Original title: An article to understand the cardiovascular medical equipment track of Hillhouse's holdings. Source: Futu Information
In all sectors this year, medicine The biological industry saw an increase of up to 47%, especially the medical device sector, with an average increase of over 80%, outperforming the Shanghai and Shenzhen 300 Index< span id="quote _ sz399300"> 69 points.Data source: wind, compiled by Futu Securities, as of 16:00 on July 16, 2020
MicroPort Medical, Qiming Medical, and Peijia Medical are all medical device stocks in the cardiovascular field held by Hillhouse Capital. We can see that their performance far exceeds the average increase in the industry. We can't help but ask curiously, why are the same medical device industries in the cardiovascular field, but their growth rates are so different?Data source: wind, compiled by Futu Securities, as of 16:00 on July 16, 2020
This article will briefly introduce cardiovascular diseases and the positioning of cardiovascular medical devices, then introduce the subdivisions of the cardiovascular field in detail, and finally summarize the final investment opportunities for you.
Cardiovascular disease is based on the location and type of disease , Can be divided into coronary heart disease, thoracic/abdominal aortic aneurysm and peripheral peripheral artery vascular disease, structural heart disease and so on. The following figure shows the main types of cardiovascular diseases:Data source: Google Scholar, compiled by Futu Securities
For cardiovascular diseases, clinical treatment plans include drug therapy, open surgery and interventional therapy. Drug treatment is currently only a relieving effect, and it cannot be completely cured. Open surgery is very risky and traumatic.
Interventional therapy is a new treatment method between surgery and internal medicine. Simply understand that with the assistance of imaging equipment (angiography, fluoroscopy, CT, MR, B-ultrasound), without surgery to expose the lesion, a tiny channel with a diameter of several millimeters is made in the blood vessel and skin.
This program is suitable for patients with: vascular stenosis, arteriovenous thrombosis, vascular malformation, heart valve and other problems, and most importantly, it is also suitable for The risk is low for people over 70 years old.Data source: Qiming Medical Prospectus
Positioning of high-value cardiovascular consumables :
Medical devices can be divided into: medical equipment, high-value consumables, IVD (in vitro diagnostics), low-value consumables, etc.
Medical equipment: mainly refers to medical equipment such as nuclear resonance (1.5T NMR price is about 7 million/unit), B-ultrasound, CT and other medical equipment;
High-value consumables: High-value consumables are subdivided into orthopedics, ophthalmology, oral cavity, cardiovascular, intra-renal, and neurosurgery. Among them, high-value consumables in the cardiovascular field have the highest value (the red wire frame is also the focus of our article. Content);
IVD in vitro diagnosis: through human samples (blood, body fluid, tissue, etc.) to obtain clinical diagnostic information, and then determine the disease or body Functional products and services. Such as checking HPV, blood test, urine test, etc.;
low-value consumables: Refers to the hospitals often use in the process of medical services Disposable sanitary materials, such as disposable syringes, infusion sets, blood transfusion sets, medical gloves, surgical sutures, etc.;
Data source: Internet public information, compiled by Futu Securities
Classification of high-value cardiovascular consumables
The coronary, peripheral vascular and cardiac structure consumables (red box above), which are high-value cardiovascular consumables, are further subdivided into the following figure.
Data source: China Merchants BankInstitute
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