NIPRO Chart

Rank: #30 (Last year: #28) $4.14 Billion (¥661B)
Prior Fiscal: ¥645 Billion
Percentage Change: +2.5%
R&D Expenditure: ¥26.8B
Best FY25 Quarter: Q4 ¥173B
Latest Quarter: Q4 ¥173B
No. of Employees: 38,593
Global Headquarters: Settsu, Osaka, Japan

NIPRO was already a significant shareholder of G2/Spryte Holdco LLC in 2025, holding approximately 39% of the company’s shares. However, in late October, the organization decided to become a full owner and make the firm a subsidiary. To achieve this, NIPRO paid about ¥7.7 billion (~$50 million) for the remaining outstanding shares.

Established in 2020, Spryte Medical focuses on developing medical device technology to transform and improve neurovascular care. Leveraging its platform with integrated AI capabilities, the organization seeks to enhance diagnostics to accelerate the development of new therapies.

Shortly after the full purchase of all of the company’s shares, the subsidiary gained FDA IDE approval to initiate a clinical trial in the U.S. to evaluate the safety and effectiveness of its neuro Optical Coherence Tomography (nOCT) imaging system for use during intracranial aneurysm treatment procedures.

“We have long needed a way to truly see what’s happening inside the brain’s arteries,” said Dr. Demetrius Lopes, director of Cerebrovascular Surgery and Neurointervention at Advocate Health. “nOCT intravascular imaging could fundamentally change how we assess and treat intracranial aneurysms—enabling us to optimize therapeutic device deployment with unprecedented precision.”

It was anticipated patient enrollment would begin in early 2026.

NIPRO also generated positive product headlines from other sections of the company during its latest fiscal year.

In June 2025, the organization launched LiniXia, a reverse-osmosis (RO) water treatment solution. The system produces water with the necessary quality for every dialysis session and was developed with feedback from international technicians and healthcare staff active in dialysis care. The addition of LiniXia PRO—NIPRO’s first RO system with full heat disinfection—positioned the company as a full provider in water treatment, completing its renal care portfolio as a total solutions provider in haemodialysis treatment.

Analyst Insights: NIPRO’s appearance in the Top 30 is a reminder that not every winner needs a splashy M&A story. Dialysis, devices, and pharmaceutical packaging form a durable, supply-chain-anchored platform that deserves more attention.

—Estelle Black, Business Operations Director, MedWorld Advisors

February 2026 saw the FDA 510(k) clearance of a thrombectomy system that enabled a new type of treatment for patients with thrombus in the peripheral venous system. The Avantec Vascular (a NIPRO company) system uses mechanical and aspirational methods of action to remove clots and emboli. With its utilization of a novel rotating tip mechanism combined with vacuum aspiration, the device is designed to be more versatile and efficient in removing a wide variety of blood clots, potentially shortening procedure time. Stabilization of the vein and increased blood flow are expected to improve patient outcomes.

These products are expected to help continue the positive trend NIPRO has enjoyed financially. In its latest fiscal period, the organization experienced a percentage gain in net sales of 2.5%, finishing with almost ¥661 billion.

Among its business segments, Medical-Related was the clear breadwinner, bringing in ¥524 billion (3.67% growth). The Pharmaceutical-Related unit added ¥81 billion to the tally, a rise of 2.51%. PharmaPackaging contributed an additional ¥55 billion, which represented a decrease of 7.72%. Other remained relatively flat, collecting ¥1.1 billion in net sales.

Looking ahead, the company also announced projects and partnerships that would move those figures forward in the coming years.

In December, it was revealed that NIPRO, the Japan Institute for Health Security, the international non-profit organization PATH, and the Institut National de Recherche Biomédicale reached an Investment Agreement with the Global Health Innovative Technology (GHIT) Fund on the development of a new detection test for Mpox (formerly known as monkeypox). Under the agreement, the project receives a grant of approximately ¥70 million from the GHIT Fund. The project would see NIPRO develop a diagnostic test capable of identifying Mpox clades with the performance evaluation of the prototype test kit conducted in the Democratic Republic of the Congo, which was facing the challenge of the disease.

NIPRO also announced a collaboration agreement between its affiliate, Gentuity LLC, and GE HealthCare. The arrangement would result in co-marketing initiatives and technical integration of their respective technologies. The plan was later expanded to include GE HealthCare’s distribution of Gentuity’s HF-OCT Imaging System and Vis-Rx PRIME Micro-Imaging Catheter.

“We are thrilled at the opportunity to expand our relationship with GE HealthCare and look forward to bringing our advanced imaging solutions to a broader range of healthcare providers,” said Desmond Adler, president of Gentuity. “Our industry best serves our physicians and patients when we thoughtfully combine complementary technologies in a way that amplifies their individual impact, and we see this collaboration as an important enabling step in that direction.”

