【Beijing Securities Medicine & Biology】IVD trillion-yuan market CAGR exceeds 15%, focusing on Beijing Stock Exchange / New Third Board genetic technology industry chain No.8

(Source: Zhu Haibin, New Third Board)

• IVD is an important basis for medical decision-making; industry development is rapid, with a domestic market size of 118.5 billion yuan in 2023

Driven by increasing clinical diagnostic demand and technological upgrades, in vitro diagnostics (IVD) has become one of the fastest-growing and most active segments in China’s pharmaceutical industry. IVD refers to products and services that detect samples such as bodily fluids, cells, and tissues outside the human body to obtain clinical diagnostic information. Core products include diagnostic reagents and instrument equipment, spanning the entire process from initial diagnosis, treatment, monitoring, prognosis, to health check-ups, serving as an important basis for medical decision-making. Its industry chain is divided into upstream core raw materials and components, midstream instrument and reagent manufacturing, and downstream hospitals and third-party laboratories; based on detection methods, it can be divided into immunodiagnostics, biochemical diagnostics, molecular diagnostics, POCT, etc., with immunodiagnostics, biochemical diagnostics, POCT, and molecular diagnostics being the main sub-sectors. The global IVD industry has steadily grown driven by technological innovation, early diagnosis and screening needs, aging populations, and other factors. According to iResearch Consulting’s “2023 In Vitro Diagnostics Industry Research Report,” the global traditional IVD market size was $97 billion in 2022, expected to reach $121.8 billion by 2026. The “China Medical Device Blue Book (2024 Edition)” shows that the domestic market size was approximately 118.5 billion yuan in 2023, with an average annual compound growth rate of 15.58% since 2016. Supported by aging, increased medical insurance coverage and expenditure, and rising incomes, the industry is growing rapidly. The Beijing Stock Exchange (BSE) has 4 targets related to gene medicine and in vitro testing industry chain: Danna Bio, Northland, Sanyuan Gene, and Kangle Weishi. The New Third Board (NTB) has 10 targets related to gene technology industry chain: Lianchuan Bio, Jima Gene, Gene Technology, Meikang Gene, Yuewei Gene, Qingke Bio, etc., among which Lianchuan Bio responded to BSE inquiries in March 2026; Qingke Bio began formal guidance from Orient Securities regarding listing on the Shanghai Stock Exchange in February 2026; Bell Bio responded to BSE inquiries in September 2025; Kanghua Co. responded in March 2026; Baiying Bio responded in March 2026.

• This week, the BSE pharmaceutical and biotech sector had a weekly fluctuation of -2.83%, the smallest decline among the five major industries

This weekend, the BSE 50 Index closed at 1,271.41 points, with a weekly change of -3.40%. The Shanghai and Shenzhen 300 Index closed at 4,502.57 points, down 1.41% for the week; the ChiNext Index closed at 3,295.88 points, down 1.68%; the STAR Market 50 closed at 1,300.76 points, down 1.33%.

All five major sectors on the open-source BSE declined this week, with the pharmaceutical and biotech sector experiencing the smallest decline of -2.83%. Other sectors such as high-end equipment (-3.92%), information technology (-3.78%), new chemical materials (-3.36%), and consumer services (-4.02%) also declined.

All secondary industries within the BSE pharmaceutical and biotech sector showed declines this week.

In terms of individual stocks, 17.39% of biotech targets rose, while 82.61% declined. Over 20% of targets in medical devices, biopharmaceuticals, and chemical pharmaceuticals rose this week. Leading gainers included: Zhongke Meiling (+4.5%), Haisheng Medical (+1.94%), Northland (+0.78%), and He Yi Pharmaceutical (+0.25%).

• There are 14 pharmaceutical and biotech companies in queue, with gene technology-related: Lianchuan Bio to report a net profit of 60.06 million yuan in 2024

As of March 27, 2026, there are 156 companies queued on the BSE, of which 13 are related to the pharmaceutical and biotech field. The average revenue scale for 2024 is 449 million yuan, and the average net profit (excluding loss-making companies) is 109 million yuan, with 2 companies reporting losses. Targets related to in vitro testing and gene technology industry chain include Bell Bio, Baiying Bio, Kanghua Co., and Lianchuan Bio. On March 13, 2026, ClarityDx was approved.

ClarityDx is a national-level specialized “Little Giant” enterprise focusing on providing supporting medical device solutions for radiotherapy and rehabilitation therapy. Based on core technology of medical low-temperature thermoplastic materials, it has built three major technology platforms: basic material technology, product application technology, and intelligent technology, forming two main product series around radiotherapy and rehabilitation therapy.

In radiotherapy, the company aims to improve the accuracy of radiotherapy positioning, with products covering key steps such as positioning and setup, and has successfully transitioned from a single product manufacturer to a provider of comprehensive solutions, offering products for the entire radiotherapy process and scenarios. In rehabilitation, it develops a full-cycle management system for foot and spine rehabilitation, including assessment, custom orthoses, effect follow-up, scoliosis treatment, and rehabilitation training, aiming to build a one-stop foot and spine rehabilitation service system.

Radiotherapy positioning devices are key to ensuring high-quality radiotherapy, using fixation, restriction, and tracking methods to accurately target high-energy radiation at tumors while minimizing exposure to surrounding healthy tissues. The company’s products include radiotherapy positioning films, fixation frames, laser positioning systems, and optical surface tracking systems.

Rehabilitation medicine, alongside preventive, clinical, and health care medicine, is one of the four major modern medical disciplines. It focuses on restoring functions impaired by injury or disease through physical therapy, exercise therapy, activity training, skill training, speech therapy, and psychological counseling to maximize recovery.

The company’s main products in rehabilitation are assistive devices, mainly made of polymers, fabrics, leather, and metals, worn or placed on the patient’s limbs to restrict movement, stabilize, correct, or prevent deformities. These products are mainly used in orthopedics, rehabilitation, burn departments, and external prosthetic and orthotic manufacturers.

In 2025, the company achieved revenue of 285 million yuan, up 19.79% year-over-year; net profit attributable to parent was 67.21 million yuan, up 12.18%.

• Important Announcements

Important announcements from BSE-listed pharmaceutical and biotech companies this week

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