弘则医药：高值耗材反内卷 20250812 我们在欧洲市场上的冠脉通路类产品非常全面，包括造影三件套、导管、导丝、 各种球囊等日常 PCI（经皮冠状动脉介入治疗）所需的所有基本和复杂产品。 这些产品都已获得 CE 认证，并且已经销售多年，销量也逐渐增长。 欧洲冠脉通路类耗材市场格局如何？ 摘要 惠泰在欧洲市场冠脉通路类产品线全面，已获 CE 认证并销售多年，销 量稳步增长，覆盖造影三件套、导管、导丝、球囊等 PCI 所需产品。 欧洲冠脉通路耗材市场主要由美敦力和雅培主导，泰尔茂在鞘、亲水导 丝和球囊方面具有较高知名度，中国企业如汇泰和博迈在特定细分领域 崭露头角。 惠泰通过差异化设计如延伸导管和微导管，打破中国品牌同质化印象， 提升品牌形象，并逐步优化其他产品以扩大市场份额，预计未来增长率 可达 40%-50%。 惠泰在欧洲市场主要通过分销模式销售，每个国家有多个经销商负责不 同区域和领域，随着市场打开，将细化到每个地区一个代理商。 惠泰在欧洲使用 APP Medical 自有品牌，延伸导管销量可排名前四，但 球囊等日常使用设备因竞争激烈，难以进入前五。 欧洲市场通路类产品出厂价与国内集采价大致相当，价格浮动 ...

Core Insights - The trend of Chinese medical device companies expanding overseas has become an essential strategy, particularly for innovative medical devices entering developed markets like Europe and the US [1][2] - Companies face multiple challenges in this process, including patent issues, localization, costs, regulations, and talent acquisition, but the trend of going global is unstoppable [1][2] Group 1: Market Entry Challenges - Chinese brands struggle to gain recognition in mature markets, often facing skepticism regarding the quality and originality of their products [2][3] - High standards from European clients require tailored solutions, which Chinese companies can provide more efficiently than larger foreign firms [3] - The need for extensive training for local medical staff before product deployment is a common requirement that Chinese companies can meet more easily than their multinational counterparts [3] Group 2: Product Quality and Innovation - High product quality and cost-effectiveness are fundamental for successful overseas expansion, alongside robust patent protection and intellectual property risk assessments [5] - The overseas market places significant emphasis on data, necessitating international multi-center clinical studies to provide substantial evidence [5] Group 3: Market Strategies and Collaborations - Different markets require distinct business models; for instance, the US market favors partnerships over traditional distribution channels [8] - Companies are exploring various commercialization strategies, including leveraging clinical KOLs and live surgeries to enhance product recognition [9] Group 4: Cultural and Talent Challenges - Cultural differences and a lack of local market understanding pose significant challenges, with many companies relying on local exhibitions for insights [10] - Hiring local management can enhance trust in the market, but the high cost of such talent is a barrier for many Chinese startups [10] Group 5: Financial Considerations - Despite high costs associated with entering the European and American markets, the profit margins for Chinese medical devices in these regions are often comparable to those in China [11] - Companies aim to increase their overseas sales proportion to diversify risks, with some reporting current overseas sales at 10%-15% [11]