Zhuhai-based PUSEN Medical, founded on May 20, 2014, is a company deeply rooted in the single-use endoscope sector. This article provides a synthesized overview based on PUSEN’s June 2026 prospectus.
Conclusion: PUSEN is a significant player. Having made an early move in the single-use endoscope track, the company now derives the majority of its revenue from overseas markets, particularly the U.S. Its next key focus areas are smart manufacturing, smart warehousing, and single-use digestive endoscopes.
(1) Smart Manufacturing: I see this as a long-term strategic layout aimed at reducing production and logistics costs, thereby enhancing the cost competitiveness of its single-use products.
(2) Single-use Digestive Endoscopes: While PUSEN is already a global leader in the single-use urology space, its growth ceiling ultimately depends on whether it can successfully develop single-use digestive endoscopes and the quality of the resulting products.
PUSEN Overview and Fundraising Objectives
PUSEN has successfully transformed from a product-centric company into a platform-based enterprise, expanding its portfolio from a single endoscope type to a multi-specialty range. Currently, its core products are single-use flexible ureteroscopes and single-use flexible cystoscopes. In 2025, the urology product series accounted for over 95% of total revenue (with single-use flexible ureteroscopes at 67.58% and flexible cystoscopes at 26.64%).
On the surgical front, the company has launched multiple single-use flexible ureteroscopes, cystoscopes, and choledochoscopes. For the internal medicine line, it has introduced various single-use flexible bronchoscopes. Centered around single-use endoscopes, PUSEN is progressively refining its ecosystem of supporting consumables to build a comprehensive minimally invasive diagnosis and treatment platform. This strategic alignment perfectly fits the underlying logic of cost reduction and efficiency improvement within the healthcare system under the DRG/DIP medical insurance cost-control framework. Meanwhile, the company continues to drive the registration and commercialization of its core products in major global markets.
The funds raised in this IPO will be primarily allocated to the following areas: smart manufacturing and warehousing projects, R&D for single-use ultra-HD digestive endoscopes, and supplementing working capital. These initiatives will establish a stable, high-quality global product delivery capability.
Competitive Landscape: In the traditional market for reusable medical flexible endoscopes, the company faces established players represented by Olympus, Pentax, and Fujifilm. In the international market, its core competitors primarily include Ambu and Boston Scientific, alongside a growing number of Chinese manufacturers entering the sector.
PUSEN Revenue Profile
PUSEN’s operating revenue for the three years from 2023 to 2025 was RMB 251.51 million, RMB 316.29 million, and RMB 538.32 million, respectively. The corresponding net profit attributable to parent company shareholders was RMB 69.86 million (25.77%), RMB 62.41 million (19.73%), and RMB 99.25 million (18.43%). The compound annual growth rate (CAGR) for revenue reached 46.30%, demonstrating a rapid growth trajectory. The decline in the net profit margin was primarily due to the establishment of a U.S. subsidiary at the end of 2023, while the gross profit margin remained stable.
In 2025, PUSEN’s selling expenses amounted to RMB 153.26 million, accounting for 28.47% of revenue; general and administrative (G&A) expenses were RMB 44.69 million, or 8.30% of revenue; and R&D expenses stood at RMB 36.76 million, representing 6.80% of revenue.
PUSEN’s Market Position
According to statistical data from Frost & Sullivan, a third-party industry research firm, based on 2025 shipment volumes:
In the single-use urological endoscope market, PUSEN ranked first in China with a 29.8% market share. In the U.S. and EU markets, it secured the second position with market shares of 15.2% and 17.5%, respectively, trailing only its comparable industry peer, Ambu. In the core flagship sub-segment of single-use flexible ureteroscopes, PUSEN ranked first globally with a 20.4% market share. These statistics are partially corroborated by the 2024 market shipment data disclosed in Wise Medical’s prospectus (link provided at the end of this article).
Furthermore, based on the volume declaration data from China’s national centralized procurement (VBP) platform, PUSEN ranked first in declared volumes for single-use ureteroscopes in the 2025 VBP, accounting for 18.4% of the total declared volume (note: declared volume does not equate to actual usage).
Market Size and Major Brands’ Shipments
Opportunities in the Overseas Single-Use Endoscope Market: Stringent infection control policies in Europe and the U.S. combined with global health economics considerations; the restructuring of the overseas market from an “oligopoly” to a landscape of “diversified innovation”; and the explosive growth in minimally invasive surgery (MIS) penetration rates across Asia-Pacific and South America. As illustrated in the chart below, data sourced from Frost & Sullivan, a third-party industry research firm.
The chart below is sourced from Wise Medical’s prospectus.
