创新器械电话会 - 介入瓣膜

Summary of Conference Call on Interventional Valves Industry Overview - The heart valve market is experiencing a slowdown in growth, expected to maintain around 20% growth due to market maturity, medical cost control, and price competition within the industry [1][2] - Major brands in the market include Peijia, Qiming, Jintong, and Jianshi, with Jianshi focusing on cash valves [1] - The expected implantation volume for interventional valves in the first half of 2025 is approximately 21,000 cases, with a growth rate of about 20% [2] Key Insights - The market has transitioned from a high-growth phase (40-50% from 2019 to 2022) to a more stable growth phase, with current growth seen as satisfactory [2] - Factors contributing to the slowdown include the market reaching its initial explosive growth phase, economic conditions leading to medical cost control, and increased price competition among manufacturers [2] - The expected price range for heart valves post-collective procurement is projected to drop to between 120,000 to 150,000 yuan, which is about 60-70% of the original factory price [1][8] Pricing and Subsidies - The lowest market price for Lepu's new balloon-expandable valve is 100,000 yuan, while the listed price in Guangzhou is around 158,000 to 160,000 yuan, serving as a reference for price reductions in other provinces [1][7] - Companies like Qiming, Peijia, and Xintong are providing subsidies ranging from 30,000 to 50,000 yuan in central and western regions, although these amounts have decreased compared to previous years [5][6] Market Dynamics - The current market structure is not expected to change significantly in the short term. New entrants must either offer lower prices to gain access or enhance clinical services to improve hospital recognition [9] - The collective procurement policy is anticipated to have a moderate impact on pricing, with potential participation from multiple provinces [4] Product Performance - The implantation volume for Jianshi's cash valves in the first half of 2025 is expected to be around 1,600 cases, while new entrants like Lepu and Shanghai Niupai have seen very low implantation volumes [3] - Self-expanding valves are more widely used, accounting for 95% of implantation volumes, while balloon-expandable valves are noted for their precision and lower complication rates [11] Future Outlook - The domestic electrophysiology market has seen a slowdown in growth, with an expected completion of 550,000 electrophysiology procedures in 2025, but the growth rate is expected to decline further post-2023 due to the saturation of suitable patient populations [27][29] - The development of one-stop atrial fibrillation ablation combined with left atrial appendage closure procedures is promising, although it faces challenges due to payment system limitations [30] Conclusion - The heart valve market is stabilizing with moderate growth expectations, influenced by pricing strategies, competitive dynamics, and regulatory changes. The focus for companies will be on maintaining market share through innovation and effective pricing strategies while navigating the challenges posed by collective procurement policies and market saturation.