医疗器械行业：外周介入国采进行时，国产替代进程持续推进

Investment Rating - The report rates the medical device industry as "Buy" with a target price indicating a strong performance expected over the next 12 months [3][75]. Core Insights - The report emphasizes the ongoing innovation in domestic peripheral intervention products and the necessity for domestic substitution. The number of patients with peripheral vascular diseases in China is approximately 45.3 million, representing 13.73% of the total cardiovascular disease patients [3][17]. - The global market for peripheral vascular intervention products is projected to grow from approximately $9.625 billion in 2023 to$16.228 billion by 2030, with a compound annual growth rate (CAGR) of 7.75% [3][17]. - The report highlights the significant potential for domestic brands to increase their market penetration as they continue to innovate and improve product specifications compared to foreign brands [3][17]. Summary by Sections Peripheral Intervention Devices - Peripheral vascular diseases are primarily caused by vascular blockages, leading to reduced blood flow. The report notes that the incidence of peripheral artery disease (PAD) has increased significantly, with a 108.9% growth from 1990 to 2016 [17][19]. - The report forecasts that the number of peripheral artery interventions will reach 316,000 by 2024, a 44.29% increase from 2023 [19]. Domestic Peripheral Intervention Products - The report discusses the maturity and reliability of domestic products such as the Aegisy inferior vena cava filter, which is designed to capture blood clots and prevent pulmonary embolism [28][29]. - The domestic market for inferior vena cava filters is rapidly growing, with domestic brands accounting for over half of the market share [34]. National Procurement and Market Potential - The report indicates that the national procurement of peripheral intervention products is accelerating, with significant opportunities for domestic brands to capture market share [50][51]. - The report highlights that the domestic market for peripheral artery stents and balloons is expected to grow significantly, with projections indicating a market size of 6.8 billion yuan by 2030 for peripheral artery interventions [51]. Recommended Companies - The report recommends focusing on Xianjian Technology, which has shown strong sales growth in its peripheral vascular business and is well-positioned to benefit from the ongoing national procurement initiatives [59][65].