华创医药投资观点、研究专题周周谈第131期：骨科耗材行业近况更新-20250622

Investment Rating - The report maintains an optimistic outlook on the orthopedic consumables industry, indicating potential for growth and investment opportunities in the sector [9]. Core Viewpoints - The orthopedic consumables market is segmented into joint, spine, trauma, and sports medicine categories, with joint and spine products holding significant market shares [16][12]. - The report highlights the increasing domestic replacement rate driven by centralized procurement policies, which is expected to enhance the competitiveness of local manufacturers [22][24]. - The orthopedic consumables market is projected to grow significantly, with joint products expected to reach a market size of 408 billion yuan by 2029, reflecting a CAGR of 16.9% [21]. - The report emphasizes the rapid development of the sports medicine segment, with a projected CAGR of 28.7%, indicating a growing market opportunity [21]. Market Overview - The orthopedic consumables market in China is expected to reach 592 billion yuan by 2024, representing 17% of the global orthopedic consumables market, which is projected to be 48.6 billion USD [38]. - The report outlines the increasing trend of domestic companies expanding their operations overseas, with significant growth in the proportion of revenue from international markets for companies like Spring Medical and Dabo Medical [39][40]. Segment Analysis - Joint Products: The market size for joint products is expected to grow from 187 billion yuan in 2024 to 408 billion yuan by 2029, driven by advancements in surgical techniques and technology [21]. - Spine Products: The spine product market is projected to grow from 171 billion yuan in 2024 to 335 billion yuan by 2029, supported by demographic trends such as aging populations [21]. - Trauma Products: The trauma segment is expected to maintain steady growth, with a market size projected to reach 315 billion yuan by 2029 [21]. - Sports Medicine: The sports medicine market is anticipated to grow rapidly, from 41 billion yuan in 2022 to 145 billion yuan by 2027 [21]. Procurement Progress - The report details the progress of centralized procurement in the orthopedic sector, noting significant price reductions and increased participation from domestic manufacturers [25][29][36]. - The first round of national procurement for joint products resulted in an average price drop of 82%, with a follow-up procurement cycle expected to maintain moderate price reductions [26][31]. - The spine product procurement saw an average price reduction of 84%, with a high participation rate from manufacturers [31]. Domestic Replacement Rate - The report indicates a significant increase in the domestic replacement rate for orthopedic consumables, with joint products' domestic rate rising from 47% in 2020 to an expected 79% by 2024 [24]. - The spine and trauma segments are also experiencing similar trends, with domestic replacement rates projected to reach 80% and 91%, respectively, by 2024 [24].