Core Viewpoint - The recent policies on centralized procurement have significantly impacted the development of the compressed nebulizer industry in China, leading to increased demand but a slowdown in market growth due to price reductions [1][8]. Overview - Compressed nebulizers, also known as jet nebulizers, utilize compressed air to create high-speed airflow that atomizes liquid medication into fine droplets for respiratory treatment [2][3]. - They are commonly used for conditions like asthma and COPD, and are suitable for populations with difficulty swallowing [2]. Market Policy - The compressed nebulizer is classified as a Class II medical device, and the Chinese government has issued various policies to support the development of the medical device industry, ensuring product quality and patient safety [4]. - Key policies include the implementation of centralized procurement and price management for medical consumables, which aim to enhance the efficiency of procurement processes [7]. Industry Chain - The upstream of the compressed nebulizer industry includes suppliers of medical-grade plastics, silicone, and components like piezoelectric ceramics and compressors [6]. - The midstream consists of manufacturing companies, while the downstream includes medical institutions, pharmacies, and e-commerce platforms [6]. Current Development - By the end of 2024, the market size of the compressed nebulizer industry in China is projected to be approximately 3.339 billion yuan, with a growth rate of 1.90% [8]. - The number of medical institutions in China has reached 1.092 million, with a 2.0% year-on-year increase, driving demand for efficient nebulization devices [6]. Competitive Landscape - The market is highly competitive, featuring both foreign brands like Omron and Philips, and domestic companies such as Yuyue Medical and Kefu Medical, which are gaining market share through competitive pricing and localized distribution [8][9]. - Domestic brands are increasingly replacing imports in the high-end market due to their responsiveness to policies and market needs [8]. Representative Domestic Companies - Yuyue Medical reported a total revenue of 4.659 billion yuan in the first half of 2025, with respiratory treatment solutions accounting for 35.93% of total revenue [9]. - Kefu Medical achieved a revenue of 1.496 billion yuan in the same period, with a gross profit margin of 52.49% [10]. Future Trends - The application of IoT technology in nebulizers is expected to grow, enabling remote monitoring and data analysis for better patient management [12]. - Future developments will focus on multi-disease adaptability and advancements in compressor technology, such as oil-free and silent compressors [12].