Industry Investment Rating - The report does not explicitly mention an investment rating for the industry [1][2][3] Core Views - The medical device industry is undergoing high-quality development, driven by domestic substitution and technological innovation [3] - The 18A rule has provided a platform for excellent medical device companies to grow, enhancing industry vitality [3] - Centralized procurement and healthcare payment reforms are accelerating market consolidation and promoting cost-effective solutions [3] - The vascular interventional device market is growing steadily, with a total transaction volume of 21,0755 units in 2023, and a 39.3% share in Q4 [4] - The non-vascular interventional device market is expanding, with global procedures increasing from 77.1 million in 2016 to 125.1 million in 2022, and expected to reach 256.2 million by 2030 [5] - The in-vitro diagnostics (IVD) market is dominated by molecular diagnostics, immunodiagnostics, and biochemical diagnostics, with immunodiagnostics being the largest segment [6] Market Conditions by Category Vascular Interventional Devices - The vascular interventional device market saw a total transaction volume of 21,0755 units in 2023, with Q4 accounting for 39.3% of the total [4] - The total transaction amount was 14.3 billion, with Q2 accounting for 31.0% [4] Non-Vascular Interventional Devices - Global non-vascular interventional procedures increased from 77.1 million in 2016 to 125.1 million in 2022, and are expected to reach 256.2 million by 2030 [5] - In China, non-vascular interventional procedures grew from 21.1 million in 2016 to 37.6 million in 2022, and are expected to reach 89.0 million by 2030 [5] In-Vitro Diagnostics (IVD) - The IVD market is segmented into molecular diagnostics, immunodiagnostics, and biochemical diagnostics, with immunodiagnostics being the largest segment [6] - Immunodiagnostics, based on immunology principles, includes technologies like chemiluminescence, enzyme-linked immunosorbent assay (ELISA), and colloidal gold [6] Interventional Medical Devices Definition and Classification - Interventional medicine uses imaging diagnostics to guide treatments, involving minimally invasive techniques with small incisions and reduced risks [9][10] - It is divided into vascular and non-vascular interventional medicine, with applications in treating vascular diseases, tumors, and organ dysfunctions [11][12] Industry Chain - The interventional device industry chain includes upstream raw material suppliers, midstream manufacturers, and downstream healthcare institutions [13][14] - Upstream materials include medical polymers and metals, with high dependence on overseas suppliers due to stringent quality requirements [14] - Midstream manufacturers face intense competition, with multinational companies dominating the high-end market, while local companies are making breakthroughs in certain segments [14] Coronary Intervention - PCI (Percutaneous Coronary Intervention) procedures in China increased from 915,000 in 2018 to 1.636 million in 2023, with a CAGR of 12.3% [15][17] - The penetration rate of PCI in China is lower compared to developed countries, with 824.1 procedures per million population in 2021 [16] - The market size for precision PCI in China grew from 510 million in 2019 to 3.93 billion in 2023, with a CAGR of 66.6%, and is expected to reach 8.87 billion by 2028 [19][20] Neurointervention - The neurointerventional device market in China grew from 4.56 billion in 2019 to 8.25 billion in 2023, with a CAGR of 16.0%, and is expected to reach 43.22 billion by 2028 [21] - Factors driving growth include aging populations, supportive policies, and advancements in AI technology for cerebrovascular disease diagnosis and treatment [21] Peripheral Vascular Intervention - The peripheral vascular interventional device market in China grew from 3.26 billion in 2019 to 6.39 billion in 2023, with a CAGR of 18.3%, and is expected to reach 13.24 billion by 2028 [22] - The market is currently dominated by foreign companies, with domestic companies making progress in single-product breakthroughs [22] Non-Vascular Intervention - The global endoscope market for non-vascular interventions grew from 14.4 billion in 2019 to 18.7 billion in 2023, and is expected to reach 27.7 billion by 2028 [24] - In China, the market grew from 17.1 billion in 2019 to 22.8 billion in 2023, and is expected to reach 38.4 billion by 2028 [24] In-Vitro Diagnostics (IVD) Definition and Classification - IVD involves testing human samples outside the body to obtain clinical diagnostic information, with applications in disease prevention, diagnosis, and monitoring [27][28] - The market is segmented into immunodiagnostics, microbiological diagnostics, molecular diagnostics, POCT, biochemical diagnostics, and clinical laboratory diagnostics [29] Industry Chain - The IVD industry chain includes upstream raw material suppliers, midstream manufacturers, and downstream healthcare institutions [30][31] - Upstream materials include diagnostic enzymes, antigens, and antibodies, with high technical barriers and low domestic production rates [31] - Midstream manufacturers focus on R&D, production, and quality control, with international companies dominating the high-end market [33] Market Size - The IVD market in China grew from 1.185 trillion in 2019 to 2.417 trillion in 2023, with a CAGR of 19.5%, and is expected to reach 4.442 trillion by 2028 [34][35] - Key drivers include aging populations, increasing healthcare expenditures, and advancements in technology [35]
2024年港股18A：生物科技行业洞察报告：医疗器械赛道（上）-寒冬困境下，医疗器械行业的机遇与挑战
头豹研究院·2024-09-25 12:02