Core Insights - The A-share medical commercial sector continues to show strong upward momentum, becoming a core highlight in the health industry, characterized by a "high standard leading the rise, with the entire chain following suit" [1] - The implementation of medical insurance data sharing is accelerating the development of commercial health insurance, enhancing the insurance experience for patients with pre-existing conditions and the elderly, while expanding the coverage of special drug insurance [1] - The commercial health insurance market in China is projected to exceed 551.2 billion yuan by 2025, with a growth rate of 20%, indicating a significant expansion in demand driven by consumer upgrades [2] Group 1: Market Performance - The medical commercial sector is experiencing a robust rally, with companies like Huaren Health leading the charge with a 20% limit-up performance, attracting significant capital focus [1] - Other companies such as Luyuan Pharmaceutical and Zhongyao Holdings also reached their daily limit, indicating a broad-based rally within the sector [1] Group 2: Insurance Market Developments - The sharing of medical insurance data is now in the implementation phase, which is expected to enhance the market demand for commercial health insurance significantly [1] - By 2030, the compensation scale for commercial health insurance is anticipated to reach 471.57 billion yuan, providing a continuous influx of capital into the medical commercial sector [1] Group 3: Industry Growth Projections - The commercial health insurance market is expected to account for nearly 50% of the health insurance sector by 2025, marking the beginning of a "new development era" for the industry [2] - The current personal medical out-of-pocket ratio in China stands at 43%, significantly higher than the World Health Organization's recommended range, indicating substantial growth potential for commercial health insurance [2] Group 4: Opportunities in Specific Sectors - The DTP pharmacy sector is positioned to benefit directly from the expansion of commercial health insurance payments, serving as a key payment pathway for pharmaceutical companies [3] - The TPA (Third Party Administrator) sector is also set to experience growth due to the diversification of medical services driven by the development of commercial health insurance [3] - Innovative medical devices that are not fully covered by insurance are expected to achieve payment breakthroughs through commercial insurance, benefiting companies involved in high-value, high-tech medical equipment [3]

创新器械电话会 - 介入瓣膜 20251202 摘要 心脏瓣膜市场增速放缓，预计维持 20%左右增长，受市场成熟、医疗控 费及行业价格竞争影响。主流品牌包括佩佳、启明、精通和建世，其中 建世主营现金瓣膜，2025 年上半年植入量约 1,600 台，新进入者如乐 普新泰球扩瓣植入量较少。 甘肃省牵头的省级联盟集采预计降价幅度温和，参考各省最低官网价。 企业希望生物瓣与介入瓣、自膨瓣与球扩瓣分组，避免淘汰规则。预计 未来集采后，心脏瓣膜拿货价可能降至 12 万至 15 万之间，相当于原始 出厂价的 6 到 7 折。 各省逐步将 TAVR 纳入医保，但报销比例有限。启明、佩佳、新通等公 司在中西部区域提供 3~5 万元不等的补贴金额，相比以前有所减少。乐 普新在市场上的最低价为 10 万元，广州地区的挂网价大约为 15.8 万元 至 16 万元，成为其他省份降价时的重要参考。 短期内，心脏瓣膜市场格局不会发生显著变化。新进入者需通过报低价 获得准入或通过临床服务提升医院认可度以抢占市场份额。爱德华因全 球统一定价，难以大幅降价应对集采，且球扩瓣优势减弱。 Q&A 2025 年介入瓣膜的预计植入量和增速如何？市场上主 ...