Major listed companies in the industry: Myriad Medical (300760), UW Genetics (300676), Dean Diagnostics (300244), Mecan Bio (300439), Yuyue Medical (002223) and so on.
The core data of this article: medical device industry market size; medical device companies accounted for
Industry Overview
1, Definition
According to the State Council's latest release of March 2021 According to the "Regulations for the Supervision and Administration of Medical Devices" issued by the State Council on March 3, 2021, medical devices refer to instruments, equipment, apparatus, in vitro diagnostic reagents and calibrators, materials, and other similar or related items used directly or indirectly in the human body, including the required computer software; their utility is mainly obtained through physical means, not through pharmacological, immunological or metabolic means, or although these means are involved but only play a supplementary role; their utility is mainly obtained through physical means, not through pharmacological, immunological or metabolic means, or although these means are involved but only play a supplementary role. Only play a supporting role; its purpose is:
2, industry chain analysis
Medical device industry technological progress, enterprise growth and market expansion have a close relationship with the upstream and downstream industries. The technological progress of the upstream industry will directly affect the direction of medical device technology. The upstream industry of the medical device industry is the medical device components manufacturing, involving industries such as electronic components, raw materials, software systems, emerging technologies and other fields. Electronic components industry for large-scale medical equipment to provide electronic components, circuit boards, chips and other electronic parts; raw materials industry for the medical device industry equipment production to provide special materials. The country's basic industries such as rubber, plastics, electronics, steel, fasteners, non-ferrous metals and other upstream industries processing and manufacturing capacity determines the quality, technical level and cost of medical device raw materials or semi-finished products. Meanwhile, artificial intelligence, internet of things and blockchain technology also inject fresh blood into the development and innovation of the medical device industry.
The midstream industries of the medical device industry are related to the research and development, manufacturing, sales and services of medical devices.
The downstream industry of medical devices is the medical and healthcare industry, which is the sum of elements, activities and relationships that provide medical and healthcare service products for the whole society, and its most important basic function is to cure and prevent diseases, safeguard the health of the whole population, and improve the quality of health of the whole population. China's medical and health service industry is the main body of all levels and types of medical and health institutions, including hospitals, Centers for Disease Control and Prevention (CDC), family planning institutions, patriotic health movement institutions and medical and health research institutes, etc., of which the most important main body of all levels and types of hospitals.
In the upstream field of the industry, the representative enterprises mainly include Crystal Optoelectronics, Sumitomo Rico, Weining Health, and Lepu Medical, etc. The midstream enterprises mainly include Medtronic, Abbott, and other international enterprises and domestic enterprises such as Myriad Healthcare and Yuyue Medical, etc. The downstream of the industry chain mainly includes medical and healthcare institutions, public **** health institutions, other medical institutions and third-party inspection/physical examination institutions.
Industry development history: currently in a high treatment development stage
Before 2000, China's medical device industry in the 50s ~ 60s in the context of the transformation and adjustment of China's medical equipment industry has a greater development, experienced the process of from scratch, in the early days of the founding of new China painted a colorful picture. During 2000-2015, China's healthcare reform policy led to the need for replacement as well as replenishment of equipment and devices in health institutions, stimulating the rapid growth of low- and mid-end products and technologies in China. However, the high-value medical device market was occupied by imported products. After 2015, China's medical device innovation policy came out frequently, the head enterprises actively layout, innovative medical devices like a spring. In addition, in order to accelerate the localization of substitution, China issued a relevant policy; individual provinces such as Jiangsu Province, etc. is to prohibit imported products in the public institutions for bidding.
Industry development status
1, the industry as a whole: medical equipment accounted for nearly 60%, the overall level of domestic substitution is relatively low
Overall, China's medical equipment industry as a whole, the development of domestic substitution is relatively weak, especially in the field of high-value medical supplies, the overall level of domestic substitution is relatively low. The overall level of domestic substitution is relatively low, is the medical device field of domestic substitution "depression", the development of the relevant sub-products status is as follows:
Note: full score ★★★★★, ☆ for half a star.
From the point of view of segmented market structure, in 2021, China's medical equipment industry occupies the largest proportion of China's medical device industry market size of midstream segments, reaching 553.3 billion yuan, accounting for 59.91%.
2, high-value medical supplies: market size of nearly 150 billion yuan in 2021
Since the industry does not have an accurate definition of high-value medical devices, broadly speaking, high-value medical devices for all high-priced medical devices, Prospect is based on the definition of the "China Blue Book of Medical Devices (2021 Edition)" will be narrowly defined as The definition in the "China Medical Device Blue Book (2021 Edition)" defines high-value medical devices as medical consumables that are generally critical to safety, whose production and use must be strictly controlled, and whose use is limited to certain specialties and at a relatively high price.
Benefiting from the development of economic level and increasing health demand, China's high-value medical device market has also ushered in tremendous development opportunities. In recent years, China's high-value medical device market has maintained steady growth. According to the data of China Medical Device Industry Blue Book (2021), the market size of China's high-value medical device industry will be 130.5 billion yuan in 2020, with only a small year-on-year growth of 3.74% due to the impact of the epidemic. With the overall technological innovation and industrial chain maturity of China's high-value medical device industry, China's high-value medical device market size or continue to rise, preliminary statistics, China's high-value medical device market size in 2021 or close to 150 billion yuan, a year-on-year increase of 12.03%.
