Meihua International Medical Technology Co., Ltd. formed a team to carry out the design and development of robotic surgical systems

PR Newswire ·  02/15/2023 20:45

YangzhouFebruary 15, 2023/ PR Newswire /-- Meihua International Medical Technology Co., Ltd. ("MHUA" or "Company") (NASDAQ: MHUA), a well-known manufacturer and supplier of disposable medical devices with operating subsidiaries in China, announced today that the company has set up a team to carry out the research and development of robotic surgery systems and related production listing approval applications. The company will be engaged in the design of surgical robot body and the integration of related software and hardware.

Robotic surgery systems usually include one or more arms controlled by surgeons, a master controller or console, and a perceptual system that provides feedback to users. It implements remote surgery and combines the elements of robotics, telecommunications (such as high-speed data connections) and management information systems. Most of the domestic robot companies are located in the middle reaches, independently design the main body of the robot, integrate software and hardware, and the core components are usually purchased from abroad.

The company believes that the robotic surgery system has great market potential in China. China has a large aging population, but the limited medical resources are unevenly distributed across the country, resulting in a large demand for medical care. The huge gap in medical resources has given birth to an urgent demand for medical robots. The medical surgery robot can realize the intelligence of difficult surgery, help doctors master the operation skills quickly and reduce the workload of medical staff.

Mr. Wang Xin, CEO of the company, commented: "We are pleased to announce the company's plans for the robotic surgery system business. Our new team is also working on early capacity planning because we believe that in view of the rapid development of related technologies, the market demand for the system in China will be very large. With the continuous progress of communication technology and the emergence of larger bandwidth and more powerful computers, the convenience and cost-effectiveness of deploying remote surgical devices may increase rapidly. The Chinese government has a policy to support innovative medical devices and open green channels to speed up the approval process. The company will use this policy to obtain relevant licenses in a short period of time. The company has the potential and will strive to seize this market opportunity to promote and maintain meaningful growth in the future.

At present, 85% of surgeries in China are traditional, compared with 53% in the United States. In the United States, 68% of surgeries can be performed with robot assistance, but the current penetration rate is 4%. According to Precedence Research, the global market for surgical robots will grow at a compound annual growth rate of nearly 16.6% from 2022 to 2030, reaching US $21.3 billion by 2030. At present, the use of surgical robots in China is from a low base, but according to PricewaterhouseCoopers, the growth rate of surgical robot utilization in China will exceed that of most countries in the world. This shows that the market potential of robotic surgery system in China is quite huge.

About Meihua International Medical Technology Co., Ltd.

Meihua International Medical Technology Co., Ltd. (Meihua International Medical Technologies Co., Ltd.) is a well-known manufacturer and supplier of Class I, II and III disposable medical devices in China, with operating subsidiaries in China. The company produces and sells Class I disposable medical supplies, such as eye drops bottles, medicine bottles, artificial anal bags, and identify wristbands, gynecological examination kits, surgical examination kits, operation kits, medical brushes, medical dressings, masks, disposable infusion pumps, electronic pumps, puncture bags and other II and III disposable medical devices, and act as agents for the distribution of disposable medical devices purchased from other manufacturers. The company has passed the international "CE" certification and ISO 13485 system certification, and has registered more than 20 products in FDA (registration number: 3006554788) in the United States. The company has served hospitals, pharmacies, medical institutions and medical equipment companies for more than 30 years, with more than 800 products sold in China and more than 120 products exported to more than 30 countries throughout Europe, North America, South America, Asia, Africa and Oceania. For more information, please visit.

Forward-looking statement

The statements in this press release regarding the Company's future expectations, plans and prospects constitute forward-looking statements as defined by Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about plans, goals, objectives, strategies, future events, expected results, assumptions and any other factual statements that have not occurred. Any expression that refers to "may", "will", "want", "should", "believe", "expect", "expect", "estimate", "estimate" or similar non-factual words, in particular, the listing of the company on the Nasdaq global market and the completion of the offering shall be regarded as forward-looking statements. Due to various factors, the actual results may differ materially from the historical results or the contents expressed in these forward-looking statements. These factors include, but are not limited to, the company's strategic objectives, the company's future plans include the ability to successfully expand the business of surgical robot systems and obtain relevant licenses, market demand and user acceptance of the company's products or services, technology updates, economic trends, corporate reputation and brands, the impact of industry competition and bidding, relevant policies and regulations, and the ups and downs of China's macroeconomic situation. The international market conditions served by the company, as well as the related risks and assumptions disclosed in the prospectus. In view of the above and other related reasons, we advise investors not to blindly rely on these forward-looking statements, and we urge investors to visit the SEC website to check all relevant documents of the company, including the risk factors section of the company's 20murf report filed on July 29th, 2022, as well as the 6Muk report or other filings, for other factors that may affect the company's future operating results. The Company is under no obligation to make public amendments to changes in these forward-looking statements due to specific events or reasons after the filing of these documents.

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