医疗设备行业10月更新：招采金额环比同比均恢复增长态势

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 renewal policies [9]. - The procurement amount for medical devices in October 2025 showed a year-on-year increase of 13.84% and a month-on-month increase of 0.28%, indicating a continuous recovery trend [16]. - The domestic production rate of medical devices has increased significantly from 19% in 2019 to 48% in October 2025, with varying rates across different categories [20]. Summary by Sections Equipment Procurement - The medical device procurement market is expected to reach between 187.6 billion to 241.1 billion yuan in 2025, with a strong recovery anticipated in the second half of the year [13]. - The procurement scale for October 2025 was 16.254 billion yuan, with a cumulative total of 144.665 billion yuan from January to October, reflecting a 39.63% year-on-year increase [16]. - The ultrasound procurement in October 2025 was 1.556 billion yuan, showing a 54.04% year-on-year increase, while CT procurement reached 1.996 billion yuan, up 44.06% year-on-year [25][26]. Collective Procurement - The collective procurement market in county-level areas has remained low, with a market share of 6-9% based on procurement sales from 2019 to 2024 [42]. - The overall domestic production rate in the collective procurement market reached 80% as of August 2025, indicating a significant increase driven by procurement policies [46]. - The price reduction in the county-level collective procurement market has shown a moderate trend, with the largest drop observed in monitoring devices at 57% [50].