USM Healthcare

What USM Healthcare does

USM Healthcare Medical Devices Factory JSC is a Vietnam-based, vertically integrated medical device manufacturer specializing in cardiology and orthopaedic devices, including stents. The company holds a distinctive structural position as Vietnam's only domestic stent manufacturer, supplying hospitals, clinics, and medical facilities with locally produced, regulatory-approved devices and reducing dependence on imported cardiology and orthopaedic products. Its operations span the full device lifecycle — design, manufacturing, regulatory approval, and direct sales — enabling end-to-end quality control and faster product iteration than non-vertically integrated competitors.

The company generates revenue through hardware sales of cardiology and orthopaedic devices to healthcare providers, primarily within Vietnam. In March 2022, USM Healthcare raised $30 million in a funding round led by EastBridge Partners to support manufacturing capacity expansion. On January 23, 2025, Japan's Nissha Co., Ltd. acquired a 60% majority stake in USM Healthcare alongside its Vietnamese subsidiary, making USM Healthcare a majority-owned subsidiary of Nissha. The acquisition positions USM Healthcare as a contributor to Nissha's strategic target of raising its global medical segment to 50% of consolidated net sales by 2030, embedding the company within a larger Japanese medical device platform with potential for geographic and product expansion beyond the Vietnamese domestic market.

Name

USM Healthcare

Legal name

USM Healthcare Medical Devices Factory JSC

Website

https://usm.com.vn

Company type

Private

Founded year

2012

Operating status

Acquired

Headcount range

51–100 employees

Short description

USM Healthcare Medical Devices Factory JSC is a Vietnam-based, vertically integrated manufacturer of cardiology stents and orthopaedic devices, serving domestic healthcare providers. It is majority-owned (60%) by Japan's Nissha Co., Ltd. since January 2025.

Ownership category

akta.pro rank

Product category

Medical Device Manufacturing

NAICS

Surgical Appliance and Supplies Manufacturing (339113), Surgical and Medical Instrument Manufacturing (339112)

SIC

Surgical & Medical Instruments & Apparatus (3841), Orthopedic, Prosthetic & Surgical Appliances & Supplies (3842)

akta.pro primary industry

Coronary Stents & Drug-Eluting Technologies (HLAHAFAA)

Keywords

• Medical device manufacturing
• Cardiology devices
• Orthopaedic devices
• Stent manufacturing
• Vertically integrated manufacturing

Headquarters

HQ city

Ho Chi Minh City

HQ country

Vietnam

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Medical Device Sales: Revenue generated from the sale of cardiology and orthopaedic devices including stents. The company operates a vertically integrated model covering design, manufacturing, regulatory approval, and direct sales.

Go-to-market motion1 record

Distribution channels1 record

Core offering

USM Healthcare manufactures cardiology devices (including stents) and orthopaedic devices for the Vietnamese healthcare market. Operating as Vietnam's only domestic stent manufacturer, the company runs a vertically integrated model covering design, manufacturing, regulatory approval, and direct sales to hospitals and medical facilities.

Product overview

USM Healthcare operates as a vertically integrated medical device manufacturer covering design, manufacturing, regulatory approval, and sales. The company produces cardiology devices (including stents, making it Vietnam's only domestic stent manufacturer) and orthopaedic devices. Following Nissha's acquisition of a 60% stake in January 2025, USM Healthcare is positioned to contribute to Nissha's goal of raising its medical segment to 50% of consolidated net sales by 2030.

Differentiator

Problem solved

Functional benefit

Products and services

• Cardiology Devices Medical devices for cardiology applications, including coronary stents, manufactured by USM Healthcare. As Vietnam's only domestic stent manufacturer, the company supplies cardiology devices to hospitals, clinics, and medical facilities for use in stent implantation and related cardiology procedures.
• Orthopaedic Devices Medical devices for orthopaedic applications, manufactured by USM Healthcare and supplied to healthcare providers (hospitals, clinics, medical facilities) for use in orthopaedic surgical procedures.

Quantifiable outcome

• Contributing to Nissha's goal of raising medical segment to 50% of consolidated net sales by 2030

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators3 records

Recent moves4 records

Expansion highlights4 records

Broad incumbents

• Boston Scientific: Global medical device leader with a substantial coronary stent and interventional cardiology portfolio, directly comparable to USM's core cardiology and stent offering, but operating at far greater scale and breadth.
• Medtronic: One of the largest cardiology and orthopaedic device manufacturers in the world, with broad product portfolios including coronary stents and orthopaedic implants. Competes with USM in the same clinical use cases globally.
• Abbott Laboratories: Major player in coronary stents (e.g., Xience) and cardiovascular devices, with a global distribution network. Direct overlap with USM's cardiology device business.
• Terumo Corporation: Japanese medical device company with significant interventional cardiology and stent operations. Closely comparable to USM as an Asia-headquartered competitor in cardiology devices, and a relevant comparison for Nissha's strategic positioning.
• Stryker: Global leader in orthopaedic implants and surgical devices. Direct overlap with USM's orthopaedic device product line at the use-case level, though at vastly greater scale and geographic reach.
• Zimmer Biomet: Specialized orthopaedic implant manufacturer (joint reconstruction, trauma, spine). Comparable product portfolio to USM's orthopaedic devices, especially for surgical implants in hospitals and surgery centers.
• B. Braun: German medical device and pharmaceutical company with broad surgical and orthopaedic device offerings. Comparable as a vertically integrated medical device manufacturer with global distribution.

Emerging players

• Sahajanand Medical Technologies: India-based manufacturer of coronary stents and cardiac devices, serving emerging Asian markets. Comparable as an emerging-market stent manufacturer competing against multinational incumbents, similar to USM's positioning in Vietnam.

Regional players

• MicroPort Scientific: China-headquartered medical device company with cardiology and orthopaedic product lines focused on Asian and emerging markets. Comparable as a regional peer in Asia selling cardiology and orthopaedic devices into markets served by USM.
• Lepu Medical: China-based manufacturer of cardiovascular and orthopaedic devices, including coronary stents. Comparable as an Asian challenger brand competing with multinational incumbents in cardiology devices at a similar scale tier to USM.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about USM Healthcare