Shockwave Medical, Inc. and Genesis MedTech Group announced that they have successfully obtained approval from China's National Medical Products Administration (NMPA) to market and sell the Shockwave IVL System with the Shockwave C2 Coronary IVL Catheters and the Shockwave M5 and S4 Peripheral IVL Catheters in China. A joint venture between Genesis MedTech and Shockwave was formed in March of 2021 as a partnership to distribute Shockwave's products in China and to leverage Genesis MedTech's Wuxi research and development and production base to accelerate the manufacturing of Shockwave's products for the local Chinese market. The Shockwave M5 and S4 IVL Catheters, which are used for the treatment of peripheral arterial calcification lesions, are approved in the United States, the European Union, and other select international jurisdictions and have been used to help treat more than 50,000 patients globally who suffer from peripheral arterial disease.

The Shockwave C2 Coronary IVL Catheters, which are used for the treatment of coronary arterial calcification lesions, are approved in the United States, the European Union, and other select international jurisdictions, and have been used to help treat more than 70,000 patients globally who suffer from coronary artery disease. In July 2021, Professor Yundai Chen of the Chinese People's Liberation Army General Hospital led a team to perform the first clinical IVL procedure in China to treat a patient with severely calcified coronary artery lesions. With an aging population, there is an increasing incidence of calcified vascular disease in China.

According to the Chinese Expert Consensus on the Diagnosis and Treatment of Calcific Coronary Lesions 2021 (Expert Consensus Statement 2021), the risk of developing coronary artery calcification increases with age, with an incidence rate of about 50% in people aged 40-49 years and about 80% in people aged 60-69 years. Calcification is also a common problem in patients with peripheral arterial disease. According to Statistica, China had a population of over 1.4 billion in 2020, 50% of whom were over the age of 40.