Global Single-Use Cystoscope Market Size
According to an industry report by Frost & Sullivan, the rankings based on the shipment volume of single-use urological endoscopes in 2025 are as follows:
Market Share in China:
1.Pusen Medical: 29.8%
2.Happiness Workshop: 19.1%
3.Red Pine Medical: 16.2%
4.Innovex Medical: 11.5%
5.Others: 23.4%
US Market:
1.Ambu: 44.3%
2.Pusen Medical: 15.2%
3.Boston Scientific: 8.6%
4.Innovex Medical: 6.6%
5.OTU Medical: 3.8%
Others: 21.6%
EU Market:
1.Ambu: 45.5%
2.Pusen Medical: 17.5%
3.Boston Scientific: 8.1%
4.Innovex Medical: 6.4%
5.OTU Medical: 5.0%
Others: 17.4%
The competitive landscape of the single-use ureteroscope market, ranked by shipment volume in 2025, is as follows: Market | Ranking | Market Share
Global Market:
1.Pusen Medical: 20.4%
2.HugeMed Medical: 16.5%
3.Boston Scientific: 16.0%
4.Innovex Medical: 11.1%
5.OTU Medical: 4.1%
Others: 31.9%
China Market:
1.Pusen Medical: 25.3%
2.Happiness Workshop: 19.5%
3.Innovex Medical: 14.8%
4.Red Pine Medical: 13.3%
5.HugeMed Medical: 8.3%
Others: 18.7%
US Market:
1.Boston Scientific: 29.1%
2.Innovex Medical: 22.3%
3.OTU Medical: 8.8%
4.Pusen Medical: 8.3%
5.HugeMed Medical: 7.3%
6.Ambu: 4.0%
Others: 20.2%
EU Market:
1.Boston Scientific: 27.8%
2.Pusen Medical: 23.9%
3.Innovo Medical: 21.9%
4.HugeMed Medical: 13.3%
5.OTU Medical: 5.6%
Others: 7.6%
Here is my analysis: Looking at Hongji’s global market and its performance in major regional markets, which specific market is actually driving up Hongji’s overall shipment share? There are two possibilities: either the increase is driven by a higher shipment share in “Other” regions, or the shipments are counted globally under ODM/OEM but are not attributed to Hongji in the regional breakdown.
Currently, the mainstream technical solutions for single-use endoscope image processors mainly include three categories: general-purpose SoCs, FPGAs, and FPGA+ARM architectures. Pusen has officially adopted the FPGA+ARM architecture.
The core proprietary image processing algorithms are summarized as follows:
1.Optical Enhancement (OPTIQ) Algorithm: Under standard white light imaging, the contrast between mucosal microvasculature and the background is low. This makes it difficult to identify microvascular lesions, easily leading to missed or misdiagnoses.
2.Blood and Dust Removal Algorithms: High-energy surgical procedures, such as laser lithotripsy and electroresection, generate significant amounts of water vapor, smoke, and dust. These obscure the field of view and hinder clinical diagnosis.
3.Low-Light Intelligent Real-Time Noise Reduction Algorithm: In clinical low-light modes, images often suffer from high noise levels and distorted tissue textures, which interfere with clinical diagnosis.
4.Multi-Scale Decomposition Algorithm for Tissue Detail Enhancement: Endoscopes often face issues with blurred details and uneven contrast across different depths of field and focal lengths, which can easily obscure early-stage micro-lesions.
5.Vertical Texture Correction Algorithm: Due to manufacturing limitations, some OmniVision (OV) series sensor modules exhibit regular vertical texture patterns in the raw images, which affects image interpretation.
Module
The main specifications of Pusen Medical’s image modules across different generations are as follows:
Pusen’s early disposable ureteroscopes initially adopted AMS’s 2D modules and later transitioned to M modules (1/15″, 0.1 Megapixels [320×320]). The company noted that other major industry players primarily use the OV6946 module. Looking ahead, PUSEN plans to adopt its proprietary Lily module (1/14″, 0.25 Megapixels [500×500]) for disposable cystoscopes in 2027.
Rose, as the third step in Pusen’s “three-step” strategy for image modules, is expected to be launched in 2028. This milestone will mark the preliminary completion of PUSEN’s full-chain technology for image modules. This strategic step not only validates the feasibility of PUSEN’s layout in the disposable endoscopy field but also establishes a high technological barrier for the company.
Description of Disposable Gastrointestinal Endoscopes for Gastroenterology
Pain Points
Demand for High-Definition Image Quality: Early screening for gastrointestinal tumors requires extreme detail resolution, such as glandular openings and microvasculature.
Risks of Reusable Endoscopes: Reprocessing reusable scopes is highly demanding. Given the rapid clinical turnover, reprocessing quality can be difficult to control, posing a risk of cross-infection.
Technical Direction
Advanced Imaging: Utilizing new image sensor modules and image processing algorithms to deliver high-definition image quality.
Optimized Ergonomics: Featuring a novel control design with performance comparable to reusable endoscopes.
Sterile Disposables: Provided as sterile, single-use devices to completely eliminate the risk of cross-infection caused by equipment.
