The medical device industry has been leaping forward in recent years, but its rapid growth seems to have encountered a "bottleneck" in the near future.
Mindray Medical started from the monitor, and now the product line has expanded to medical imaging, surgery, medical information and other fields. As the leader of domestic medical equipment, Mindray Medical still feels the bottleneck in the field of medical instrument segmentation.
Mindray Medical's monitors account for 35% of the domestic market, surpassing foreign brands GE and Philips, with a global share of around 10%. However, it is difficult to obtain profits by relying on the instrument alone, and sometimes it is necessary to put the instrument on its own in order to enter the hospital.
Another listed company that produces medical monitors, Bao Laite's 2013 financial report, showed that the main reason for the decline in corporate profits was due to the failure of domestic medical monitoring revenues to meet expectations and sales expenses. An insider of Bao Laite said in an interview with the media that the monitor is now in a steady growth stage and this year the company will further consolidate and integrate the hemodialysis business.
Compared with large-scale medical equipment such as nuclear magnetic and CT, small-scale product technologies such as monitors are relatively mature, and barriers to entry are low. Except for companies such as Mindray Medical, Libang Instruments, and Bao Laite, there are still many domestic companies. Small companies with revenues of 10 million.
Zhang Fabao, the founder of Bio Valley, pointed out that there are not many core technologies in the domestic manufacturers of medical instruments, and it is difficult to compete with imported brands in high-end categories, which also makes it difficult for these companies to make more breakthroughs in current product coverage.
Due to the lack of core technology, domestic brands have been blocked from the top three hospitals with greater demand, which is also an important reason for domestic medical device brands to face growth bottlenecks.
In the case that the proportion of the medical device market is difficult to improve, many manufacturers such as instruments and pharmaceuticals are beginning to find new breakthroughs in new fields such as in vitro diagnostics.
In vitro diagnostic reagents have huge market potential
The domestic in vitro diagnostic reagent industry already has a certain market scale and foundation, and is entering the growth stage from the industrial introduction period. The development prospect of this market is good. From 2007 to 2014, the growth rate of China's in vitro diagnostic market was significantly higher than the global average. At present, the monopolistic advantages of imported reagents and diagnostic instruments are being broken and restricted by ethnic products. The development of China's in vitro diagnostic reagent industry has generally shown The characteristics are that the market is large and the market potential is greater.
2007-2014 China's in vitro reagent industry overall scale
Founder Securities Research Report also pointed out that in the context of medical insurance control fees, diagnostic reagents are relatively loose, although there are cases of over-diagnosis in individual areas, but there is still broad prospects from the data point of view, China's population accounts for 20% of the world, in vitro diagnostic market share only Accounted for 3%. The per capita annual use of in vitro diagnostic products in China is $1.50, while the per capita use in developed countries is $25 to $30.
The in vitro diagnostic reagent market is promising, and companies such as medical machinery production have begun to get involved in the field of in vitro diagnostic reagents.
Medical equipment manufacturers actively enter the in vitro diagnostic market
In April 2014, Roche Pharmaceuticals spent $450 million to acquire IQuum, Inc., which specializes in the development of instant care products for the molecular diagnostics market. This acquisition has enabled Roche to quickly enter the market segment for immediate diagnosis of molecular diagnostics; September 2014 Leadman Biochemical Co., Ltd. acquired a partial shareholding in Desai Diagnostic Systems and Desai Diagnostics, and actively expanded its market share in biochemical diagnostic reagents.
Wang Jianxin, chief administrative officer of Mindray Medical, a leading domestic medical device company, said that Mindray Medical has invested heavily in reagents in the past five years. Now the company's monitoring instruments and reagents account for half of the output value, and the immune reagents are better.
Xinhua Medical, which is engaged in surgical instruments, has also entered the diagnostic reagent business through the acquisition of four companies in recent years. The company’s 2013 annual report shows that the two subsidiaries of the in-vitro diagnostic business, Beijing Weitaike and Changchun Boxun, respectively achieved a net profit of 16.83 million yuan. 5,742,280 yuan, accounting for 32% of the company's annual net profit.
Zhang Fabao CEO said that relatively different domestic and international diagnostic reagent technology, the domestic product price advantage is obvious, the possibility of replacing imports is relatively large.
Although China's in vitro diagnostic reagents have the characteristics of small base, high growth rate and innovative innovation, domestic in vitro diagnostic reagents are expected to achieve great development, and efforts are still needed in research and development innovation and quality control.
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