Rank: #28 (Last year: N/A) ¥644.6 Billion ($4.30 Billion)
Prior Fiscal: ¥586.8 Billion
Percentage Change: +9.8%
R&D Expenditure: ¥216.6B
Best FY24 Quarter: Q3 ¥167.2B
Latest Quarter: Q4 ¥165.3B
No. of Employees: 39,168
Global Headquarters: Osaka, Japan

Nipro significantly expanded its U.S. presence in July 2024 by establishing its first North American manufacturing facility in Greenville, N.C. The facility is expected to create 232 new jobs and involve an investment of about $398 million over the next five years.

Founded in Japan in 1954, Nipro is a Tier 1 manufacturer of high-quality medical devices and healthcare solutions. By establishing U.S. manufacturing, the company reduces global transportation needs and cuts down on carbon emissions. The new facility in Pitt County is Nipro’s first venture into producing advanced medical devices directly in the U.S.

The advanced manufacturing site hosts positions from engineering and production to administrative and management roles. The facility is set to produce devices that support patients with diabetes, chronic kidney disease, and other renal health issues.

“We are thrilled to start manufacturing our medical devices in the U.S., which will support local healthcare professionals and patients with a stable supply chain and reduced transportation costs,” said Tsuyoshi Yamazaki, Nipro’s senior managing director of global business. “Our close proximity to customers will allow us to better respond to their needs and provide them with timely and effective solutions.”

“We are delighted to welcome Nipro to North Carolina,” North Carolina Gov. Roy Cooper told the press. “This initiative not only reinforces our status as a prime location for advanced manufacturing but also demonstrates our state’s capability in providing a skilled workforce and a superior quality of life.”

Nipro generated ¥644.6 billion ($4.3 billion) of revenue in its latest fiscal year (ended March 31, 2025), rising an impressive 9.8% over the previous year. Sales were strong in all dialysis products including dialyzers, dialysis equipment, and other dialysis-related products. In the company’s B2B business, sales of insulin needles, Safetouch PSV, and dialyzers increased, making net sales as a whole rise 9.9%.

Dialyzer sales increased because of large projects in North America and shipments commenced for Egyptian government tenders, along with a switch from other European companies. In Asia, single-use applications spread and shipments for government tenders began. Dialysis centers increased in Central and South America and China.

Revenues from drug-eluting balloons, which were previously down because of a competitor putting new products on the market, increased due to recovered market share resulting from an indication expansion. The result was a ¥700 million sales growth. Surgical Device-related product proceeds remained steady thanks to stronger sales and increased maintenance contracts of HeartMate 3, resulting from an indication expansion. As a result, revenues increased ¥860 million over the previous year.

Domestic (Japanese) sales of needles grew ¥1.97 billion due to passing through of costs and increases in shipment. Overseas, insulin needle sales ascended ¥6.16 billion thanks to higher demand for GLP-1 medicines in Europe. Domestic sales of infusion-related products increased ¥790 million thanks to higher costs passed on to sales prices.

FROM THE TOP: “Our growth strategy includes strengthening the competitiveness of our core dialysis products, acquiring sales rights for authorized generics and biosimilars, ensuring a stable supply of antibiotics, establishing a vaccine supply system, and promoting global market expansion for medical devices and kit formulations.”

—Yamazaki Tsuyoshi, President and Representative Director

Americas sales rose ¥23.14 million because of the yen’s depreciation, a large contract of dialyzers and related equipment, and more demand for AVF and blood circuit. European revenues grew ¥5.99 billion due to the Egyptian dialyzers deal, a switch from competitors in Romania and Turkey, and strong dialysis sales in Italy and Libya. In Asia, sales rose ¥8.03 billion thanks to a shift to single-use in Indonesia, tenders for dialysis equipment in Saudi Arabia, UAE, and India, increased needles and syringes sales in Thailand and the Philippines, and healthy sales of vascular-related products.

The Gentuity HF-OCT imaging system received FDA clearance in October. Featuring the Vis-Rx micro-imaging catheter, the system is meant for use before and after percutaneous coronary intervention (PCI). The company said at the time of clearance that it’s the only intravascular imaging platform indicated for assessing the coronary vessel pre- and post-intervention.

The Vis-Rx catheter is 1.8F, which according to Nipro, makes it the world’s smallest imaging platform. Its low crossing profile makes it capabile of performing essential pre-PCI imaging, reduces the need for pre-dilation, streamlines workflow, and lets clinicians assess coronary arteries in their native state.

In December, the company’s Nipro Trading Co. subsidiary in Shanghai acquired Sichuan Pure Science and Technology Co., a manufacturer of dialysis RO equipment. The manufacturer was acquired to expand the company’s hemodialysis business in the Chinese market, helping to actively promote globalization of its medical device business. The acquisition will boost Nipro Trading’s lineup of dialysis-related products, further strengthen its presence in the growing Chinese market, and help capture a leading market share.

January 2025 saw international launch of the DIAMAX WOW single-patient dialysis machine. The machine features a 15-inch touch panel and simple operation thanks to icons and graphic guidance. It has enhanced checking functions for safety as well as improved operability and a slimmer size with a front-mounted B powder cartridge holder.

It also features a liquid preparation time of under three minutes and a thermal disinfection time of less than 30 minutes, with various automated functions. The company said minimal running costs occur throughout the product’s lifecycle with an Eco-mode function and durable solenoid valves.