Frost & Sullivan
Hangzhou Desheng Biotechnology Co., Ltd. (Stock Code: 2526.HK) successfully listed on the main board of the Hong Kong capital market on March 30, 2026. The company is a leading medical device company in China focusing on developing medical imaging products and services, having developed a diversified product portfolio. Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') provides exclusive industry advisory services for Desheng Biotechnology Co., Ltd.'s listing and hereby warmly congratulates them on their successful listing.
Hangzhou Desheng Biotechnology Co., Ltd. (hereinafter referred to as 'Desheng Biotech') successfully went public on March 30, 2026. The company issued a total of 7.9992 million H shares globally, of which 90% were international offerings and 10% were Hong Kong public offerings. The maximum offering price per share was HK$112.50, raising a total capitalization of approximately HK$900 million.During the process of listing in Hong Kong, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, and other important sections), helping the issuer communicate with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange.
Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport's big data, from January to December 2025, and over the past 36 months, Frost & Sullivan provided listing industry advisory services for 82 (market share 73%) and 180 (market share 71%) Hong Kong IPOs, ranking first in terms of number. It has a wealth of industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related agencies.
PART/ 1
Investment highlights
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The company has been deeply involved in the medical imaging field, building a product system covering software, equipment, and full-process solutions centered around AI-assisted diagnosis. It continues to promote the commercialization of core products and the implementation of clinical applications.
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The company's team is centered around interdisciplinary integration, consisting of management and R&D teams with backgrounds in multiple disciplines;
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The company drives intelligent devices in the field of reproductive health with commercially validated proprietary intelligent medical imaging technology;
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The company's AI chromosome karyotype auxiliary diagnostic software is expected to become the world's first product to be approved for a Class III medical device registration certificate;
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The company has independently developed and built iMedImage.® Medical imaging base model, supporting medical image processing and analysis in multiple scenarios, and providing a technical foundation for the continuous iteration and application expansion of related products.
According to the Frost & Sullivan report, at ex-factory prices for 2024:
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The company ranks first in the market for chromosome karyotype analysis systems in China;
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The company holds a leading position in the field of microscopical scanning equipment and karyotype analysis software, with strong market competitiveness and brand influence.
PART/2
Market Overview of Chromosome Karyotype Analysis Systems
Chromosome karyotype analysis, as an important cytogenetic method, can be used to identify chromosomal numerical and structural abnormalities and has significant value in clinical diagnosis. Chromosome karyotype analysis is a highly complex procedure within microimaging detection technology. This technique involves culturing human cells (usually peripheral blood lymphocytes, amniotic fluid cells, or bone marrow cells) in vitro, using stimulants such as phytohemagglutinin to promote cell division, and observing and analyzing them during metaphase of mitosis (when chromosomes are highly condensed and the microscopic morphology is most clear).
In terms of product composition, the chromosome karyotype analysis system mainly consists of core analysis software, microimage scanners, cell collectors, and slide preparation and staining machines. According to Frost & Sullivan's data, the global chromosome karyotype analysis system market (divided by product type) is undergoing structural changes. Although developed regions maintain stable growth through technological iteration, emerging markets such as China are in a transition phase, gradually transitioning from labor-intensive manual operation modes to automated, AI-driven diagnostic workflows. The global market size for chromosome karyotype analysis systems increased from $3.826 billion in 2019 to $6.588 billion in 2024, with a compound annual growth rate of 11.5%. Driven by the popularization of automated workstation applications, addressing the shortage of global cytogenetic experts, and increasing diagnostic throughput, the market is expected to accelerate growth and reach $15.33 billion by 2030 (compound annual growth rate: 15.1%), and further grow to $50.47 billion by 2035.
Resource source: Analysis by Frost & Sullivan
According to Frost & Sullivan's data, the market for chromosome karyotype analysis systems in China (classified by product type) maintained stable growth from 2019 (RMB 1.199 billion) to 2024 (RMB 1.659 billion), with a compound annual growth rate of 6.7%. From 2024 to 2030, the market is expected to enter a period of rapid expansion, reaching RMB 20.379 billion in 2030, with a significant increase in the compound annual growth rate to 51.9%. This acceleration is mainly due to: (i) the popularization of intelligent analysis software, effectively alleviating the bottleneck of scarce professional resources; and (ii) the growing clinical demand in the fields of prenatal and blood testing under national policy promotion. It is estimated that by 2035, the market size will further expand to RMB 59.968 billion.
