The medical imaging industry has experienced the film era (before 1970) and the digital era (1970s). Since 2000, the world has entered the era of molecular imaging. Imaging products have been extended to many categories, such as X-ray (including Dr, DSA, breast machine, gastrointestinal machine, CBCT, C-arm machine, etc.), CT, MRI, ultrasound, molecular imaging (including PET-CT, petmri, etc.) and endoscope. Our series of reports will give a panoramic description of the medical imaging industry from the aspects of technical principle, development history, environment and trend, competition pattern, etc. as the first part of the series of reports, this report will focus on the macro development status and policy trend of the industry, and focus on three categories of products: X-ray, CT and molecular imaging.
Medical imaging equipment is the largest market segment of the medical device industry. The size of the global medical imaging market is about 44 billion US dollars. In 2020, the size of the Chinese market has reached 53.7 billion yuan (ex factory price caliber), and the CAGR is 12.4% from 2015 to 2020. It is estimated that the market size will be close to 110 billion yuan in 2030. Medical imaging equipment is also the market segment with the highest technical barriers in the medical device industry. Medical imaging is a typical multi-disciplinary industry. The global market has been in an oligopoly for a long time. GPS (GE Medical, Philips and Siemens) and Japanese manufacturers have accumulated profound patents and technologies. The production technology of core parts of global medical imaging is also concentrated in the hands of a few enterprises. The global pattern has been relatively stable for a long time under the high wall.
Domestic enterprises are breaking the situation. Chinese complete machine and parts manufacturers such as Lianying medical, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Iray Technology Company Limited(688301) are gradually rising with the improvement of China’s manufacturing capacity, and the gap between product performance and international leading companies is rapidly narrowing. Based on the completion of import substitution at the middle and low end, the Chinese market is increasing the domestic share of the middle and high end year by year. At present, China’s large-scale equipment configuration management is loosening, and the policy direction of encouraging domestic substitution is clear. The high-end transformation and share improvement of domestic products, independent and controllable supply chain, AI and cloud technology integration and domestic products going to sea will be the industry trend.
Investment analysis opinion: the medical imaging industry is the highland of medical device technology, and the 100 billion level of import substitution space is gradually opening up. In the next decade or the golden development period of domestic products, it is suggested to pay attention to: leading enterprises of Chinese medical imaging machines and key parts, such as Lianying medical, Neusoft medical, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Beijing Wandong Medical Technology Co.Ltd(600055) , Sonoscape Medical Corp(300633) , Iray Technology Company Limited(688301) , Careray Digital Medical Technology Co.Ltd(688607) .
Risk tips: R & D risk, policy change risk, epidemic fluctuation risk, technology iteration risk and centralized procurement risk
