Boston Scientific rose 20%, Medtronic rose 8%, Fuji Health fell 2.9%, and Olympus China plummeted 23.9%.
I tried to analyze the sales performance of several companies in major global regions through their financial reports to understand the medical (or endoscopy) market and how different brands described their products and services in China. The goal was to identify the variables influencing revenue.
Finding Commonalities: A horizontal comparison of revenue fluctuations across different regions for various multinational corporations revealed no clear pattern. If there was any pattern, it was that sales were generally better in their home countries, with a significant decline in China compared to the same period last year. Emerging markets in Asia (excluding China) outperformed Europe. China’s influence on multinational corporations was evident in both equipment and high-value consumables, with equipment showing a significantly greater impact. In the perspective of multinational corporations specializing in cutting-edge high-value consumables, the US was the largest market, followed by Europe and Japan. China was mentioned as an emerging market primarily due to VBP (Vacuum-Based Pharmaceutical Products). Another commonality was the strong focus on organic growth (new products, innovation, user growth) among multinational corporations. They emphasized innovation and differentiated product strategies across regions based on varying levels of medical development. Medtronic and Olympus also mentioned robotics, highlighting its impact on existing businesses. Both companies have AI-related businesses.
If you’re interested, please read on for a detailed analysis.
Looking at Fuji, the market seems flat, but everything outside of Japan is declining, with Europe experiencing the fastest decline. Looking at Obama, it seems that globally, except for Asia and Oceania (excluding Japan and China), everything else is experiencing significant drops, especially China and North America. Looking at Boston Scientific and Medtronic, the global situation seems very promising.
Fujifilm’s Q1 2025 (April-June) revenue, including commercial cameras, grew by 0.1% overall, with 7.4% in Japan, -0.1% in the US, -6.9% in Europe, and -3.6% in Asia and other regions.
In the healthcare sector, no breakdown of sales by business region is provided; only the group-wide figures are available. Healthcare revenue was ¥228.5 billion, a 2.9% year-on-year decrease. Sales of medical materials (film) in China declined (likely due to lower demand?), and X-ray diagnostic equipment also declined (likely due to fewer large orders this quarter compared to last year, when there were more large orders). Regarding endoscopes, the ELUXEO 8000 series achieved strong sales in Europe in May 2025; however, the overall endoscope market remained flat compared to last year, although significant orders were received in Turkey and Central and South America.
Olympus’s overall growth for April-June 2025 was -12.1% (Japan -8.9%, North America -18.9%, Europe -7.5%, China -23.9%, Asia (excluding China and Japan) and Oceania 7.62%, other regions 17.8%). The decline in Europe was attributed to a decrease in surgical endoscopes, explained by a large number of orders placed in Europe during the same period last year, a similar explanation to Fujifilm’s. The VISERA ELITE III system is a welcome development in European surgery, but gastroscopy and colonoscopy are being performed less frequently in the operating room. To address declining profits, cost reduction is being implemented by cutting non-core one-time costs and optimizing the expense structure. Expanding its medical technology footprint and driving development in the field of endoscopic robotics aims to achieve future revenue growth in this area. Olympus is strengthening external collaborations and investments through joint ventures: On July 25, 2025, the Group, through its merged subsidiary Olympus Corporation of the Americas, entered into an investment agreement with Revival Healthcare Capital LLC to jointly establish the joint venture Swan EndoSurgical, Inc., focusing on the research and development of endoscopic robotic products.
Boston Scientific: For July-September 2025, revenue grew 20.3% year-over-year, with the medical and surgical sector growing 16.4% (urology 28.1%, endoscopy 10.1%, neurology 9.1%), organic growth 7.6%, and the cardiovascular sector growing 22.4%, organic growth 19.4%. No information was provided about China, only mentioning that the VBP (centralized procurement) in China led to a decline in peripheral interventional revenue, resulting in only a single-digit drop. The endoscopic intraluminal business highlighted AXIOS™ (stent) and OverStitch™ (suture), highlighting Boston Scientific’s significant revenue gains from new products.
US revenue grew 27%, accounting for over 65% of global revenue.
Europe, Middle East, and Africa (EMEA): Sales grew 2.6%.
Europe: The core reason was the company’s decision in Q2 2025 to discontinue the global sales of the ACURATE neo2™ and ACURATE Prime™ aortic valve systems, which generated approximately $50 million in global quarterly sales in the same period last year. If sales hadn’t been discontinued, Q3 growth would have reached 9% based on this figure. Demand for endoscopic intracavitary services (AXIOS™, OverStitch™) and deep brain stimulation (DBS) remained stable.
Asia Pacific (APAC): Growth of 17.1%, primarily driven by Japan, a mature market.
Latin America and Canada (LACA): Growth of 10.4%.
Emerging Markets: Growth of 11.8%.
Medtronic’s Q1 2025 growth was 8.4% overall, with cardiovascular business growing 9.3%, neurology 4.3%, and surgery 4.4%. (Surgical & Endoscopy saw organic growth of 2.3%, with LigaSure™ vascular closure technology maintaining market share for the 12th consecutive quarter, achieving high single-digit global growth; however, growth was limited by short-term pressures from stable demand for bariatric surgery in the US market and the replacement of traditional surgery by robotic surgery. The planned US launch of the Hugo™ robot (in the second half of the year) will be a key variable for future growth in this segment.) Diabetes business grew 11.5%.
By region: US$4.24 billion, a 3.5% increase, accounting for 49% of the global market. International markets grew 13.6%, with cardiovascular growing 12.6%, neurology 5.4%, medical surgery 7.5%, and diabetes 16.7%. Growth in the international market was driven by the Japanese market (cardiac ablation, TAVR), the European market (neuromodulation, robotic surgery), and emerging markets (basic surgical equipment, diabetes sensors). The US market focused on promoting high-value innovative products (such as PFA, RDN). (Preparation), the international market focuses on “penetration into emerging markets + market share increase in mature markets” (such as PFA in Japan and TAVR in Europe), achieving complementary advantages in various regions. Medtronic launched an AI-assisted digestive endoscopy unit.
Regarding China, in the “Neurovascular” section alone, the document mentions that “the impact of the base effect of China’s volume-based procurement (VBP) and product recalls will be gradually overcome.”
High-end products first entered the US market, with slower growth in Europe and large growth in emerging Asian markets. Multinational corporations seem to have a god’s-eye view; after product replacements in the US, this pattern repeats itself in Europe and Asia. Growth comes from innovation or acquisitions of innovation, but is affected by version cycles, innovation bottlenecks, and the influence of robotics (Intuitive Surgical’s global revenue increased by 23% in Q3, and surgical volume increased by 19%). The growth momentum of endoscopes seems to be not so strong.
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Post time: Dec-23-2025