3, low-value medical supplies: 2021 market size of more than 110 billion yuan
Low-value medical supplies refers to the hospital in the process of carrying out medical services generally applied to the value of disposable medical materials, including disposable syringes, infusion sets, transfusion apparatus, drainage bags, drainage tubes, indwelling needles, sterile gloves, surgical sutures, surgical needles, surgical blades, gauze, cotton swabs, medical masks, etc.
By the impact of the global spread of the epidemic, the 2020 low-value medical consumables market, especially masks, protective clothing and other emergency prevention and control supplies, a short period of time the demand for more than ten times the outbreak. According to the "China Medical Device Industry Blue Book (2021)", China's low-value medical consumables market in 2020 will be about 97 billion yuan, a year-on-year growth of 25.97%. According to preliminary statistics, China's low-value medical device market size or nearly 120 billion yuan in 2021, up 21.09% year-on-year.
4, medical equipment: 2021 market size of more than 550 billion yuan
Medical equipment refers to the use of the human body alone or in combination of instruments, equipment, appliances or other items, but also includes the required software. Medical equipment is the most basic elements of medical care, scientific research, teaching, institutions, clinical disciplines work, that is, including medical medical equipment, but also includes home medical equipment.
In 2020, under the influence of the epidemic, the national and global sales of medical equipment represented by monitors, ventilators, and ECMOs have exploded, and according to the data of the "Blue Book of China's Medical Devices Industry (2021)", the market size of China's medical equipment in 2020 amounted to RMB 455.6 billion yuan, a year-on-year increase of 26.52%. According to preliminary statistics, China's high-value medical device market size may exceed 550 billion yuan in 2021, up 21.44% year-on-year.
5, IVD (in vitro diagnostics): 2021 market size of more than 100 billion yuan
IVD (in vitro diagnostics), in a broad sense, refers to the human body outside the human body, through the human body samples (a variety of bodily fluids, cells, tissue samples, etc.) to obtain clinical diagnostic information through the test, and then determine the disease or the function of the body Products and services. In a narrow sense, the in vitro diagnostic industry mainly refers to in vitro diagnostic products, including in vitro diagnostic reagents and in vitro diagnostic equipment.
With the aging of China's population, people pay more and more attention to their health, and the scale of China's in-vitro diagnostics market has shown rapid growth.2020, the new coronavirus outbreak brought in-vitro testing into the public's view. With the outbreak of the epidemic, the demand for new coronavirus testing reagents skyrocketed. State Drug Administration for nucleic acid test kit opened a fast approval channel, many products quickly listed, in vitro diagnostic enterprise performance also "skyrocketed". Catalyzed by the epidemic, China's in vitro diagnostic industry is developing rapidly. According to the "China Medical Device Industry Blue Book (2021)" data, 2020 in vitro diagnostics (IVD) market size of 89 billion yuan, an increase of 24.30%. According to preliminary statistics, China's high-value medical device market size may exceed 100 billion yuan in 2021, up 19.73% year-on-year.
Industry Competition Pattern
1, Regional Competition: the most distribution in Guangdong Province
According to the data of the State Drug Administration, as of 2021, China's production of medical device products, the number of enterprises there are 28,954; mainly distributed in Guangdong, Jiangsu, Shandong, Zhejiang, Hebei, Hubei, Shanghai, Jiangxi, Anhui, Henan and other places. Among them, there are 5221 enterprises in Guangdong*** and 3580 in Jiangsu***.
2, enterprise competition: dominated by non-listed enterprises
In 2021, China's medical device listed companies reached 252.8 billion yuan in revenue, accounting for about 27% of the entire medical device market size. This shows that China's medical devices are still dominated by unlisted enterprises.
Currently, the revenue of Myriad Medical, Ingenics Medical, Lepu Medical, Oriental Biological, Xinhua Medical is TOP5 among the listed enterprises. among them, Myriad Medical's market share in the scale of listed enterprises is about 10%, and its market share in the whole market is about 3%.
Note: The left side is the market share in the size of listed enterprises, and the right side is the market share in the whole market size.
Industry development prospects and trends
1, 2027 market size or more than 2 trillion
Medical device industry is an important part of China's national economic development, which is closely related to China's macro-economic development, the future of China's health care system with the continuous development, the medical device industry market size may continue to rise.
Based on this, it is estimated that the market size of China's medical device industry will exceed 2.5 trillion yuan in 2027, with a compound annual growth rate of 18%.
2, there are four major development trends
Compared with developed countries, China's medical device industry has a late start, small scale, single product characteristics. However, after decades of rapid development, China's medical device industry has become a relatively complete industry categories, increasing innovation capacity, market demand for sunrise industry. With the support and optimization of national policies, the deepening of healthcare reform, the aging of the population, the increasing prominence of consumer capacity and health awareness, China's medical device industry, especially the leading domestic medical device companies have entered a golden period of development. The domestic medical device market, in both financial and technological advantages of the international medical giants, the industry is highly competitive, opportunities and challenges co-exist, the future of China's medical equipment or the following development trends:
For more research and analysis of this industry, please refer to the Prospect Industry Research Institute Market Outlook and Investment Strategy Analysis Report of the Medical Device Industry in China. .