Estimated Approval Date: 2028
Comparable Companies Selected for Pusen’s IPO:
1.Nanjing Micro-Tech (688029.SH) – Listed on July 22, 2019
2.Aohua Endoscopy (688212.SH) – Listed on November 15, 2021
3.AGS Medical (688581.SH) – Listed on May 19, 2023
During the reporting period, the comparison of the overall gross profit margin between the Company and its comparable industry peers is as follows:
ZRHmed’s Differentiated Positioning: Urological Access & Retrieval Consumables
In this context, ZRHmed (Jiangxi ZhuoRuiHua Medical Instrument Co., Ltd.) has chosen a strategic path that directly complements PUSEN Medical’s core business – focusing on urological access and retrieval consumables.
PUSEN’s core strength lies in single use urology endoscope hardware (ureteroscopes, cystoscopes, etc.), while ZRHmed specializes in the consumables that are essential for completing urological procedures. The two are not competitors – they are natural upstream and downstream partners in the urology procedure value chain.
ZRHmed’s product portfolio covers the complete urological procedure workflow:
The clinical logic of ZRHmed’s product portfolio:
Urological procedures (such as ureteroscopy for stone treatment) follow a clear clinical pathway:
Urological Guidewire – establishes the initial access and provides a rail for subsequent instruments
Ureteral Access Sheath – creates and maintains a working channel, protecting the ureter during repeated instrument exchanges; with suction variant for simultaneous stone fragment removal and pressure management
Stone Retrieval Basket – captures and removes stone fragments through the working channel
In other words, where PUSEN provides the visualization platform (the “eye”), ZRHmed provides the instruments that pass through it to complete the procedure (the “hand”).
The Natural Synergy: PUSEN Hardware + ZRHmed Consumables
PUSEN Medical’s single use ureteroscopes and cystoscopes are leading in global market share. However, every urological endoscope procedure requires the right consumables to complete the operation. ZRHmed’s product portfolio fills this exact need:
This creates a complete “Hardware + Consumables” solution for urology procedures – PUSEN provides the visualization platform, ZRHmed provides the execution tools that pass through it.
Conclusion
PUSEN Medical’s IPO reveals the growth logic of the single use endoscopy sector: disrupt the market with hardware innovation; build barriers with a consumables ecosystem.
ZRHmed, as a specialized manufacturer of Urological Access & Retrieval Consumables, provides essential products for urological stone management procedures – Ureteral Access Sheath (standard and suction), Stone Retrieval Basket, and Urological Guidewire – with CE and FDA certifications and exports to over 20 countries.
As single use urology endoscope penetration continues to rise globally, ZRHmed is uniquely positioned to supply the consumables that complete the procedure – making it a natural partner for hardware leaders like PUSEN Medical.
PUSEN Medical is in the business of ”seeing” ; ZRHmed is in the business of ”operating” – together, they complete the full closed loop of urological minimally invasive diagnosis and treatment.
For more information about ZRHmed and its product portfolio, please visit: http://www.zrhendoscopy.com or contact sales@zrhmed.com.
About ZRHmed:
Jiangxi ZhuoRuiHua Meidical instruments Co.,Ltd is mainly engaged in the R&D, manufacturing and sales of endoscopic diagnostic instruments and consumables.
We’re committed to providing superior quality ,affordable and durable products to hospitals and clinics within the reach of healthcare professionals worldwide. ZRHmed is dedicated to developing precision-engineered solutions that empower healthcare professionals and improve patient lives through innovation and quality.
ZRHmed Exclusively Supplies 9Fr UAS with Suction Compatible with Pusen’s 6.3Fr Single-use Ureterorenoscope
To complement Pusen’s 6.3FR ureteroscope, ZRHmed is the exclusive provider of a specialized 9FR suction sheath engineered for optimal compatibility and performance. This sheath ensures reliable suction, enhanced visibility, and smoother instrument navigation during ureteroscopic procedures. Designed to improve fluid management and stone fragment clearance, it serves as an essential accessory for efficient urological interventions. Trust ZRHmed for exclusive, high-quality solutions tailored to meet the demands of modern endoscopy.
We, Jiangxi Zhuoruihua Medical Instrument Co.,Ltd., is a manufacturer in China specializing in the endoscopic consumables, include GI line such as biopsy forceps, hemoclip, polyp snare, sclerotherapy needle, spray catheter, cytology brushes, guidewire, stone retrieval basket, nasal biliary drainage catheter etc. which are widely used in EMR, ESD, ERCP. And Endourology Line, such as ureteral access sheath with suction, ureteral access sheath, disposable Urinary Stone Retrieval Basket, and urology guidewire etc.
Our products are CE certified, and our plants are ISO certified. Our goods have been exported to Europe, North America, Middle East and part of Asia, and widely obtains the customer of the recognition and praise!
Post time: Aug-17-2026