"The Made-in-China" Breakthrough Moment: DaYi Group and Hanno Medical Featured in Xinhua News Agency Report | TongNews
On August 27, Xinhua News Agency published a special report titled *"More and More 'Made in China': China's Medical Equipment Achieves New Breakthroughs"*, comprehensively presenting the leapfrog development of China's medical equipment industry since the 14th Five-Year Plan period. In the report, **TAICHI Medical Systems** and **Hanano Medical**, two portfolio companies of **Dowstone Capital**, were specifically named, with their product innovation achievements drawing attention. This reflects not only the breakthrough capabilities of the enterprises themselves, but also the acceleration of China's medical equipment industry toward self-reliance and comprehensive —
Background
On August 27, Xinhua News Agency published a special report titled "More and More 'Made in China': China's Medical Equipment Achieves New Breakthroughs", comprehensively presenting the leapfrog development of China's medical equipment industry since the 14th Five-Year Plan. In the report, Ouray Medical and Hanuo Medical, two portfolio companies of Dalton Venture, were specifically named, with their product innovations receiving attention. This not only reflects the breakthrough capabilities of the enterprises themselves, but also shows that China's medical equipment industry is accelerating toward self-reliance and global competition.
Industrial Breakthrough: A Critical Juncture for China's Medical Equipment
Medical equipment serves as both an essential pillar of the "Healthy China" initiative and a reflection of medical technology and manufacturing prowess. Since the 14th Five-Year Plan, China's medical equipment industry has achieved historic progress. Wave after wave of high-end medical equipment has entered clinical use, innovative companies have grown steadily, and a new breakthrough in medical equipment under the banner of "Made in China" is quietly reshaping the medical landscape in China and beyond.
Xinhua's report shows that during the 14th Five-Year Plan period, China's medical equipment industry maintained an annual compound growth rate of approximately 10.7%, with the market reaching 1.35 trillion yuan in 2024, solidifying its position as the world's second-largest market. The localization rate of key components continues to rise, and innovative products are steadily reaching clinical and international markets. From "following" to "keeping pace," some fields have already achieved "leading" status.
Beyond expanding market scale, domestic medical equipment continues to advance toward high-end and intelligent capabilities. Meanwhile, National Medical Products Administration data shows that since the 14th Five-Year Plan began, 315 innovative medical devices have been approved, of which 272 were domestic products.
Against this backdrop, Ouray Medical, which pioneered integrated X/γ-ray radiotherapy technology, and Hanuo Medical, which achieved domestic ECMO production, stand out as representative case studies of industrial breakthrough.
Ouray Medical: A Technological Breakthrough in Radiotherapy Equipment
In 2020, Ouray Medical's intelligent real-time imaging medical linear accelerator product — TAICHIA® — received FDA clearance, becoming the first Chinese medical linear accelerator to be registered with the U.S. FDA in 46 years, and the first domestically produced large-scale medical device to receive the FDA's "Breakthrough Device Designation."
In February 2023, Ouray's globally first-of-its-kind radiotherapy innovation — the X/γ-ray integrated radiation therapy system (TAICHI) — earned the FDA's "Breakthrough Device Designation," placing it among the world's most advanced technological innovations and making it the only large-scale medical device product from China to hold this designation.
In August 2025, Ouray Medical was named a finalist for the Prix Galien USA Awards in the "Best Medical Technology" category. Known as the "Nobel Prize of the pharmaceutical industry," the Prix Galien represents one of the highest international honors in biomedicine and medical technology. This marks the first time a Chinese medical device innovation has been shortlisted since the award's U.S. establishment in 2007. TaiChiPro's nomination signifies a major breakthrough for China's independently innovated medical technology in the global high-end medical equipment arena, fully demonstrating the excellence of Chinese original medical science and technology.
