专家电话会要点：中国血管介入市场脉搏诊断-China Medtech_ Expert call takeaways_ Pulse check of China‘s vascular intervention market

Summary of China Medtech Vascular Intervention Market Call Industry Overview - The call focused on China's vascular intervention (VI) market, specifically discussing surgery volume growth, consumables usage, competitive landscape, and value-based pricing (VBP) coverage status [1][8] Key Points on Surgery Volume and Growth - The number of percutaneous coronary intervention (PCI) surgeries in China is projected to reach 1.7 million in 2024, with a CAGR of 6-7% in recent years [2][9] - Peripheral interventional surgery volume is growing faster, currently representing 25-33% of PCI surgery volume compared to 10-20% in 2016 [2][9] - Future growth expectations include PCI surgery volumes increasing at a high single-digit rate (9-10%) over the next 1-2 years, while peripheral interventional surgery volume growth is expected to reach the high teens in the next 2-3 years [2][11] Impact of Policy Changes - Policy changes regarding basic medical insurance reimbursement are identified as a key uncertainty affecting volume growth [2][11] - The diagnosis-related group (DRG) had a greater impact on surgery volumes 1-2 years ago, but its influence has diminished due to VBP price cuts [2][10] Consumables Usage Trends - The average number of balloons used per PCI surgery increased from 1.0 three years ago to 1.5 last year, with expectations for continued growth [2][12] - For access products like guidewires and sheaths, average usage per surgery is also rising, driven by product upgrades [2][13] Competitive Landscape - Global companies hold over 50% market share in the guidewires segment, down from 60-70% previously. Key players include Terumo (23-25%), Boston Scientific (15-20%), and Abbott (10%) [3][14] - APT Medical is highlighted as a strong domestic competitor with a full product offering and competitive pricing [3][14] - In the sheaths segment, Terumo leads with over 40% market share, down from 60-70% [3][15] VBP Coverage and Price Cuts - The VBP coverage ratio for coronary and peripheral access products is already high, limiting potential for further increases [4][18] - VBP price cuts for VI products are noted to be significant due to intense competition and substantial payments from medical insurance funds [4][19] Price Gap Analysis - The price gap between domestic and global products is relatively small, with domestic guidewires and sheaths priced 10-20% lower than global counterparts [3][16] Future Competitive Landscape - Global companies may gradually lose market share, with expectations for Terumo's guidewires market share to decline from 20-25% to 18-23% [3][17] - The expert does not foresee a sharp change in the competitive landscape in the short term due to product competitiveness differences [3][17] Risks and Considerations - Risks facing China's medtech industry include larger-than-expected price reductions, weaker demand from equipment renewal programs, and geopolitical risks affecting supply chains [20]