Resource source: Analysis by Frost & Sullivan
According to Frost & Sullivan's data, the market for chromosome karyotype analysis systems in China is mainly divided into three clinical application scenarios: reproductive health (such as prenatal diagnosis), blood malignancies (such as leukemia and lymphoma), and radiation protection testing. As the cornerstone of the market, the reproductive health sector accounts for about 82.9% of China's overall market in 2024. Currently, the Chinese market is undergoing a dual transformation of rapid expansion and technological upgrading, with a strong growth trajectory (a compound annual growth rate of 46.0% from 2024 to 2030) reflecting a continuous expansion trend. Blood malignancies, as a sub-segment with high growth potential, are entering a stage of rapid expansion in related testing demand. In the clinical diagnosis and treatment of leukemia and lymphoma, chromosome karyotype analysis plays an important role in risk stratification and prognosis assessment. In the past, such testing was limited by factors such as complex operations and a high dependence on professionals, restricting its large-scale application. With the gradual application of automated equipment and artificial intelligence-assisted analysis technology, the industry is developing towards large-scale and precise diagnosis. Therefore, it is expected that its market size will grow from RMB 2.01 billion in 2024 to RMB 5.697 billion in 2030, with a compound annual growth rate of 74.6%, significantly higher than the industry average. Radiation protection testing focuses on mandatory occupational health monitoring for populations exposed to ionizing radiation. Currently, traditional manual microscopy is still the mainstream (about 80% to 90% of eligible institutions use it), leaving significant room for automation substitution. Future growth mainly comes from replacing manual operations with computer-aided analysis software, thereby breaking through efficiency bottlenecks and strengthening compliance enforcement. Therefore, it is expected that its market size will grow from RMB 83 million in 2024 to RMB 1.352 billion in 2030, with a compound annual growth rate as high as 59.2%.
Resource source: Analysis by Frost & Sullivan
PART/3
Reproductive health imaging detection market
Reproductive health imaging detection is one of the clinical application scenarios of chromosome karyotype analysis. Reproductive health imaging detection uses imaging technology to analyze the human reproductive system and related diseases, providing auxiliary diagnostic support in the medical field. In China, key application directions include cervical cancer imaging-assisted interpretation, chromosome karyotype analysis technology, and prenatal and postnatal ultrasound imaging analysis.
Driven by policy support, an increase in the testing population, rising labor costs, and increasingly stringent quality standardization and specifications, medical institutions at all levels are gradually upgrading their equipment from 'manual' to 'semi-automatic' to 'fully automatic', with the penetration rate of automated products continuously increasing.
According to Frost & Sullivan's data, the automation penetration rate of chromosome karyotype analysis for reproductive health in China has increased from 5.3% in 2019 to 6.5% in 2024, with a compound annual growth rate of 4.1%. However, the advancement of automation applications is expected to accelerate significantly, with an automation penetration rate of 55.7% by 2030, reflecting a compound annual growth rate as high as 43.0% from 2024 to 2030. From 2030 to 2035, the automation process is expected to continue, with a penetration rate reaching 91.7% by 2035, although the compound annual growth rate will slow down to 10.5%. This trend indicates that automation technology will achieve rapid and widespread popularization in China's field of reproductive cell genetics diagnosis.
Resource source: Analysis by Frost & Sullivan
PART/ 4
Blood tumor medical imaging detection market
Blood malignancies detection is one of the clinical application scenarios of chromosomal karyotype analysis. Blood malignancies mainly include leukemia, lymphoma, and multiple myeloma, which are a group of malignant tumors originating from the hematopoietic system. Chromosomal karyotype analysis is one of the 'gold standards' for the diagnosis, typing, prognosis assessment, and treatment monitoring of blood malignancies. For example, detecting the Philadelphia chromosome in chronic myeloid leukemia (CML) or differentiating complex karyotype abnormalities in acute myeloid leukemia (AML) can directly provide a basis for patient risk stratification and treatment plan selection. According to Frost & Sullivan's data, the automation penetration rate of China's blood malignancy chromosomal karyotype analysis system increased slightly from 0.70% in 2019 to 0.95% in 2024, with a compound annual growth rate of 6.3%. However, the application of automation technology is expected to accelerate significantly, with the automation penetration rate projected to rise to 20.0% by 2030, and the compound annual growth rate from 2024 to 2030 is as high as 66.2%. From 2030 to 2035, this trend is expected to continue, reaching 78.0% by 2035, with a compound annual growth rate of 31.3%. This surge reflects the rapid transformation of laboratory workflows, mainly driven by the growing demand for efficiency and accuracy in blood tumor diagnosis.
Resource source: Analysis by Frost & Sullivan
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Competitive landscape of chromosome karyotype analysis systems in China
According to Frost & Sullivan's data, the market for chromosome karyotype analysis systems in China is relatively concentrated. As of the latest practicable date, there are approximately 17 market participants engaged in the provision of chromosome karyotype analysis products and services in China. In terms of revenue for 2024, the top five participants combined accounted for about 89.6% of the market share. Our company ranks first with a market share of 30.6%.
Resource sources: Public documents, expert interviews, Frost & Sullivan analysis
