Our series of reports give a panoramic description of the medical imaging industry from the aspects of technical principle, development history, environment and trend, competition pattern and so on. As the second part of the series of reports, this report will focus on non-X-ray (magnetic resonance and ultrasound), core components and companies at home and abroad.
Medical imaging equipment is the largest market segment of the medical device industry. According to the estimation of insight consulting, in 2020, the global medical imaging market will be about 44 billion US dollars, and the Chinese market will be about 53.7 billion yuan (ex factory price caliber). In 2015-2020, China’s CAGR will be 12.4%. It is expected that the Chinese market will be close to 110 billion yuan in 2030 (2020-2030e CAGR is expected to be 7.3%).
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. We believe that the high-end transformation and share increase 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
