前沿高值耗材研究系列（五）：外周介入行业全景图：国产企业厚积待发，替代进口有望加速

Investment Rating - The report maintains an "Outperform" rating for the biopharmaceutical industry [1]. Core Insights - The peripheral intervention industry is experiencing rapid growth, driven by a large patient base and the potential for domestic companies to replace imports [3][21]. - The penetration rate for peripheral vascular disease treatments in China is significantly lower than in the U.S., indicating substantial room for growth [12][21]. - Domestic companies are making significant progress in various product categories, particularly drug-coated balloons (DCB) and venous stents, which are expected to capture a larger market share [3][22]. Summary by Sections Industry Overview - The treatment rates for peripheral vascular diseases are low, but the industry is poised for rapid development alongside domestic replacement [5][38]. - In 2021, there were over 51 million patients with peripheral arterial disease and 120 million with varicose veins in China, highlighting strong treatment demand [3][11]. Arterial Diseases - Domestic companies are leveraging drug-coated balloons to break into the market, with multiple products expected to develop concurrently [3][19]. - The market for peripheral arterial intervention is projected to grow at a CAGR of 15.6% from 2021 to 2030, with significant advancements in DCB and other innovative products [21][22]. Venous Diseases - The treatment potential for venous diseases is substantial, with domestic companies gradually improving their product offerings [3][22]. - The market for peripheral venous intervention is expected to grow at a CAGR of 29.3% from 2021 to 2030, driven by increasing awareness and improved treatment accessibility [21][22]. Investment Recommendations - Focus on leading domestic companies with comprehensive product portfolios and advanced technologies in the peripheral intervention field, such as Xinmai Medical, Xianruida Medical, and Guichuang Tongqiao [3][22].