On the whole, China's hair medical service market is growing rapidly, and the market penetration of hair transplantation and hair fixation is low. China's hair medical service market is divided into hair transplant medical service market and medical fixation service market according to whether there is surgery or not. According to frost Sullivan, the market scale of hair medical services in China has reached 18.4 billion yuan in 2020 and is expected to reach 138.1 billion yuan by 2030, with a CAGR of 22.3%. In 2020, the hair transplant medical service market and medical care and fixation service market accounted for 72.8% and 27.2% of China's hair medical service market respectively. According to the prospectus of Yonghe medical, a total of 516000 hair transplants were performed in China in 2020, with a penetration rate of only 0.21%, and the penetration rate of China's medical care and fixation service market is only 1.0%, with a low penetration rate, which still has great room for improvement.
The competition pattern of hair transplant medical service industry is relatively scattered, and the market share of monomer hair transplant institutions is relatively high. Hair transplantation is a skill that practice makes perfect. The technical difficulty is low, and the access threshold of the medical team is low. A standardized operation process has been formed. At present, the competition pattern of the industry is relatively scattered. Hair transplant surgery has a high degree of repetition and a large workload. Hair transplant institutions usually create differentiated competitive advantages in subtle places. By combing the patented technologies of barley microneedle, Yonghe medical and newborn hair transplantation, we found that the patented technologies of barley microneedle are distributed in the links of extracting hair follicles and planting hair follicles, the patented technologies of Yonghe medical are distributed in the links of preoperative detection and extracting hair follicles, and the patented technologies of newborn hair transplantation are distributed in the links of hair follicle extraction and postoperative care, All institutions create differentiated competitive advantages of enterprises in subtle aspects.
We believe that the ultimate competitive barrier of hair transplant medical service institutions is brand, and brand construction needs to be gradually completed through marketing promotion, skilled medical team and continuous capital investment. At present, the hair transplant industry still belongs to the stage of low penetration and rapid development, and there is no leading leader in the industry. High marketing investment, mature and stable medical care and management team and strong capital strength can ensure the effective expansion of the enterprise, quickly seize the market share, realize the scale effect through chain operation, standardize, professionalize and unify the brand image, price system and service process, go deep into the minds of consumers, maintain consumer loyalty and lock in the profit space of the enterprise, Finally, higher brand barriers will be erected.
Investment suggestion: it is recommended to pay attention to Yonghe medical (not covered). According to the prospectus of Yonghe medical, the company's more than 50 chain institutions have covered 50 cities in China. According to the income of hair transplant medical services, the number of patients receiving hair transplant medical services, the number of institutions providing hair transplant medical services and the number of doctors in 2020, Yonghe medical ranks first, accounting for 11% of the market share in 2020; according to the number of medical care in 2020 According to the income from solid services and the number of online medical institutions providing medical and solid support services, Yonghe medical ranked first among all medical institutions, accounting for about 5% of the market share.
Risk tip: market competition intensifies, the industry falls into a price war, the growth of residents' income is less than expected, and the epidemic repeatedly affects offline consumption.
