医药生物行业点评报告：国家组织人工耳蜗及外周血管支架类集采，国产品牌有望以价换量提升市占率

Investment Rating - The industry investment rating is "Increase" [8] Core Viewpoints - The centralized procurement of cochlear implants and peripheral vascular stents by the state is expected to enhance the market share of domestic brands through price competition [4] - Imported medical consumables dominate the procurement volume, with domestic brands holding a significantly lower market share in both cochlear implants and peripheral vascular stents [5] - The centralized procurement is anticipated to facilitate the rapid entry of domestic brands into hospitals, accelerating the pace of domestic substitution and providing opportunities for domestic brands to gain market share [5] Summary by Sections Event - On November 29, 2024, the National Medical Insurance Administration announced centralized procurement for cochlear implants and peripheral vascular stents, covering a three-year procurement cycle with a total procurement volume expected to be three times the first-year agreement volume [4] Market Analysis - In the cochlear implant category, the annual procurement demand is 11,239 units for implants and 10,943 units for speech processors, with domestic manufacturers accounting for 25.90% and 25.67% respectively [5] - For peripheral vascular stents, the annual procurement volume for lower limb arterial stents is 123,449 units, with only 2.37% from domestic brands, while non-lower limb arterial stents have a procurement volume of 101,139 units with domestic brands at 0.12% [5] - The market for peripheral vascular intervention stents is projected to grow at a compound annual growth rate of 11% from 2021 to 2025, reaching approximately 2.1 billion by 2030 [5] Investment Recommendations - The report suggests focusing on domestic brand companies involved in the procurement, such as Xianjian Technology, Xinmai Medical, and Guichuang Tongqiao-B [6]