Bidding Scale Maintains Strong Growth According to data from Zhongcheng Digital Technology, on a month-over-month basis, the bidding scale for new equipment in August 2025 showed: MR up 36.7%, CT up 77.5%, DR up 50.2%, ultrasound up 35.2%, endoscopes down 2.7%, and surgical robots down 51.9%. On a year-to-date cumulative basis, the first eight months of 2025 showed: MR up 83.9%, CT up 93.6%, DR up 85.9%, ultrasound up 64.2%, endoscopes up 31.6%, and surgical robots up 46.5%.
Looking at individual companies' month-over-month performance in August 2025: United Imaging MR increased 9.0%, United Imaging CT rose 69.5%, Mindray ultrasound grew 48.4%, Kaili ultrasound increased 22.2%, Kaili endoscopes surged 121.1%, while Aohua endoscopes declined 18.5%. For year-to-date cumulative performance through August 2025: United Imaging MR increased 51.5%, United Imaging CT rose 53.8%, Mindray ultrasound grew 72.7%, Kaili ultrasound increased 108.2%, Kaili endoscopes rose 84.1%, and Aohua endoscopes increased 29.4%.
Equipment Update Policies Continue Implementation, Expected to Drive Long-term Medical Equipment Procurement In 2024, four government departments jointly issued the "Notice on Implementation Plan for Promoting Equipment Updates in Medical and Health Fields," clearly proposing the goal of increasing equipment investment in the medical and health sector by more than 25% by 2027 compared to 2023, and upgrading high-end equipment configuration to middle-to-high-income country levels. Simultaneously, throughout 2024, provinces and cities nationwide released substantial procurement plans for domestic medical equipment update projects. Since 2025, the large-scale equipment updates promoted by the government have gradually become normalized and specialized, significantly driving procurement enthusiasm across medical institutions at all levels, with rapid release of update demand for innovative diagnostic and treatment equipment such as imaging and radiotherapy.
Equipment Updates Show Market-oriented Characteristics with Diversified Funding Structure Current equipment updates exhibit more market-oriented operational characteristics, with increasing proportion of autonomous procurement, meeting the upgrade needs of medical institutions to keep pace with clinical trends in high-end medical imaging, radiotherapy and other fields. From a funding structure perspective, beyond central-level special funds and long-term government bond support, diversified channels including local government funds, county-level medical consortium special funds, and medical institutions' self-raised funds are continuously increasing, ensuring sustainability of equipment updates across all levels of medical institutions.
Since 2025, county-level medical equipment updates have become one of the most active market segments. According to public data, update demand driven by county-level medical consortium construction has occupied an important share of the overall market. Meanwhile, individual hospital and regional project initiatives are also advancing simultaneously, with the overall market showing multi-level, multi-channel release patterns.
Risk Warnings Equipment procurement recovery may fall short of expectations, policy implementation may lag behind expectations, product price volatility risks, among others.