华福证券-2025年中国种植牙行业概览：人口老龄化下的口腔医疗新黄金十年——医疗与消费周观点-250925

Group 1 - The pharmaceutical index has experienced adjustments across six sub-industries this week, indicating overall pressure on performance [1] - According to the report by Toubao Research Institute, the demand and scale of the dental implant industry in China have recently increased, with the number of implants expected to grow from 3.12 million in 2019 to 6.864 million by 2024, and projected to reach 28.149 million by 2030 [1] - The market size of the dental implant industry is expected to grow at a compound annual growth rate (CAGR) of 20.3%, reaching 30.86 billion yuan by 2030, driven by aging population, increased oral health awareness (with 240 million treatment visits in 2023), and centralized procurement policies [1] Group 2 - The competition in the dental implant market is currently dominated by imported brands, while domestic companies like Weigao Jielikang are emerging in centralized procurement, although there is a significant gap in market share [1] - The upstream supply of titanium materials is sufficient, the midstream prospects for zirconia are positive, and the downstream institutions are experiencing differentiated growth [1] - Companies with technological and cost advantages, as well as those aligned with policy directions, are expected to have greater investment value under the conditions of technological iteration and regulatory standards [1]