家用呼吸机行业深度：家用长坡厚雪赛道，产业链拐点孕机遇

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Viewpoints - The home medical device sector, particularly home ventilators, has significant growth potential due to low penetration rates and a large patient base for COPD and OSA, with over 1.5 billion global patients. Early intervention in chronic disease management could save approximately 150 billion yuan in medical expenses [4][8] - The U.S. ventilator market is expected to continue growing post-pandemic, driven by a well-established insurance reimbursement system and economic factors. The current diagnosis rate for OSA in the U.S. is only about 20%, indicating room for growth [4][31] - The competitive landscape is shifting as domestic manufacturers improve product performance and cost-effectiveness, leading to increased market share. Domestic brands like Yihua Jiaye have rapidly gained market share, reaching 17.7% globally and 25.8% domestically by 2022 [4][47] Summary by Sections Home Ventilator Market Outlook - The home ventilator market is projected to grow significantly, with the Chinese market expected to reach 3.33 billion yuan by 2025, reflecting a CAGR of 22% from 2021 [4][31] - The global market for home non-invasive ventilators is anticipated to reach $5.58 billion by 2025, with a CAGR of 15.5% from 2020 to 2025 [31] Competitive Landscape - Domestic manufacturers are increasingly competitive, with product performance now comparable to imported brands. The three main competitive advantages for home ventilators are brand strength, product performance, and after-sales service [4][44] - The market share of domestic brands is expected to continue rising due to improved product quality and competitive pricing [4][47] Review of ResMed - ResMed has established itself as a global leader in the ventilator market, benefiting from early technological advancements and a supportive market environment in the U.S. [4][63] - The company's revenue is shifting from equipment sales to consumables, indicating a growing market for replacement parts like masks [4][63] Beneficiary Companies - Companies to watch include: - Meihua Medical: A leading precision medical device manufacturer with a strong recovery in orders [4][68] - Yihua Jiaye: A domestic leader in home ventilators with a global presence and recent agreements to expand into new markets [4][70] - Yuyue Medical: A major player in home medical devices, focusing on high-end product breakthroughs [4][68]