Innovative medical devices - nerve intervention: technological innovation and import substitution!
2022-05-01 09:39:01
1. Origin: policies promote domestic innovation. Under the guidance of the "fourteenth five year plan", the approval and listing of domestic devices for innovation were accelerated, and domestic Neurointerventional devices were gradually approved for listing with the maturity of therapy. The national procurement of high-value consumables tends to be normalized, and the regional centralized procurement of nerve intervention has been successively implemented in Zhejiang and Hebei. It is expected that the domestic market share will be greatly improved in the future. In 2021, two Neurointerventional companies were listed successively, and one had submitted a prospectus for listing.
2. Neural intervention industry: innovative devices "blue ocean market". Stroke has the characteristics of high incidence rate, high disability rate and high mortality. In 2019, there were 14.8 million stroke patients and about 120000 nerve intervention operations in China. In 2020, the number of stroke patients affected by the epidemic will still reach 160000. In 2019, China's neural intervention market was about 5.79 billion yuan, with foreign capital accounting for more than 90%. Domestic innovative products mainly include bolt removal bracket and spring coil, and the types are gradually enriched. Benefiting from the improvement of therapy penetration rate and the acceleration of domestic innovation, the domestic neural intervention market will expand rapidly. We predict that the scale of China's neural intervention market will exceed 30billion yuan in 2030, with a CAGR of 23.2% in 2020-2030. The products of domestic companies such as guichuangtongqiao, Xinwei medical and minimally invasive brain science were quickly approved for listing, and they have the first mover advantage in clinical academic promotion and sales channels.
3. Stones from other mountains: Enlightenment from MNC's innovation road. International leading neuro intervention companies mainly include platform enterprises such as Medtronic, Stryker and Johnson & Johnson, which establish a comprehensive product line through cross track M & A; "Specialized and special" companies, such as penumbra, rely on the suction catheter of the fist product to become the leader in the subdivision field, and maintain their advantages through rich product portfolio and continuous technical iteration. The stock price has risen all the way, with a market value of about US $8.5 billion. With the technical progress of instruments and imaging equipment, the gradual improvement of the training system for practitioners, the continuous upgrading of surgical methods and treatment methods, and the rapid development of Neurointerventional therapy. In 2018, the global neural intervention market reached US $2.26 billion. Acute ischemic stroke (AIS) is the main cause of stroke, accounting for nearly 70%. From intravenous thrombolysis, intravenous thrombolysis combined with mechanical thrombectomy to mechanical thrombectomy alone, the popularity of mechanical thrombectomy instruments has increased rapidly. Medtronic thrombectomy instrument has completed the technical iteration of three generations and five products. The treatment of hemorrhagic stroke continued to make breakthroughs, from traditional craniotomy, drug therapy, coil embolization to blood flow guided therapy.
4. China's neural intervention in the market: penetration enhancement and import substitution will be the main theme in the next decade. The stroke treatment penetration rate in China is 1.7%, compared with 11.8% in the United States, which has great room for improvement. In China, Neurointerventional surgery is concentrated in head hospitals. There is a big gap in the level of stroke treatment at the grass-roots level. With the construction of stroke centers and the improvement of clinical infrastructure, the number of Neurointerventional surgery will continue to increase. Since 2011, the coil, microcatheter and distal access catheter have been approved successively, opening the era of domestic nerve intervention products. From 2020 to 2021, the stent and blood flow guide device have been approved. In 2021, more than 22 nerve intervention products have been intensively approved for listing. Domestic enterprises are constantly updating and iterating, with excellent clinical data, unique clinical design of some products, and the effect is even better than that of imported products. It is expected that in the next three years, a large number of nerve intervention products will complete technological innovation and product launch. In the next ten years, penetration enhancement and import substitution will become the main melody of China's neural intervention market.
5. Future prospects: the market of Neurointerventional surgery robots will expand. In recent years, international giants have completed the layout of surgical robots, forming a market pattern of two domestic and two imported in China. The penetration rate of surgical assistant robots and vascular interventional robots is expected to increase in the future. At present, prosurgics, MedTech, Renishaw and other foreign companies have successfully developed neurosurgical surgical robots, and there are five neurosurgical surgical robots in China, including behay Weikang, Huake precision and Huazhi minimally invasive. Xinwei medical, a neurological intervention company, has a layout. The platform based company minimally invasive medical has a solid and broad R & D capability and technology platform. It has laid product lines in multiple categories and has a strong first mover advantage. Domestic enterprises are still in the early stage of development, and are expected to catch up with and surpass them by virtue of the combination of industry, University and research.
