[Transfer] The most headache in history

[Transfer] The most headache in history

Source: Archimedes Biotech

Author: Archimede

This time, the test of the Medical Insurance Bureau may be greater than the enterprise.

Fujian Province will recently lead the collection of cardiac provincial alliances of cardiac electrical and physiological provincial -level alliances, covering the regional expansion, which is similar to the national collection.

In the past, the collection of generic drugs was a game of the stock market. The pattern of excessive homogeneous competition was equivalent to a group of middle -aged greasy uncle cut each other. The scene was fierce, but it would not cause too much sympathy.

This collection has extended his hands to innovative equipment. Domestic electrical physiology is still in the budding stage, with a share of less than 10%. The three foreign giants Johnson & Johnson, Abbott, and Midunlon occupy a total of 87%of the market share.

The domestic electrical and physiological market can be divided into two levels. Complex atrial fibrillation surgery (three-dimensional disdeximity) belongs to high-end fields. According to CICC's pharmaceutical statistics, the cost is as high as 62,000 to 100,000 yuan, and terminal sales account for 64.5%, which is completely monopolized by foreign capital. Domestic -produced in two -dimensional disinfection (7.8%of the surgical volume) and ordinary electrical consumables (terminal sales accounted for 21.8%), and generally in a state of retreat.

Jiji enters the deep water area, which is no longer a simple bargaining, and requires precise and balanced solutions. If this collection of electrical physiology cannot promote the substitution import process, but instead consolidate the advantages of foreign investment in three -dimensional ablation, domestic production is tantamount to being hit by two -way foil, trapped in the low -end two -dimensional world, the original sales and profit space It will also be compressed.

The cash flow and innovation capabilities of the industry should not hurt the industry.

Domestic electronic and physiological market competition pattern Source: Wind, prospectus, Hua An Securities Institute, unit: 100 million yuan

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Instead

About 11 million patients with coronary heart disease, corresponding PCI surgical volumes of more than 1.1 million cases per year, and surgical penetration rate exceeds 10%. The number of patients with atrial fibrillation is equivalent to coronary heart disease. The corresponding electrical physiological surgery volume is about 100,000 per year, and the surgical penetration rate is less than 1%.

The development of the electrical and physiological market is not yet mature, but it is eager to collect it. The medical insurance bureau may not be able to tolerate the high cost of atrial fibrillation. The domestic pricing is even much higher than the United States. Even in Sanming, Fujian Province, the payment standard 80,000 yuan.

In the four circles of cardiovascular intervention (coronary, peripheral, nerve, and electrical), electro -physiological technical barriers are the highest.

The heart rate is greater than 100 times/divided into fast arrhythmia. The main types include atrial fibrillation, room flutter, chamber speed, early room, radio frequency, frozen and fusion surgery to release different energy in the small area tissue inside the heart through the catheter, destroying it, destroying it, destroying it, destroying it, and destroying it. Everbright origin or abnormal conduction to rebuild normal heart rhythm. Among them, atrial fibrillation is the most common, the heart rate can reach 100 to 160 times/minute, the atrium loses the shrinkage function, the operation is the most difficult. It is necessary to use the 4 pulmonary vein mouth in the left atrium to prevent the wrong electrical signal passed to the heart to the heart The channels of the channel can be melted one by one to connect, and it cannot be accurately located with its own experience and personal memory.

The principle of electrical three -dimensional labeling system is like GPS navigation. The three -dimensional model of the heart is established. The duct location and its motion trajectory and ablation points are clearly displayed on the computer screen in real time, making radio frequency ablation more accurate.

Electricity surgery is concentrated in large hospitals in first -tier and second -tier cities. Electrician doctors have not been engaged in cardiovascular disease intervention diagnosis and treatment surgery for 5 years. A total of 200 cases of cardiovascular disease intervention in cardiovascular disease have been independently completed. It is 1 year.

It is also a hard -hearted card neck link.

The timing is immature, and domestic electrical physiology has not yet entered the atrial fibrillation market.

Domestic three -dimensional cardiac electrical bidding system, lack of clinical data, core performance stability and core algorithm accuracy, to be verified, poor clinical use, some core modules (high -density marking modules and pressure perception modules) are missing.

