Chan Ye Xin Xi Wang·2025-06-18 01:28Overview - The aging population in China is leading to an increase in the prevalence of joint diseases, cardiovascular diseases, and spinal degeneration diseases, resulting in a higher demand for high-value medical consumables such as artificial joints, cardiac stents, and spinal materials [1][11] - Continuous advancements in medical technology in China are driving innovation and application of high-value consumables, with new products emerging that offer better biocompatibility and functionality [1][11] - The market size for high-value consumables in China is projected to reach 250.4 billion yuan in 2024, representing a year-on-year growth of 12.84% [1][11] Market Policy - The Chinese government has issued several policies to support the development of the medical device industry, including high-value consumables, ensuring market order and product quality [4][6] - Key policies include guidelines for medical device classification management, basic medical insurance payment management, and the promotion of high-quality development in the pharmaceutical and medical device sectors [4][6] Industry Chain - The upstream of the high-value consumables industry includes materials such as metals (titanium alloys, stainless steel), polymers (medical plastics, rubber), and biological materials [7] - The midstream consists of research and production enterprises for high-value consumables, while the downstream includes hospitals and healthcare institutions that are the primary users of these products [7] Development Status - The number of medical institutions in China has significantly increased, reaching 1.092 million by the end of 2024, which provides a broad growth space for the high-value consumables industry [8] - The market for high-value consumables is segmented, with orthopedic implants accounting for approximately 25.8%, vascular intervention consumables for about 36.7%, and other categories making up the remainder [11] Competitive Landscape - The high-value consumables market in China is characterized by varying competitive dynamics across different segments, with foreign companies dominating high-end technology areas [12] - Domestic companies like Weigao and Lepu are rapidly increasing their market share in mid to high-end segments through centralized procurement policies, achieving high localization rates in orthopedic and cardiovascular products [12][13] Industry Representative Companies - Weigao Group has become a leading enterprise in the medical device and consumables sector, achieving a total revenue of 13.09 billion yuan in 2024, with a gross profit margin of 50.28% [16] - Lepu Medical, a pioneer in cardiac intervention devices, reported a total revenue of 6.103 billion yuan in 2024, with its medical device business contributing 54.50% of total revenue [18] Development Trends - Centralized procurement is expected to become the norm, which will compress prices and encourage companies to reduce costs and improve efficiency [20] - The market for high-value consumables is anticipated to see increased consolidation and a shift towards a more professional and standardized distribution model [20]