Scivita Medical enters into Strategic Agreement with Boston Scientific in China

Rhea-AI Summary

Scivita Medical Technology Co., Ltd. has signed a Strategic Agreement with Boston Scientific (BSX) to commercialize its Single-Use Percutaneous Choledochoscope in China. This partnership aims to enhance market penetration for Scivita's innovative product, expected to benefit numerous hospitals and patients by reducing cross-contamination risks. The global single-use videoscope market, valued at USD 0.5 billion in 2020, is projected to reach USD 9.2 billion by 2030, indicating significant growth potential. This agreement follows Scivita's prior collaboration with Fujifilm for the European market, marking a key step in its goal to become a global leader in medical technology.

Positive

• Strategic partnership with Boston Scientific enhances market penetration for the Single-Use Percutaneous Choledochoscope.
• Projected growth in the global single-use videoscope market from USD 0.5 billion in 2020 to USD 9.2 billion by 2030.
• Previous collaboration with Fujifilm indicates expansion strategies for Scivita Medical.

Negative

• None.

SUZHOU, China, March 29, 2023 /PRNewswire/ -- Medical technology company Scivita Medical Technology Co., Ltd. ('Scivita Medical') and Boston Scientific (NYSE: BSX), one of the leading medical technology companies worldwide, have officially signed a Strategic Agreement for Scivita's Single-Use Percutaneous Choledochoscope. Through this business cooperation and distribution agreement, Scivita Medical and Boston Scientific plan to establish a long-term partnership in the commercialization, marketing and promotion of Scivita's Single-Use Percutaneous Choledochoscope in China.

Under Scivita Medical's comprehensive product lineup of reusable endoscopes, single-use videoscopes and related systems and equipment, this cooperation further broadens its market penetration of its Single-Use Percutaneous Choledochoscope. Through the strong alliance with Boston Scientific, the penetration rate of the Single-Use Percutaneous Choledochoscope in China is expected to increase benefiting more hospitals and patients.

Scivita Medical said, 'Thanks to Boston Scientific for its recognition of Scivita Medical. This is another important initiative for Scivita Medical in establishing its vision of becoming a global company, and another milestone following its strategic cooperation with Fujifilm for the European market. I believe this strategic cooperation with some of the world's leading medical technology companies and our company will accelerate the process of bringing China's medical innovations to the world.'

As a result of the growing demands of mitigating the risks of cross-contamination and hospital-acquired diseases, particularly amid the outbreak of COVID-19 pandemic, the global single-use videoscope market is also rapidly growing. The global market value of single-use videoscope was USD 0.5 billion in 2020, and is estimated to increase to USD 9.2 billion in 2030, according to Frost & Sullivan. Scivita Medical's single-use videoscopes have covered multiple clinical departments at a high risk of cross-infection, such as Gynecology, Respiratory, Urological Surgery and Hepatobiliary Surgery. Many of its products have already been approved in China, the United States, European Union (EU), Japan and other countries and regions.

This cooperation can be seen as strong evidence of Scivita Medical's comprehensive product lineup of reusable endoscopes, single-use videoscope and related systems and equipment, which further accelerates its commercialization and penetration in the field of single-use videoscope. In the future, Scivita Medical will further strengthen its innovation, improve market penetration by offering unique products and strive to become the preferred brand for doctors and patients worldwide.

About Scivita Medical

Founded in 2016, Scivita Medical is a medical device company that provides minimally invasive diagnosis and treatment solutions, and focuses on research, development and commercialization of medical endoscopes and related products. Scivita Medical takes 'Globalization' as its core strategy and has established R&D centers both in China and Japan. With solid in-house R&D capabilities, Scivita Medical has established a unique technology platform built upon five synergistic core technologies, and built a comprehensive portfolio of endoscope products and therapeutic products covering all types of endoscope procedures conducted by the various clinical departments, to address diverse medical needs. Adhering to its value of 'Clinical Focus' 'Collaborative Innovation' 'People Oriented' 'Excellence & Efficiency', Scivita Medical will continuously upgrade its core technologies, improve market penetration with excellent products aiming to become the preferred brand, trusted by doctors and patients around the world.

For more information, please visit: scivitamedical.com/#/ 

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SOURCE Scivita Medical

FAQ

What is the strategic agreement between Scivita Medical and Boston Scientific regarding BSX?

Scivita Medical and Boston Scientific signed a strategic agreement to commercialize Scivita's Single-Use Percutaneous Choledochoscope in China.

When was the strategic agreement between Scivita Medical and BSX announced?

The strategic agreement was announced on March 29, 2023.

How will the partnership with Boston Scientific benefit Scivita Medical?

The partnership is expected to broaden market penetration and benefit hospitals and patients in China.

What is the current market value of the single-use videoscope and its future projection?

The single-use videoscope market was valued at USD 0.5 billion in 2020 and is projected to reach USD 9.2 billion by 2030.

What other collaborations has Scivita Medical engaged in?

Scivita Medical previously collaborated with Fujifilm to expand into the European market.