Domestic endoscopic surgery Siasun Robot&Automation Co.Ltd(300024) is approved again. Will the sinking market break out

After nearly 20 years of localization, China’s endoscopic surgery Siasun Robot&Automation Co.Ltd(300024) industry finally ushered in achievements. At the end of January 2022, minimally invasive tumai was approved, becoming the second domestic endoscopic surgery Siasun Robot&Automation Co.Ltd(300024) after the approval of weigaomiao hand three months ago. The appearance of two domestic products broke the dominant pattern of Da Vinci in the Chinese market previously produced by American intuitive surgery company, and brought more possibilities to the market.

“It is understood that the number of endoscopic surgery Siasun Robot&Automation Co.Ltd(300024) reported by major hospitals in 2021 is 1400, and the market demand is very large. You know, at present, the total installed capacity in China is only more than 260. After domestic products are listed, the number of hospitals willing to buy should be higher.” Liu Yu, chief commercial officer and senior vice president of Shanghai minimally invasive medical Siasun Robot&Automation Co.Ltd(300024) , told economic observer on February 20.

Liu Yu introduced that minimally invasive not only pays attention to the needs of class III hospitals for endoscopic surgery Siasun Robot&Automation Co.Ltd(300024) , but also pays attention to class III B and class II hospitals. In the next few years, tumai’s installed capacity in class III B and class II hospitals may even be greater.

Another person in the industry believes that the listing of domestic products will enable more hospitals and doctors to afford endoscopic surgery Siasun Robot&Automation Co.Ltd(300024) and narrow the previous demand gap. However, the 20000-30000 cost of Siasun Robot&Automation Co.Ltd(300024) surgery over conventional endoscopic surgery is still an important factor affecting the market penetration of endoscopic surgery Siasun Robot&Automation Co.Ltd(300024) .

At the same time, since the purchase of endoscopic surgery Siasun Robot&Automation Co.Ltd(300024) devices by hospitals needs to follow the configuration plan formulated by the National Health Commission, and the market scale is closely related to the quota plan, the state is currently formulating the “14th five year plan” for the configuration of large medical equipment, which has become one of the policies most concerned by people in the industry.

endoscopic surgery Siasun Robot&Automation Co.Ltd(300024) localization

2021 is called the first year of localization of endoscopic surgery Siasun Robot&Automation Co.Ltd(300024) . In this year, the wonderful hand of Weigao group obtained the first certificate of domestic endoscopic surgery Siasun Robot&Automation Co.Ltd(300024) , and minimally invasive medical Siasun Robot&Automation Co.Ltd(300024) with endoscopic surgery Siasun Robot&Automation Co.Ltd(300024) as the main product was also successfully listed in Hong Kong stocks.

As the “Pearl” in the crown of Siasun Robot&Automation Co.Ltd(300024) industry, the localization of endoscopic surgery Siasun Robot&Automation Co.Ltd(300024) has gone through nearly 20 years. Since the beginning of the 21st century, the national high technology research and development program (863 Program) has funded a number of R & D projects related to endoscopic surgery Siasun Robot&Automation Co.Ltd(300024) . The school of mechanical engineering of Tianjin University is one of the main contractors of these projects. The team of Wang Shuxin, a professor of Tianjin University, cooperated with Weigao group to develop Weigao, who won the first certificate of domestic endoscopic surgery Siasun Robot&Automation Co.Ltd(300024) . At the end of October 2021, the State Food and Drug Administration approved the registration application of Weigao miaoshou for cholecystectomy, inguinal hernia surgery and other surgical procedures. The State Food and Drug Administration said that the listing of the product is conducive to reducing surgical complications, improving patients’ quality of life, alleviating doctors’ fatigue and reducing application costs.

At the end of January 2022, minimally invasive tumai was also approved by the State Food and Drug Administration and applied to laparoscopic surgery in urology. Different from the Weigao smart hand system, tumai is the first approved domestic four arm cavity mirror Siasun Robot&Automation Co.Ltd(300024) . Tumai’s clinical trial was conducted by benchmarking the marketed product Da Vinci, including 104 subjects. The State Food and drug administration believes that tumai can improve the accuracy and smoothness of master-slave operation, shorten the learning curve and improve the quality of operation. Compared with imported products, tumai will significantly reduce the treatment cost and reduce the economic burden of patients.

According to the statement of the comprehensive drug administration, the listing of miaozhou and tumai will help to reduce the use cost. It is understood that the previous price of a da Vinci was more than 20 million yuan, while the specific price of miaozhou and tumai has not been made public. Liu Yu compared the relationship between “tumai” and “Da Vinci” to “Huawei” and “apple”. He said, “we will certainly assume the responsibility of our domestic substitution, but we will not fight a price war”.

Before the launch of domestic products, Da Vinci was the only endoscopic surgery Siasun Robot&Automation Co.Ltd(300024) product in the Chinese market. Liu Yu has been the marketing director of Leonardo da Vinci in the Chinese market for a long time since 2008. At the end of 2020, he joined the minimally invasive medical Siasun Robot&Automation Co.Ltd(300024) group and began to be fully responsible for the business of domestic surgery Siasun Robot&Automation Co.Ltd(300024) . He is an experienced person in the development process of Chinese endoscopic surgery Siasun Robot&Automation Co.Ltd(300024) market.