Atrial fibrillation consumables are dominated by foreign capital. High precision labeling catheter, pressure sensing magnetic positioning irrigation radio frequency discharge catheter, ultrasonic catheter, frozen ablation balloon, magnetic positioning and ablation catheter 5 major products occupy cardiac electrical consumables The terminal price market sales share of 78.2%.

High -density labeling catheter: cooperate with the three -dimensional cardiac electrical bidding system to achieve high precision signal labeling and fast modeling. The market is occupied by Johnson & Johnson, Abbott and Boston, and domestic manufacturers have not yet been listed on similar products.

Pressure sensing magnetic positioning irrigation radio frequency discharge pipe: In conjunction with the three -dimensional cardiac electrical bidding system, it provides the real -time force value of the inner wall of the catheter and the inner wall of the cardiac cavity to achieve accurate ablation. The atrium wall is thin, and the pressure sensing is large. The market is occupied by Johnson & Johnson and Abbott, and domestic manufacturers have not yet been listed on similar products.

Frozen and ablation: Innovative technique of atrial fibrillation treatment. By designed for cycloppy -type frozen and fusion custers designed for cyclopolital vein isolation, it will affect the tissue and use continuous belt -like -like damage to innovate traditional radio frequency discharge techniques. Pulmonary isolation method with pointing into line. The market is exclusively occupied by Midunli, and domestic manufacturers have not yet launched the frozen and ablation system.

Unlike most equipment tracks, the substitutional substitution process of electrical is not retreat. With Johnson & Johnson SMARTOUCH pressure sensing and the first -generation frozen ablation system of Metro, the rapid volume of atrial fibrillation consumables, the domestic electrical and physiological market share fell from 11.6%in 2015 to 9.0%in 2019, and the return of 2020 to 9.6%. Foreign capital also launched a decrease in dimension, squeezing domestic living space in the field of ordinary electrical and physiological consumables, and the use of imported magnetic perception (three -dimensional) 10 pole labels to increase the use of catheters, and domestic universal category target catheter market share is under pressure. Although this collection will reduce the price of foreign -funded atrial fibrillation consumables, the possibility of promoting domestic production to high -end fields is small, and the domestic basic disk -the sales amount of ordinary electrical consumables is facing a shrinking situation.

Sino -US FTD Consumer Irequanic Consumption Consumption Consumption Consumption Consumption Contrast (3D radio frequency melting) Data Source: Innovative Health, Pharmaceutical Procurement Center in various regions, and CICC Research Department

Source of charging standards for the provinces of heart electrical and virality: Provincial Medical Insurance Bureau, CICC Research Department

2021 China Electrician and Physiological Market Demolition (at the end price)

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How can the fastest growing market for foreign investment exclusively?

High -end can't go in, low -end can't keep it, time also, life also. In fact, for another one or two years, domestic electrical and physiological high -end consumables will be listed.

In 2021, the unit price of minimally invasive electrical bidders, three -dimensional melting custers, and two -dimensional melting custers were 1344 yuan, 5878 yuan, and 2172 yuan, respectively. The price reduction is limited to medical insurance funds. The high -end consumables high -precision labeling catheter, magnetic positioning pressure sensing melted pipe, ultrasonic catheter (15%scenario), frozen melted ball pocket, magnetic positioning and ablation catheter (room speed) terminal prices are 26,000 yuan, respectively , 35,000 yuan, 22,000 yuan, 37,000 yuan, 18,000 yuan, occupying the head of medical insurance funds, foreign monopoly, and insufficient price reduction pressure.

The magnetic coil positioning unit and the sensor required by the required magnetic coils required by the minimally invasive electrical equipment have relying on a single supplier of the Northern Digital Corporation of Canada. In 2021, the purchase amount is 12.78 million yuan, accounting for 18.44%of the current total procurement. Cardiner biological three -dimensional labeling equipment and three -dimensional catheter.

The establishment of Northern Canada Digital Corporation has been established for 40 years. It is an advanced manufacturer in the field of 3D optical measurement and electromagnetic measurement fields. In terms of clinical applications, the market share accounts for about 90%. purchase.

