中金：全球医疗器械市场稳健增长 电生理、RDN等8个细分赛道值得重点关注

Global Medical Device Market Growth - The global medical device market is projected to reach $862.6 billion by 2030, with a CAGR of 5% from 2025 to 2030, driven by factors such as aging population, rising chronic disease prevalence, advancements in medical technology, policy support, and improvements in healthcare systems [1] - In 2025, the market share distribution is expected to be 32% North America, 25% Europe, 8% China, 19% Asia-Pacific, 11% Latin America, and 5% Middle East and Africa [1] - The market segments include high-value consumables (32%), low-value consumables (12%), medical imaging equipment (12%), in vitro diagnostics (13%), and others (31%) [1] Valuation Insights - A review of 15 leading global medical device companies indicates that cardiovascular, medical imaging, surgical, orthopedic, blood glucose management, and neuroscience are key focus areas [2] - Valuation shows significant stratification, with high-growth segment leaders enjoying P/E ratios of 31-57x for 2025, while mature platform companies typically have P/E ratios of 13-18x for 2025 [2] - The core reason for valuation differentiation is the market's expectations of future growth and the perceived technological barriers and sustainable advantages within each segment [2] Innovation-Driven Growth - Eight key segments identified for potential growth include electrophysiology, renal denervation (RDN), complex vascular intervention, structural heart, neuroscience, surgical robotics, endoscopy, and blood glucose management [3] - These areas may experience procedure upgrades or product iterations, or new technologies may unlock unmet market needs, leading to significant commercialization opportunities [3] - Segment leaders can leverage high growth and strong barriers to enjoy long-term premium valuations, while some traditional giants may boost performance and valuation through major product launches [3] Investment Recommendations - Focus on high-growth segments such as cardiovascular, surgical robotics, neuroscience, endoscopy, and blood glucose management [4] - Relevant companies in the supply chain include Boston Scientific (BSX.US), Edwards Lifesciences (EW.US), Intuitive Surgical (ISRG.US), Medtronic (MDT.US), Abbott (ABT.US), Johnson & Johnson (JNJ.US), Stryker (SYK.US), Dexcom (DXCM.US), Olympus, and Terumo [4]