上市企业：健帆生物（300529）、山外山（688410） 相关企业：淄博康贝医疗器械有限公司、重庆希尔康血液净化器材研发有限公司、威海威高生命科技有 限公司、天津优纳斯生物科技有限公司、天津市阳权医疗器械有限公司、苏州仝康医疗科技有限公司、 廊坊市爱尔医疗科技有限公司、河南省驼人医疗科技有限公司、广州康盛生物科技股份有限公司、佛山 市博新生物科技有限公司、成都欧赛医疗器械有限公司、北京中科太康科技有限公司、北京中科盛康科 技股份有限公司 关键词：血液灌流器产业链、血液灌流器发展背景、血液灌流器市场规模、血液灌流器竞争格局、血液 灌流器发展趋势 一、概述 内容概要：庞大的患者群体带动我国血液灌流器市场需求快速增长，据统计，2024年我国血液灌流器行 业市场规模达38.07亿元，同比增长13.24%，但目前我国终末期肾病患者的透析治疗率与欧美国家相比 仍有较大差距，未来，随着医疗水平的提高和医保覆盖范围的扩大，透析治疗率有望进一步提升，同 时，根据国家卫健委的操作流程，每周1次HA树脂血液灌流器与血液透析器串联治疗可显著提高维持性 血液透析患者的相关指标清除率，但目前患者的使用频率多为每月一次，提升空间较大。 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5] Core Insights - The blood purification device industry is benefiting from an aging population and increasing treatment penetration rates, with hemodialysis being the primary treatment for end-stage renal disease (ESRD) [2][12] - The domestic substitution trend in the blood purification device industry is accelerating, with local brands gradually rising to compete with foreign brands [2][33] - The market for blood purification devices is expected to grow significantly, driven by the increasing number of ESRD patients and the low treatment penetration rate in China compared to developed countries [17][19] Summary by Sections Market Performance - The pharmaceutical sector outperformed the overall market, with a 2.21% increase in the biopharmaceutical sector, while the overall A-share market declined by 0.05% [1][60] - The TTM price-to-earnings ratio for the biopharmaceutical sector is 34.03x, which is at the 69.61% percentile of the historical valuation over the past five years [1][67] Industry Analysis - The global ESRD patient population is projected to grow from 1113.86 million in 2023 to 1328.60 million by 2027, with a compound annual growth rate (CAGR) of 4.51% [17] - In China, the number of ESRD patients receiving dialysis treatment is significantly lower than in developed countries, indicating substantial growth potential in treatment penetration [19][30] Competitive Landscape - Foreign brands dominate the blood purification device market, with companies like Fresenius and Baxter holding significant market shares, but domestic brands are rapidly gaining ground [2][33] - Major domestic players include Weigao Blood Purification, Shandong Mountain, and Jianfan Biological, which are expanding their market presence through innovation and product development [2][41][45] Company Forecasts and Ratings - Major companies in the sector, such as Mindray Medical and WuXi AppTec, are rated as "Outperform" with strong projected earnings growth over the next few years [4][71] - Mindray Medical is expected to achieve a net profit of 116.7 billion in 2024, with a PE ratio of 23.5 [4] - WuXi AppTec is projected to have a net profit of 93.5 billion in 2024, with a PE ratio of 19.6 [4]