The endoscopy industry in China is still in its early stage, with huge market development potential.
Shenzhen Proxinse Medical Technology Co., Ltd. (Chinese: 博盛医疗), a 3D high-definition endoscope system provider, recently completed a Series A round of financing. This funding round was led by Technology Financial Group (Chinese: 粤科金融集团), followed by Shenzhen HTI Group (Chinese: 深圳高新投) and Zhongshan Huoju Industrial Park Development (Chinese: 中山火炬华盈投资). Probe Capital served as the exclusive financial adviser.
It is reported that this financing round will mainly be used to increase the size of the R&D team and improve product distribution.
Proxinse is located in Shenzhen Biomedicine Innovations Industrial Park after its founding in 2017. It is committed to providing a 3D fluorescence endoscopy system with a 4K camera. In June 2022, the company's core product, the 3D electronic laparoscope (30 °), officially obtained the registration certificate from NMPA.
With the increasing penetration rate of minimally invasive surgery and the increasing demand for early screening, diagnosis and treatment of cancer, the use of endoscopy in clinical is expanding and gradually applied to a wider range of clinical scenarios.
The market size of China's endoscope is expected to reach CNY 42.27 billion by 2024, according to Frost&Sullivan. However, the market share is monopolized by Japanese and German manufacturers. Chinese manufacturers account for 5% of the market share and are mainly concentrated in the lower middle market, targeting second-level hospitals. Relevant enterprises include SonoScape (Chinese: 开立医疗), Aohua Endoscope (Chinese: 澳华内镜) and Mindray Medical (Chinese: 迈瑞医疗).