Medical net June 28
Medical apparatus and equipment enterprises are in the home and abroad layout
In 2016, there were 94 m&a cases in the domestic medical device industry, among which there were 85 cases of mergers and acquisitions among domestic enterprises, and 9 cases of domestic enterprises acquiring foreign enterprises. 2016 medical equipment industry mergers and acquisitions is mainly around the existing business, acquirers to produce chain upstream and downstream extension or horizontal expand business scale, there are also part of the merger cases is to expand new areas of business.
Some mergers and acquisitions are as follows:
Chart 1: the investment layout of China's medical device industry at home and abroad in 1616 (unit: ten thousand dollars, hundred million yuan)
Revenue grew
In recent years, the surging investment and merger wave has also helped to promote the market scale of the medical device industry. "2017-2017, China's medical equipment industry market demand forecast and investment strategy analysis report shows that in 2011, the size of the market for medical devices industry was 135.4 billion yuan, in 2014 reached 200 billion yuan, the size of the market in 2016 reached 244.8 billion yuan, up 7.9% year on year, 2011-2016 average annual compound growth rate of 12.57%.
Chart 2: the market size change of China's medical device industry (unit: billion yuan, %)
Source: national bureau of statistics
Policy planning has been introduced
The development of the industry is inseparable from the guarantee and support of national policies. The medical instrument industry in China not only occupies an important position in the national economy, but also closely related to the vital interests of the people. Since 2016, new measures have been introduced to ensure the healthy development of the medical device industry.
Chart 3: the major policy and planning of medical devices in China since 1616
The advantages of scale development are obvious
In 2011-2016, China's medical device industry has maintained a growth rate of 7% to 10%, which belongs to the stable development industry, but the overall scale is smaller. Compared with large foreign medical equipment companies, most of the domestic medical instrument enterprise belong to small and medium enterprises, the current situation of the small size determines the less resources, weak in the international competition and the disadvantage.
And medical device scale development can bring the following advantages:
Chart 4: analysis of the advantages of scale development of medical device enterprises
The r&d strength of domestic and foreign enterprises is large
China's medical device industry has a late start and its development experience is less than that of foreign countries. From the international development experience of the industry, the r&d strength determines the quality and level of the industry's earnings. In the case of abbott, in 2016, abbott's actual investment in research and development reached us $14.22 billion (RMB 9445 million), accounting for 6.84 percent of the revenue.
In terms of absolute value, the research and development of some leading medical device enterprises in the same period is the highest in shenzhen, with 10.89 billion yuan, accounting for only about 11% of abbott. From the proportion of revenue, mindray medical, neusoft group (600718), and minimally invasive medical, Wan Dong medical (600055), and other levels of spending on r&d gradually on the rise, accounts for the proportion of revenue is 12.06%, 11.37%, 12.64% and 11.37% respectively.
From the perspective of the trend, China's medical device enterprises have gradually shifted the perspective of enterprise development to research and development, and the development of r&d strength can be expected.
Figure 5. The r&d investment of major listed companies in China's medical device industry in 16 years compared with foreign enterprises (unit: billion yuan, %)
Policies and scientific research are a good way to boost the industry
In recent years, China's medical equipment industry is limited by technology research and development strength, in competition with foreign advanced medical device makers in most cases still is given priority to with the price war, few lack the strength to fight back, in the field of high-end domestic high-end medical market in times of foreign high technology level medical enterprise monopoly situation. At present, the medical devices in the mid-range products fully implement the import substitution, and in the high-end products, is to raise the level of our technology research and development, in order to realize the import substitution in the next 10 to 15 years.
If our country's medical instrument products can fully realize the import substitution, the market size of the medical device industry in China will be another grade. By 2022, the market size of China's medical device industry will reach 566.2 billion yuan.
Figure 6:17-2022 market prospect forecast of China's medical device industry (unit: billion yuan)