The second largest supplier of minimally invasive electronic physiology is Johnson Matthey, a British manufacturing company.

According to the surgical volume, the market share of domestic enterprises in 3D electrical surgery in 2020 was only 4.2%. The minimally invasive electronic biological three -dimensional cardiac electrical bidding system was approved in 2016. It has been updated to the three generations so far, only about 50%of hospitals that can carry out electrical physiological surgery. In fact, the latest system has built -in high -density label modules and pressure perception modules, which are limited by the matching turtins that have not been listed and have not been commercialized.

The transfer is coming.

The high -density labeling catheter in research has been submitted for registration and is expected to be listed this year.

Pressure sensing magnetic positioning and irrigation radio frequency discharge pipes entered the special approval process for innovative medical equipment in 2017. It is the first domestic stress perception of stress -perceived melted catheter in China. At present, it has entered the clinical trial stage and has completed the clinical enrollment. It is expected to be listed in 2023.

ICEMAGIC's heart freezing and ablation system entered the special approval procedure of innovative medical devices in 2021. It has entered the clinical trial stage and completed the clinical admission group. It is expected to be listed in 2023 with the frozen discharge custody.

Huitai Medical HT-VIEWER 3D system was launched in early 2021. The electrical and physiological business achieved a breakthrough from two-dimensional to three-dimensional. In 2021 However, the failure of the atrial fibrillation surgery is mainly to provide overall solutions for the premature and upper speed patients. This part of the business is expected to have a compound growth rate of more than 50%in the next three years.

Huitai Medical Magnetic Positioning Pressure Sensing Frequency Dharma Catheter has entered the clinic, and the high -density labeling catheter and pulse discharge catheter of magnetic and electrical positioning have been completed. The atrial fibrillation products are expected to be approved in 2024. After listing until 2027, it is expected to be expected Reaching 8%market share.

Jinjiang Electronics: The annual revenue is nearly 50 million, and the electrical positioning three -dimensional label system is listed in 2013 and is involved in the field of three -dimensional non -atrial fibrillation. In June of this year, the pulse fusion equipment entered the special approval procedure of innovative medical equipment, which can be used for atrial fibrillation surgery. Pulse electric field ablation (PFA) is a new generation of ablation technology. The use of high -voltage pulse electric field selectively destroys myocardial cells without damage to adjacent tissue. The second is even smaller, which greatly shortens the surgery time, and the doctor's learning curve is short.

Xinnupu Medical: In March last year, it completed a $ 60 million G round of financing, upgraded the entire electro -physiological product line, and promoted the frozen ablation system and three -dimensional standard system projects.

Deno Electric: Cardiopulse is the first domestic atrial fibrillation pulse dispenser product with completely independent intellectual property rights. In December 2020, it successfully completed Asia's first pulse melody surgery for paroxysmal atrial fibrillation. The pulse of sexual atrial fibrillation. Last October, Navik 3D imaging and navigation systems were introduced from APN HEALTH in the United States 3D cardiac imaging system to build a new ecosystem for atrial fibrillation. Kangyu Bio: The secondary delivery of the Hong Kong Stock Exchange is expected to be listed in the first domestic and the second model for the treatment of atrial fibrillation in 2023.

Similar to chemical glowing, the three -dimensional electrical physiological equipment is basically closed system. The consumables (three -dimensional discharge catheter) have the only matching of the equipment. This is also a row business model that consolidates the first -mover advantage of foreign capital.

If the import of imports is not smooth, there is a risk of further decline in domestic electrical and physiological market share. At present, the only highlight is that domestic three -dimensional products can be competent in clinical needs in the upper room speed. It is expected to be admitted to the hospital quickly by collecting clinical data to form doctors' habits and product preferences, and pave the way for commercialization of atrial fibrillation products.

With the commercialization of radio frequency ablation, high -end products and frozen ablation, and pulse melting products, domestic production has been able to launch an attack on the three giants of the US Department in the field of atrial fibrillation in 2024.

According to Ferrishalvin, the domestic electrical physiological equipment market size was 5.15 billion yuan in 2020, and it is expected to reach 2.111 billion yuan in 2024. The average annual compound growth rate is 42.3%. One of them, how can we make foreign investment exclusive?

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