masquevideopoker| In-depth report on the orthopedic industry: Centralized procurement has great potential for domestic substitution in the orthopedic industry
editor 2024-05-17 19:35:58 Home 38
Under the trend of agingMasquevideopokerThe incidence of orthopedic related diseases has increased, and domestic brands have a bright future. 1) by 2020, people over 65 years old in China account for 13%.Masquevideopoker.5%, compared with + 7% in 1990Masquevideopoker.9pct; 2) according to the Epidemiological Survey of Osteoporosis in China issued by the Health Commission, based on the incidence of people aged 40-49, the prevalence rate of osteoporosis in people over 65 years old increased by 9 times. According to the investigation on the prevalence of primary osteoarthritis among people over 40 years old in China, the prevalence rate of people over 70 years old is twice as high as that of people aged 40-49 years old. 3) according to the preliminary statistics and analysis of the number of artificial hip and knee replacement operations in China from 2011 to 2019, before the collection policy, the replacement of imported brands by domestic brands already existed, and the proportion of domestic brands continued to increase, of which the proportion of domestic hip joints increased to 38.5% (+ 12.0pct) and that of domestic knee joints increased to 17.5% (+ 10.8pct).MasquevideopokerWe believe that domestic brands have more advantages after the landing of the collection policy, and the policy is expected to help further increase its share. Both the supply side and the demand side maintain strong demand. 1) 1) from 2011 to 2021, the number of orthopedic practising (assistant) physicians grew at a compound rate of 8.4%, and the supply of doctors showed a steady growth trend; 2) from 2011 to 2021, the number of orthopedic hospital visits for diagnosis and treatment grew at a compound rate of 6.7%. The number of outpatients and emergency patients in orthopaedics and traumatology departments in traditional Chinese medicine hospitals grew at a 10-year compound growth rate of 5.9%, while the number of discharged patients grew at a compound rate of 8.0% in 10 years. We believe that the growth rate of patients matches the growth rate of doctor supply, and the industry as a whole maintains a prosperous pattern of supply and demand, benefiting from the aging process, and is expected to maintain this trend for a long time in the future. Policy side: the four core plates are collected, and the price difference between domestic brands and imported brands is significantly reduced, which is good for domestic leading brands. 1) the market share of domestic brands continues to increase before collection, and the policy after collection ensures the stable use of products of selected enterprises, which is conducive to a steady increase in the market share of head enterprises; 2) the price decline increases the affordability of patients, and the market penetration is expected to increase rapidly. In the ① joint national mining, the average price of the selected hip joint dropped from 35000 yuan to about 7000 yuan, and the average price of the knee joint decreased from 32000 yuan to about 5000 yuan, with an average drop of 82%. After the price difference has been reduced, the domestic leading brand is expected to have more choices of medical institutions by virtue of its scale advantages, product strength and service capacity, and take advantage of the opportunity to achieve rapid access at a lower cost. Company side: short-term performance is affected by policy, long-term performance is expected to recover. 1) on the one hand, the revenue growth rate of all listed companies has declined, on the other hand, the overseas markets of leading enterprises such as Aikang, Weigao and Chunli have achieved a high growth rate of 37.1% 38.2% and 81.7% respectively. Affected by the collection policy, the company accelerates the development of overseas markets; 2) in the post-collection era, leading enterprises begin to lay out emerging areas and form a certain synergy with traditional business. Business side: sports medicine collection policy is about to land, the future growth rate is expected to lead the other three major sectors. After the collection of bone repair materials, the relative affordability of patients is improved, and the incidence of sports injury increases under the trend of aging, which is expected to accelerate the volume in the field of sports medicine. Risk hints: increased competition, less-than-expected overseas expansion, less-than-expected R & D and other risks. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.