Reviewing the market process in the past ten years, Liu Yu believes that it can be divided into three stages. First, in the start-up period from 2008 to 2013, there were sporadic installations, but they did not form a certain scale. There were 17 installations in five years and only more than 3000 operations in five years. The second stage is the growth period from 2013 to 2018. In these five years, the number of installed machines reached 59, and the number of Siasun Robot&Automation Co.Ltd(300024) operations increased from more than 3000 per year in 2013 to 33000 per year in 2018. The third stage is the rapid growth period since 2018. In 2021, the number of surgeries has risen to nearly 90000 in a single year. At the same time, in 2018, the state clearly issued the configuration plan of endoscopic surgery Siasun Robot&Automation Co.Ltd(300024) . There are 225 sets between 2018 and 2020, far exceeding the cumulative index in the past decade.

After the listing of domestic products, considering the price and other factors, Liu Yu believes that the number of hospitals willing to buy will exceed the previous demand based on the preset statistics of Da Vinci system. According to his understanding, at present, there are very few doctors who can receive training in many large class III hospitals due to lack of equipment. For example, in a hospital, there is only one Siasun Robot&Automation Co.Ltd(300024) shared by five departments, and each department can only use one day a week. In this day, up to seven consecutive operations can be performed, which only supports one or two doctors. Therefore, in large hospitals, many doctors with endoscopy experience and above who meet the operation conditions have no chance to receive training. Liu Yu believes that this is one of the reasons for the low penetration rate of Siasun Robot&Automation Co.Ltd(300024) endoscopic surgery in China.

minimally invasive will shop in the sinking market

After the domestic products go on the market, they will inevitably compete with Leonardo da Vinci. Previously, the staff of intuitive Fosun Marketing Department of Da Vinci’s agent once told the economic observer that after the domestic products are listed, they can expand the market “cake” together with Da Vinci, but da Vinci is not consistent with the target market of domestic products. Fosun Hengli securities once predicted that the compound growth rate of China’s endoscopic surgery Siasun Robot&Automation Co.Ltd(300024) market will be about 15.1% from 2021 to 2030, and the market scale (at ex factory price) will reach about 8.9 billion yuan by 2030.

Liu Yu believes that based on the advantages of price and service, compared with Leonardo da Vinci, the market of domestic products will be wider. In terms of target market, in addition to large-scale third-class hospitals, minimally invasive will also sink to third-class and second-class hospitals. According to Liu Yu’s understanding, many third class B and second class A hospitals are willing to buy endoscopic surgery Siasun Robot&Automation Co.Ltd(300024) in addition to retaining doctors and patients suitable for Siasun Robot&Automation Co.Ltd(300024) surgery. “If an excellent doctor can’t use new equipment and tools and learn new technology in a hospital, he may be lost. At the same time, some patients also tend to choose hospitals with surgery Siasun Robot&Automation Co.Ltd(300024) for precision minimally invasive surgery.

Liu Yu predicted that in the next few years, in terms of the installed capacity of tumai, the number of third-class and second-class hospitals will be larger, but the number of operations is still dominated by third-class and first-class hospitals, and the number of operations and difficult operations in third-class and second-class hospitals will need to go through a period of cultivation. It is understood that minimally invasive medical Siasun Robot&Automation Co.Ltd(300024) has opened 10 training centers nationwide for doctors to learn the operation process of tumai, and more than 200 doctors have received training.

According to the analysis of Fosun Hengli report, domestic endoscopic surgery Siasun Robot&Automation Co.Ltd(300024) has broken through the technical barriers, but due to the quota constraints on the configuration of the hospital end, there is great uncertainty about the installed capacity in the short and medium term in the future. At the same time, the high prices of equipment, consumables (without medical insurance reimbursement) and service fees of endoscopic Siasun Robot&Automation Co.Ltd(300024) may also limit its promotion.

In 2024, Shanghai Medical Insurance Bureau included the “total resection of prostate cancer” and “partial resection of prostate cancer” (i.e. intelligent resection of prostate cancer) into the scope of “total resection of prostate cancer” and “partial resection of prostate cancer” in April 2024. However, at present, most parts of China have not included Siasun Robot&Automation Co.Ltd(300024) surgery in medical insurance. According to a Shenyang patient who recently underwent endoscopic Siasun Robot&Automation Co.Ltd(300024) surgery, the cost of surgery is nearly 30000 yuan higher than that of ordinary endoscopic surgery.

According to frost Sullivan, the penetration rate of endoscopic surgery Siasun Robot&Automation Co.Ltd(300024) in the United States in 2020 (i.e. the number of operations performed with Siasun Robot&Automation Co.Ltd(300024) divided by the total number of similar operations in the same period) was 13.3%, and the penetration rate in China in the same year was only 0.51%.

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