2. Neural intervention industry: innovative devices "blue ocean market". Stroke has the characteristics of high incidence rate, high disability rate and high mortality. In 2019, there were 14.8 million stroke patients and about 120000 nerve intervention operations in China. In 2020, the number of stroke patients affected by the epidemic will still reach 160000. In 2019, China's neural intervention market was about 5.79 billion yuan, with foreign capital accounting for more than 90%. Domestic innovative products mainly include bolt removal bracket and spring coil, and the types are gradually enriched. Benefiting from the improvement of therapy penetration rate and the acceleration of domestic innovation, the domestic neural intervention market will expand rapidly. We predict that the scale of China's neural intervention market will exceed 30billion yuan in 2030, with a CAGR of 23.2% in 2020-2030. The products of domestic companies such as guichuangtongqiao, Xinwei medical and minimally invasive brain science were quickly approved for listing, and they have the first mover advantage in clinical academic promotion and sales channels.
3. Stones from other mountains: Enlightenment from MNC's innovation road. International leading neuro intervention companies mainly include platform enterprises such as Medtronic, Stryker and Johnson & Johnson, which establish a comprehensive product line through cross track M & A; "Specialized and special" companies, such as penumbra, rely on the suction catheter of the fist product to become the leader in the subdivision field, and maintain their advantages through rich product portfolio and continuous technical iteration. The stock price has risen all the way, with a market value of about US $8.5 billion. With the technical progress of instruments and imaging equipment, the gradual improvement of the training system for practitioners, the continuous upgrading of surgical methods and treatment methods, and the rapid development of Neurointerventional therapy. In 2018, the global neural intervention market reached US $2.26 billion. Acute ischemic stroke (AIS) is the main cause of stroke, accounting for nearly 70%. From intravenous thrombolysis, intravenous thrombolysis combined with mechanical thrombectomy to mechanical thrombectomy alone, the popularity of mechanical thrombectomy instruments has increased rapidly. Medtronic thrombectomy instrument has completed the technical iteration of three generations and five products. The treatment of hemorrhagic stroke continued to make breakthroughs, from traditional craniotomy, drug therapy, coil embolization to blood flow guided therapy.
4. China's neural intervention in the market: penetration enhancement and import substitution will be the main theme in the next decade. The stroke treatment penetration rate in China is 1.7%, compared with 11.8% in the United States, which has great room for improvement. In China, Neurointerventional surgery is concentrated in head hospitals. There is a big gap in the level of stroke treatment at the grass-roots level. With the construction of stroke centers and the improvement of clinical infrastructure, the number of Neurointerventional surgery will continue to increase. Since 2011, the coil, microcatheter and distal access catheter have been approved successively, opening the era of domestic nerve intervention products. From 2020 to 2021, the stent and blood flow guide device have been approved. In 2021, more than 22 nerve intervention products have been intensively approved for listing. Domestic enterprises are constantly updating and iterating, with excellent clinical data, unique clinical design of some products, and the effect is even better than that of imported products. It is expected that in the next three years, a large number of nerve intervention products will complete technological innovation and product launch. In the next ten years, penetration enhancement and import substitution will become the main melody of China's neural intervention market.
5. Future prospects: the market of Neurointerventional surgery robots will expand. In recent years, international giants have completed the layout of surgical robots, forming a market pattern of two domestic and two imported in China. The penetration rate of surgical assistant robots and vascular interventional robots is expected to increase in the future. At present, prosurgics, MedTech, Renishaw and other foreign companies have successfully developed neurosurgical surgical robots, and there are five neurosurgical surgical robots in China, including behay Weikang, Huake precision and Huazhi minimally invasive. Xinwei medical, a neurological intervention company, has a layout. The platform based company minimally invasive medical has a solid and broad R & D capability and technology platform. It has laid product lines in multiple categories and has a strong first mover advantage. Domestic enterprises are still in the early stage of development, and are expected to catch up with and surpass them by virtue of the combination of industry, University and research.
