医疗设备行业9月更新：设备更新落地兑现需求，招采恢复激活产业生态

Investment Rating - The report maintains a "Positive" investment rating for the medical device industry [3]. Core Insights - The medical device industry is expected to return to positive growth in 2025 after two consecutive years of decline, driven by increased demand for hospital equipment due to equipment update policies [9]. - The procurement scale for medical devices in the first half of 2025 is projected to be between 187.6 billion to 241.1 billion yuan, indicating a potential for rapid growth [13]. - The domestic production rate of medical devices has increased significantly from 19% in 2019 to 47% in September 2025, with varying rates across different categories [21][22]. Summary by Sections Equipment Procurement: Continuous Recovery, Positive Performance Release - The medical device procurement market is showing signs of recovery, with a projected procurement scale of 845 billion yuan in the first half of 2025, indicating a strong growth trajectory [13]. - Monthly procurement data shows that the procurement amount in September 2025 experienced a slight decline due to seasonal factors, but the overall trend remains positive [16][17]. - The domestic production rate of medical devices has risen to 47% as of September 2025, with ultrasound and CT devices leading the way [21][22]. Equipment Updates: Continuous Implementation, Expected Acceleration in Procurement - The total intended procurement and planned project amounts for equipment updates reached 905 billion yuan from April to December 2024, with 401 billion yuan in the first eight months of 2025 [39]. - The majority of equipment updates are led by tertiary hospitals, accounting for 61% of the intended procurement projects [43]. - Large equipment such as ultrasound, CT, and MRI are prioritized in the equipment update projects, with an increase in demand for endoscopes noted [47]. Monthly Procurement Performance of Key Equipment - Ultrasound procurement in September 2025 reached 1.619 billion yuan, showing a year-on-year increase of 37.46% [26]. - CT procurement in September 2025 was 1.651 billion yuan, with a year-on-year growth of 31.96% [27]. - MRI procurement in September 2025 was 1.512 billion yuan, reflecting a year-on-year increase of 6.34% [30]. - Digestive endoscope procurement in September 2025 was 578 million yuan, with a year-on-year growth of 4.05% [36].