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Analysis of the development of dental medical equipment industry in 2018
- 2018-10-23-

The demand for dental medical equipment is strong. At the 67th China International Medical Equipment Fair, which was just concluded in Shenzhen, it was said that the activity of exhibitors was significantly higher than last year.

According to Essence Securities data, China's medical device market has achieved a compound growth rate of 21% in the decade from 2000 to 2009, and China's medical device market reached 120 billion yuan in 2010. The industry believes that the medical device market has huge growth potential. From the scale of the medical device and pharmaceutical market, the global medical device market is about 40% of the global pharmaceutical market, while China's proportion is less than 15%.

Competing for the high-end medical equipment market

Medical imaging and in vitro diagnosis are the high-end medical device market. At present, foreign companies have a market share of more than 75% in the high-end medical equipment market, and local companies only have a market share of about 25%.

However, this pattern is quietly changing. Shenzhen Mindray MR.NYSE, Neusoft Medical 600718.SH, China Resources Wandong 600055.SH and other local medical equipment companies are accelerating the pace of monopolizing foreign companies.

Shenzhen Mindray's fiscal year 2011 financial report showed that the report period revenue of 880 million US dollars, an increase of 25.1%; net profit of 170 million US dollars, an increase of 7.2%. Among them, the revenue of the Chinese market reached 374 million US dollars, an increase of 27.6% over 2010, and the revenue of overseas markets reached 506 million US dollars, an annual increase of 23.3%.

Mindray first started in the second- and third-tier cities and county-level markets in China. At the beginning, we relied on price advantage and channel advantage. Up to now, we will rely more on technological advantages and modify some products to better suit the low-end market. .

Reluctantly revealed that in the field of ultrasound, Mindray's domestic market share has reached 10%, surpassing the multinational medical device giants GE Healthcare, Philips and Siemens.

Neusoft's 2011 financial report showed that revenue was 5.75 billion yuan, a year-on-year increase of 16.48%. At the beginning of last year, Neusoft spent more than 100 million yuan from Intel and other companies to acquire a 73.14% stake in Beijing Wanghai Kangxin, enriching its resources in medical informationization.

China Resources Wandong has become the integration platform of China Resources Pharmaceutical Group in the medical device segment. In the middle and high-end medical devices, China Resources Wandong's digital gastrointestinal, high-end DR, MRI NMR and DSA angiography and other high-end equipment of more than 300,000 The proportion of sales revenue has increased from 30% in 2009 to 60% to 70% in 2011. Local medical device companies such as Minimally Invasive Medical 00853.HK, Lepu Medical 300003.SZ and Shandong Weigao have already collapsed multinational companies in the field of cardiovascular stents.

On June 15, 2011, one of the important reasons for Johnson & Johnson's complete withdrawal from the drug-eluting stent market was that the Chinese market was gradually being squeezed. In 2004, China's drug stent market was basically monopolized by foreign companies such as Johnson & Johnson, Abbott and Boston. However, by 2010, the respective market share of foreign and domestic brands has become 20% and 80%.

Home medical equipment is highly competitive

In the field of diagnosis, global giants such as Johnson & Johnson, Roche and Abbott have almost monopolized the domestic market. Take domestic blood glucose monitoring products as an example. At present, domestic blood glucose monitoring products are mainly imported brands, and the market share is about 70%. Among them, Johnson & Johnson's blood glucose monitoring products market share is 35%, Roche has 20%, and Abbott accounts for 7.5%. . Domestic blood glucose monitoring products only have a market share of 30%, with Beijing Yicheng and Sannuo Bio 300298.SZ as the leading enterprises.

In late March, Sannuo Bio, which specializes in blood glucose monitoring products, is on the IPO of the Shenzhen GEM. The prospectus shows that the company's blood glucose monitoring products currently account for about 10% of the domestic market. Compared with imported products, Sannuo's products have price advantages, such as blood glucose tester products. The prices of imported products range from 350 to 1200 yuan, and the prices of domestic products range from 150 to 650 yuan, only half of imported products.

High cost performance is the traditional advantage of local medical device companies. With the rapid expansion of the “three highs” and diabetes population, the home medical equipment company maintained rapid growth.

Since its listing in 2008, the domestic small and medium-sized medical equipment manufacturer Yuyue Medical 002223.SZ has maintained a high growth rate of 50% for three consecutive years. By 2011, although the growth rate of Yuyue Medical has slowed down, it still achieved operating income of 1.171 billion yuan, a year-on-year increase of 32.43%. The net profit attributable to the parent company was 226 million yuan, a year-on-year increase of 40.73%. The gross profit margin reached 35.41%.

Around 2010, all multinational medical device brands began to sink their channels and began to focus their energy on the terminal. The main cause of this change in the market is the "new medical reform" that the government has pushed hard.

This change also means that domestic brands and foreign brands are more competitive in the Chinese medical device market.