Summary of Key Points from the Expert Call on China's Medical Imaging Equipment Market Industry Overview - The expert call focused on China's medical imaging equipment market, discussing procurement trends, market outlook for 2025 and beyond, competitive landscape, and geopolitical impacts [1][6] - The market size reached Rmb18.54 billion in Q325, reflecting a 55.02% year-over-year (YoY) increase and approximately 10% quarter-over-quarter (QoQ) growth [2][8] Market Growth and Trends - The YoY growth rate for the medical imaging equipment market decreased from 100.36% in the first five months of 2025 to 55.02% in Q325, but remained above the overall medical equipment market growth of 29.8% [2][7] - The expert anticipates a 10-15% YoY growth for the medical imaging equipment market in 2025 and 2026, driven by equipment renewal programs supported by Central government treasury bonds [2][18] Procurement Insights - Procurement in Q325 showed a significant drop compared to previous periods, with CT, MRI, ultrasound, DSA, and DR procurement values at Rmb4.84 billion, Rmb4.79 billion, Rmb4.33 billion, Rmb2.51 billion, and Rmb0.9 billion respectively [2][8] - The expert noted that county-level medical consortium volume-based procurement (VBP) accounted for a significant portion of procurement, particularly in CT [8][10] Competitive Landscape - Domestic brands held market shares of 39.76%, 39.41%, 43%, 12.9%, and 80.41% in CT, MRI, ultrasound, DSA, and DR respectively in Q325 [3][10] - Foreign companies regained market shares in several categories due to proactive participation in VBP, with GE Healthcare and Siemens Healthineers actively engaging in price competition [3][17] - The expert highlighted that ultrasound was the only category where domestic brand share increased, attributed mainly to Mindray's performance [3][10] Geopolitical and Policy Impacts - The expert believes that geopolitical tensions will not significantly reshape the competitive landscape in the short term, as it may take 8-10 years for preferential policies for domestic products to be fully implemented [4][19] - The impact of the Section 232 investigation and EU's IPI restrictions on domestic manufacturers is expected to be limited, as leading domestic companies have established production facilities in the US [19][20] Future Outlook and Risks - The expert expects the VBP market size for medical imaging equipment to remain below 20% this year, potentially reaching 20-30% in the next two years [15][18] - Risks identified for the medtech industry include larger-than-expected price reductions, weaker demand from equipment renewal programs, and geopolitical risks affecting supply chains [21][22][23] Financial Projections - The total amount of special treasury bonds to support medical equipment renewal is estimated at Rmb14.6 billion for 2024 and Rmb18.98 billion for 2025, with implementation expected in 2025 and 2026 [13][14] Conclusion - The expert call provided valuable insights into the current state and future prospects of China's medical imaging equipment market, highlighting growth opportunities, competitive dynamics, and potential risks that investors should consider [1][6][21]