Mindray: overseas revenue overtakes the domestic market for the first time in company history

迈瑞医疗 / Mindray — China's largest medical equipment manufacturer — crossed a landmark threshold in 2026: international revenue exceeded domestic China revenue for the first time in company history. In Q1, the international business brought in RMB 4.449 billion — up 15.7% year over year, accounting for 53% of the group's total revenue, according to the company's financial disclosures.

Where the growth is coming from

Europe posted growth of over 25%, while revenue from developing countries grew 15% year over year (19% in US dollar terms). The international in-vitro diagnostics business grew more than 20%, and the overseas immunoassay segment grew more than 30%. For all of fiscal 2025, international revenue reached RMB 17.65 billion, exceeding domestic figures for the first time back then.

The flip side at home

Overseas growth is occurring against notable domestic pressure: in 2025, the company's China business fell 22.97% while international revenue grew 7.4%. The cause is tightening centralized state procurement conditions for medical equipment, which pressures prices and margins specifically in the domestic market. For Mindray, this means overseas expansion is no longer optional upside growth — it's effectively a compensating channel, without which the company's numbers would look significantly worse.

What it says about the industry as a whole

Mindray's story is a telling example of how Chinese medtech companies respond to tightening domestic regulation: not by cutting R&D investment, but by accelerating the search for new markets where the regulatory environment is more predictable and purchasing power is higher. The company forecasts a return to rapid international growth, leaning specifically on developing countries and the European market.

An overview of China's medtech industry is covered in the longevity and biotech program; the company's card is available on the GlobalTechTour site.