As a fully independently developed, globally first-of-its-kind achievement by Ouray Medical, TaiChiPro (X/γ-ray integrated radiation therapy system) is a revolutionary radiotherapy platform. For the first time, it seamlessly integrates X-ray and γ-ray capabilities within a single system, enabling a new paradigm of precision intelligent radiotherapy with "one machine, dual energies; one machine, multiple uses." The device combines the broad coverage of X-rays with the high precision of γ-rays, allowing for increased tumor target dosing while effectively protecting healthy tissue, providing personalized solutions for complex tumors. The entire treatment requires only a single positioning and setup, with no patient movement needed, significantly improving treatment efficiency, comfort, and efficacy.
In 2019, Dalton Venture invested in Ouray Medical's Series A round, based on its long-term assessment of value in this sector. Once core treatment equipment for high-incidence diseases achieves independent innovation, it holds the potential to develop global competitiveness.
Hanuo Medical: Filling the ECMO Gap
Extracorporeal life support medical devices represent a high-growth track with tremendous potential, but extreme technical barriers, long R&D cycles, and demanding precision manufacturing requirements have allowed only a handful of international medical giants to dominate the global market for years. Looking ahead, the industrial chain for extracorporeal life support devices offers substantial development potential and a high ceiling. Core products, upstream core material technologies, and downstream medical services all remain in early stages of development. Given the difficulty of technological breakthroughs, first-mover companies will maintain significant competitive advantages for the long term.
In January 2023, Hanuo Medical's independently developed Lifemotion® ECMO system received regulatory approval, becoming the first domestically produced extracorporeal membrane oxygenation device, with performance metrics reaching international parity. China became the fourth country after the United States, Germany, and Italy with industrialized ECMO technology capabilities.
In July 2023, Hanuo Medical's independently developed extracorporeal artificial heart and extracorporeal artificial lung received consecutive approvals, once again breaking through "chokepoint" technologies and filling domestic gaps.
In January 2025, the complete system successfully obtained EU Medical Device Regulation (MDR) certification, becoming the world's first ECMO complete system with four registration units simultaneously approved under EU CE MDR, and the first fully independently developed domestic ECMO complete system to receive overseas certification.
With Hanuo Medical's ECMO system obtaining CE certification under MDR, the domestic ECMO complete system has secured its "passport" to the European market. This series of developments marks China's leap from technology following to independent innovation in the high-value medical device sector.
Dalton Venture entered at Hanuo Medical's Series A round in 2021, becoming the company's earliest institutional investor. What we have long valued is precisely its capacity for original breakthroughs in a high-barrier track.
Investment Logic: Long-Termism and Forward-Looking Positioning
From Ouray Medical to Hanuo Medical, their common thread lies in focusing on the most critical unmet clinical needs, confronting internationally monopolized segments head-on, and achieving breakthroughs through original technology. Dalton Venture has developed a distinctive investment logic around this:
- Valuing Original Innovation
Supporting independent R&D in key niche tracks rather than relying on incremental improvements.
- Committed Long-Term Partnership
Providing ongoing support in capital, strategy, and industrial resources after early-stage entry.
- Focus on Global Competitiveness
Backing companies that can achieve domestic substitution while possessing expansion potential in international markets.
The breakthrough in medical equipment is a systemic achievement, relying on policy impetus and scientific research breakthroughs, but also requiring long-term capital commitment and industrial chain coordination.
The progress of Ouray Medical and Hanuo Medical demonstrates that Chinese companies with original innovation capabilities are gradually claiming their place on the global medical equipment stage. This is both an inevitable trend of industry development and an important validation of investment logic.
Going forward, Dalton Venture will continue to uphold its philosophy of "value discovery, long-term partnership," working alongside more innovative enterprises to jointly advance China's medical equipment industry on the path of self-reliance and internationalization.
Source: Xinhua News Agency, Beijing
Headline: More and More "Made in China" — China's Medical Equipment Achieves New Breakthroughs
Xinhua correspondents: Gu Tiancheng, Peng Yunjia, Gong Wen
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