Recently, Shenzhen Xingchen Sea Medical Technology Co., Ltd. (hereinafter referred to as "Xingchen Sea Medical") announced the completion of a Series B financing of over 100 million yuan, led by Yuansheng Venture Capital, with continued investment from old shareholders Junlian Capital and Daotong Investment, and Haoyue Capital serving as the exclusive financial advisor.

It is reported that this round of financing will help Xingchen Hai Medical further expand its production capacity, accelerate new product research and development, and expand its global market, promoting its rapid development in the field of disposable endoscopes.

Complete 4 rounds of financing
Xingchen Sea Medical was established in October 2020, with a founding team from domestic and foreign head medical device companies. With over ten years of experience in minimally invasive surgical product research and development, global marketing, and production management, we are committed to becoming an innovative leader in endoscopic intervention diagnosis and treatment.

The core product of Xingchen Sea Medical is disposable electronic endoscope, which covers urology, respiratory, ICU, gynecology, digestion, liver and gallbladder and other fields, and has entered markets in China, the United States, Europe, Asia Pacific and other regions. Endoscopic intervention diagnosis and treatment are widely used in multiple departments. Traditional reusable soft endoscopes have problems such as cross infection, high purchase costs, and low efficiency. However, the disposable electronic endoscope developed by Xingchen Sea Medical is born to meet the needs and effectively solves these problems.

It not only ensures that the endoscope is always in the best condition, greatly improving surgical efficiency, but also reduces hospital procurement costs and promotes the promotion and popularization of endoscopic diagnosis and treatment technology. In terms of core performance such as image clarity and ease of operation, Xingchen Sea's disposable electronic endoscope performs well and can better meet the requirements of clinical doctors.

In terms of production, Xingchen Sea Medical has established a complete production system, with a 100000 level clean room and electronic production workshop that meet GMP requirements. It can accommodate multiple production assembly lines simultaneously to ensure the production capacity of goods. At the same time, it has an independent microbiology laboratory and a comprehensive research and development laboratory, equipped with advanced research and development production equipment, precise detection and analysis equipment, and uses professional medical grade sterilization facilities to ensure the reliability, safety, and consistency of product quality.

It is reported that Xingchen Sea Medical has completed four rounds of financing so far, including an angel round financing of tens of millions of RMB on May 11, 2022; On December 29, 2022, nearly 100 million yuan was raised in Series A financing; On January 15, 2024, an A+round financing of tens of millions of RMB; And on October 23, 2024, this round of B-round financing exceeded RMB 100 million.

For this round of financing, Zhang Weiqiang, founder of Xingchen Sea Medical, stated that disposable electronic endoscopes are an early, clear, and rapidly growing market. In just a few years, Xingchen Sea Medical has completed the layout of disposable electronic mirror products for urology, respiratory, gynecology, digestion, and other fields. The product performance is leading and has been widely recognized by customers and the industry. At the same time, we are rapidly expanding into the global market, and the company is entering a phase of rapid growth in performance. Adequate financial support will help us further expand production capacity, accelerate new product research and development, and expand our global market, providing more and better clinical solutions for global customers.

Domestic brands have emerged as a rising force
Endoscope is a professional medical equipment that integrates image sensors, optical lenses, illumination sources, mirror devices, and other components. Endoscopes can be classified into reusable endoscopes and disposable endoscopes according to their usage frequency; According to clinical applications, it can be divided into digestive endoscopy, respiratory endoscopy, laparoscopy, arthroscopy, etc; According to imaging principles, it can be divided into optical mirrors, fiber optic mirrors, and electronic mirrors. With the development of the industry, the types of endoscopes are constantly innovating and changing.

Among them, medical endoscopes are one of the fastest-growing sectors in the global medical device market. According to Frost&Sullivan data, the global market size of medical endoscopes was $20.3 billion in 2020, and it is estimated to increase to $28.6 billion by 2025, with a compound annual growth rate of 7.1% from 2020 to 2025.

Although the global growth rate of medical endoscopes is already very impressive, it is worth noting that China's medical endoscope market has a faster growth rate compared to the global market. According to Sullivan Consulting, the market size of medical endoscopes in China was 13.1 billion yuan in 2020, estimated to increase to 18.8 billion yuan by 2024, with a compound annual growth rate of 9.45% from 2020 to 2024.

Among them, the concentration of the global medical endoscope market is relatively high. According to the product sales revenue in 2020, the top three endoscope manufacturers Olympus, Carl Storz, and Stryker collectively hold 42.3% of the global market share. Among them, Olympus leads with a market share of 23.6%, followed by Karl Storz and Stryker with market shares of 10.3% and 8.4%, respectively. According to product categories, there is not much difference in the market share of hard lenses, soft lenses, equipment, and accessories in the global endoscope market. Among them, soft lenses have the highest market share at 27.6%, hard lenses at 22.2%, equipment at 24.2%, and accessories at 26.0%.

This highly concentrated market share is also reflected in the domestic market. For a long time, the endoscope market in China has been monopolized by overseas giants such as Olympus, Pentax, and KARL STORS, once occupying 90% of the entire industry market share.

However, after years of development, the number of domestic enterprises has surged since 2020, and the market rate of domestic brands has steadily increased. Domestic endoscope brands have finally shown new strength in the first half of 2024. According to the latest bidding data, the combined share of the five major overseas companies in the Chinese endoscope market has dropped to about 60%. At the same time, domestic brands such as Aohua Endoscope, Mindray Medical, Kaikai Medical, Opumand, etc. have entered the top ten in terms of sales, occupying a total market share of about 15%.

In addition, according to calculations by Hongta Securities, the market size of electronic endoscopes (soft endoscopes) in China was 6.29 billion yuan in 2021, a year-on-year increase of 9.77%. With the popularization of early gastrointestinal cancer screening and the development of new endoscopic techniques, the domestic soft endoscopy market will continue to maintain rapid growth in the future, with sales expected to reach 8.12 billion yuan by 2025.

Source: https://news.yaozh.com/archive/44430.html