Detailed analysis of China's medical device industry trends in 2013

Medical care , education, and housing have always been the three major livelihood issues. As an important support point for building a medical system, the medical device industry is receiving more and more attention. When the concept of “urbanization” was interpreted, the relevant beneficiary industries were successively explored by the market, which also included the medical device industry. The demand for medical services brought about by deep urbanization will increase by 200 billion yuan, bringing about an increase of government-led medical service supply of about 250 billion yuan. In addition, the Ministry of Health promised in August 2012 that the annual average is 10 times higher than that of 2008. The medical system special funds, etc., the multi-factor-driven medical device industry, or will achieve "high-speed development."

Multi-factors drive the growth of medical devices

As a small-capacity industry, medical devices are not as attractive as infrastructure and finance. Coupled with the different segments, it is generally difficult for ordinary investors to systematically sort out them. However, under the stimulation of a number of favorable factors, the medical device industry has shown tremendous growth potential.

China's current medical device market has exceeded 100 billion yuan, and the average annual growth rate is about 23%. It is estimated that the market size will reach 340 billion yuan by 2015. It is worth noting that compared with 42% of the total medical device market in the world, the proportion of medical devices in China is only 14%.

From the policy point of view, after the Ministry of Science and Technology issued the "Special Plan for the Twelfth Five-Year Plan for Medical Device Technology Industry", on August 17, the Ministry of Health released the "Health China 2020 Strategy Research Report", which mentioned that in the next 8 years The launch of the major projects of the seven major medical systems involving a total amount of 400 billion yuan has made investors pay attention to the spirit of the medical device industry, because 109 billion yuan has been explicitly used in county hospital construction. In 2008, the funds for the medical system investment arrangement were 4.8 billion yuan, and the annual average of 50 billion yuan in the next 8 years will be 10 times that of the 2008 period.

In fact, the above-mentioned county hospital construction plan is in fact complementary to the previous medical reform and the “urbanization” that is now being interpreted. In the process of urbanization, it is natural to involve the construction and upgrading of the medical system. The benefit of medical devices is also reasonable. County-level hospitals definitely have opportunities. Nowadays, domestic and foreign medical device manufacturers are also closely watching the market built by county hospitals.

In addition, from the trend point of view, first of all, the trend of aging for some specific medical equipment such as oxygen supply machines, blood glucose meters and other production enterprises to ensure the expansion of the market; followed by medical reform, the State Council "12th Five-Year" medical reform plan By 2015, the number of beds and services of non-public medical institutions should reach 20% of the total number of medical institutions. In the context of expanding medical security, the purchase of medical devices by private medical care will also drive the industry well. Development; again, new GMP planning, such as the new GMP requirements for aseptic preparation companies, all required to pass before the end of 2013; the final is replacement, and now many high-end medical equipment is mostly imported, and with technology Gradually upgraded, domestic high-end medical equipment has gradually had an alternative strength.

Benefit from the concept of “urbanization”

If the "urbanization" and "medical reform" are taken as opportunities, the listed companies that benefit in general can be divided into engineering, chain and equipment.

First, in order to match the size of new towns or private institutions, the demand for medical engineering will increase significantly. For example, the clean operating room expert Shang Rong Medical, the contract signed in 2012, the amount involved as much as 2.678 billion yuan, 7.68 times the 2011 annual operating income. Since the listing, the number of orders for Shangrong Medical's over 100 million yuan has obviously increased. This first-mover advantage and brand effect are likely to form the stronger Matthew effect.

Secondly, in the process of expansion, listed companies with similar chain properties of hospital assets also received opportunities.

Compared with public hospitals, the development of private hospitals is expanding, and the government is encouraging policy. As for public hospitals, although the policy does not encourage the construction of debts, it still has its own motivation, because it is related to the hospital's rating, but also consider the industry's overall upgrade cycle and other factors.

In addition, the benefits of equipment in the development of urbanization can not be ignored, such as Yuyue Medical, the leader in home medical equipment that is often mentioned by the market. According to the data, Yuyue Medical produces as many as 36 varieties and 225 specifications, including ultra-light oxygen valves, atomizers, sphygmomanometers, stethoscopes, etc. The market share is the first in China and the second in wheelchairs. . Similar stocks include Sanno Bio, which overlaps with Yuyue Medical in the blood glucose meter business. Libang Instruments, which is well established in the four fields of obstetrics, ECG, monitoring, and ultrasound imaging, focuses on medical freeze dryers and freeze-drying systems. Dongfulong, the main product is Yangpu Medical of the third generation vacuum blood collection system; David Medical and Bohui Innovation focusing on the infant market.

Imported, upgraded and upgraded "Qian Jing"

In addition, in addition to the normal growth of the market size, the medical device industry has two major opportunities for import substitution and upgrading.

For example, Kelly, founded in 2005, based on research on the science of polymer materials, in 2007, it became a company with independent production technology and capabilities of vertebral expansion balloon components, taking advantage of cost performance and channel. The process of import substitution began.

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