辅助生殖加速入医保，哪些细分领域值得关注？

Investment Rating - The report indicates a positive investment outlook for the assisted reproductive industry, particularly following the inclusion of assisted reproductive services in medical insurance [1][3]. Core Insights - The inclusion of assisted reproductive services in medical insurance is expected to alleviate the financial burden on infertility patients and improve the accessibility and affordability of these services [6][10]. - China's population is experiencing a decline, with a total population of 1.40967 billion at the end of 2023, marking a decrease of 2.08 million from the previous year [2][3]. - The infertility rate in China has risen, with over 50 million individuals affected, translating to 1 in 8 couples facing infertility issues [2][3]. Summary by Sections Assisted Reproductive Technology - Assisted reproductive technology (ART) includes methods such as artificial insemination and in vitro fertilization (IVF), which are effective in treating infertility [3][5]. - The report highlights the three generations of IVF technology, with the third generation involving preimplantation genetic testing (PGT) to prevent genetic diseases [5][9]. Medical Insurance Inclusion - As of October 1, 2024, Shenzhen has included eight assisted reproductive services in its basic medical insurance, with reimbursement rates up to 90% based on continuous insurance coverage [1][6]. - By September 2024, 19 provinces and cities in China had followed suit, indicating a growing trend towards insurance coverage for assisted reproductive services [6][10]. Market Penetration - The penetration rate of assisted reproductive services in China was only 7% in 2018, significantly lower than Europe (35.2%) and the US (30.2%). It is projected to rise to 9.2% in 2023 due to policy support [6][10]. Birth Defects and Genetic Testing - The current birth defect rate in China is 5.6%, with over 8000 known defects, leading to approximately 900,000 new cases each year [8][9]. - Genetic testing plays a crucial role in preventing birth defects, with various stages of testing available, including preimplantation and prenatal testing [9][10]. Investment Trends - The assisted reproductive detection sector has seen multiple financing cases, indicating increased interest from capital markets [10][11]. - The report outlines several financing rounds for companies in the assisted reproductive testing and equipment sectors, highlighting significant investments in recent years [11][14]. Assisted Reproductive Service Institutions - As of 2023, there are 602 approved assisted reproductive service institutions in China, reflecting a growth of 43 institutions from the previous year [16][17]. - The report notes the high barriers to entry for these institutions, which must meet stringent regulatory requirements to operate [16][17].