Medical network - March 27
Medical device industry at home and abroad briefly
1.1 overseas medical equipment industry is relatively mature
Medical equipment is a life science, machinery, electronics, polymer materials, and other areas of the multi-disciplinary cross, capital-intensive industry belongs to high technology. Due to the high barriers to entry, lucrative, is the focus of the global each big enterprise compete for. According to the European Union medical council statistics show that in 2015 the global medical device market size of $390.3 billion, CAGR of 2.4% over the past five years, belongs to the relatively mature industry.
From the industry, in vitro diagnostic, cardiovascular interventional devices, medical imaging, orthopaedic implants is the first four big niche. From the technology and industry development trend, molecular diagnosis and minimally invasive surgical instruments, biological materials, biological implants and drug delivery is the hot spot in the market, is a growth point for the future of the global development.
The world's top ten medical device company Johnson & Johnson, medtronic, GE, Siemens and other famous enterprises, their product line covers most medical equipment field. Top five basic don't overlap, enterprise product line is not direct competition, are the market leader in their respective fields, explain numerous niche for medical devices industry, each area is likely to produce international big companies.
1.2 the medical device industry in our country still has broad prospects for development
Blue book "2015 China's medical equipment industry development, according to the medical equipment industry in our country the size of the market in 2015 reached 308 billion yuan, in the past five years a CAGR of 21%, much faster than the average growth rate of GDP growth, and pharmaceutical industry, belongs to the high-growth areas.
We believe that the medical device industry and broad space for growth in the future. On the one hand, the macro factors such as an aging population, the per capita disposable income growth, government policy support, and technical progress are the driving force of medical device industry growth.
On the other hand, if we will instrument industry domestic and overseas transverse comparison, we found that China's per capita medical equipment cost is much lower than Europe and the United States and other developed countries. Compared with the 1.3 trillion pharmaceutical market, our country medicines and chemical reagents, equipment market scale ratio of 4.3, with the developed country mature market YaoXie than 2.0. Are quite different. In a heavy drugs, light devices of medical market. Therefore, the development of the medical device industry potential is greater, which inevitably exist many investment opportunities.
1.3 with history as a mirror to see China's medical equipment industry development characteristics
Benefit from GDP growth, population aging and people's growing awareness of health care, medical industry rapid development in the past 16 years, the below listed from pharmaceutical manufacturing enterprises above designated size in China since 1999 and the medical equipment manufacturing enterprises above designated size income growth and the relationship between the GDP growth. Generally speaking, the pharmaceutical industry growth is synchronized with the change of GDP growth, but there have been several times in the history of obvious divergence.
In short, each control state, drug use, or the commercial bribery, the pharmaceutical industry growth rate and GDP growth in reverse. When countries enlarge the capacity of medical insurance or financial increasing investment, the pharmaceutical industry has a significantly faster than the growth in GDP growth. Basic both 1.1 3 between the ratio of the intervention, the past 17 years on average is about 2. The pharmaceutical manufacturing and the ratio of GDP growth is 1.49, in the middle rdi level, industry growth is suppressed. Leading cause of industry growth is suppressed is GDP down since 2012, commercial bribery and health insurance fee three mountain. In the past half a year we see industry growth rebounded, I guess may be with the recent slowdown in the bidding and the anti-corruption diminishing marginal effect. But as long as GDP down against commercial bribery, health care and the three factors still exist, we believe that the pharmaceutical industry growth is only slight rebound and there will not be reversed.
If only from the medical devices sector growth course, compared to the pharmaceutical industry, medical equipment industry growth and more correlation to GDP growth. We think basically has the following several reasons:
Medical device industry competition is very fierce. About 1.4 as of 2015, China's medical device companies to approximately 300 billion terminal market (compared to about 7400 drug firms corresponds to 1.3 trillion end market), average each output value of the medical equipment is 13.5 million yuan only. Up to tens of thousands of kinds of medical devices on the market. This leads to two characteristics: one is the low technical content of ordinary instrument competition (because many enterprise competition is more intense than generic drug), only the high technical barriers, the competitive landscape good instruments niche has investment value. The second is a single product or a single niche market space is not big, equipment enterprise want to establish interdisciplinary development needs, many varieties of platform type development strategy.
Medical equipment requirements are not rigid drug demand. With a few heart implants and orthopaedic implants, most of the equipment, especially the innovative product market demand is not rigid. At the time of the economic situation is bad, often choose not to use or delay or hospital upgrade, etc.
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