IVD industry 16 A-share listed companies analysis | Which one stronger?

Pharmaceutical Network February 3 With population aging, income growth and other factors driven by the IVD reagent industry has become the world's most active and fastest-growing one of the industry, in disease prevention, diagnosis and prognosis , Personalized drug testing, health assessment and genetic prediction and other fields are playing an increasingly important role.

According to a report released by the Allied Market Research agency, the global IVD market is expected to reach 74.65 billion U.S. dollars at a CAGR of 5.34% by 2020. From a regional perspective, developed countries are the world's leading IVD market However, the market in developed countries is relatively mature and the development is relatively balanced. While in other developing countries such as China, the per capita expenditure on in vitro diagnostics is still low. With the improvement of economic living standards, the in vitro diagnosis is in rapid development. The market demand growth is expected to be about 10%, is the main driving force for the development of the global IVD industry.

China's in vitro diagnostic industry started in the 1980s. From the early disorderly competition to the consolidation of the industry in recent years, the current market has stabilized, the industry concentration gradually increased, the demand continued to grow, and the industry entered a period of rapid growth , The market scale of in vitro diagnostic products is expected to reach 72.3 billion yuan in 2019, with an average annual compound growth rate of 18.7%. According to the principle and application of diagnostic methods, in vitro diagnostic products can be divided into immune diagnosis, biochemical diagnosis, molecular diagnosis, Bedside diagnosis, blood testing, microbiological testing and other types of which immunodiagnosis occupy the largest market, molecular diagnosis and bedside diagnosis of the huge market potential.

In vitro diagnostic industry is more competitive, in which the main sub-sectors of biochemistry, immunity, molecular and other in vitro diagnostic status of the competition are as follows:

Biochemical diagnosis is the earliest and most mature in vitro diagnostic field in our country.The maturity in this field is reflected in the market size, manufacturers and products.At present, the domestic biochemical diagnostic market share of Chinese reagents has exceeded 50% .In the domestic biochemical Reagent market, in addition to the 9 strong biological, the main market participants also include Fosun medicine , Runda Medical, Kehua Biology, Daan Gene, Dean Diagnostics, Leadman, Dirk Medical, Meikang Bio, Mike Bio, Zhongsheng Bei Control, Antu Biological, and others.

Immunodiagnosis in China is one of the fastest growing fields of in vitro diagnostic field in recent years, with an increase rate of more than 15% .At present, the immune diagnostic market in China is close to the biochemical diagnostic market, and the Chinese foreign manufacturers in this market have obvious advantages. The main companies in the field are Kehua Bio, Beijing Wan Tai, Shanghai Rongsheng, Antu Biological, and Xiamen Chuangchuang etc. The products mainly focus on immune products such as infectious diseases and reproductive series such as hepatitis and HIV, etc. Chemiluminescence immunoassay has been developed in recent years Rapid, domestic enterprises have not yet been in the dominant position.

The market for molecular diagnostics in China started late and started with a high technological starting point. Due to the small base of market size, it is the fastest growing area in recent years. The molecular diagnostics integrates a variety of highly sophisticated technologies with high barriers to entry and high sensitivity for molecular diagnostic products , Its specificity is high, its diagnostic window is short, and it can be used for qualitative and quantitative detection. However, it is complicated to operate and requires high detection environmental conditions, which is not conducive to the use in primary hospitals. Meanwhile, its cost of reagents and equipment is relatively high, The main core technologies are protected by foreign patents, and there are few domestic enterprises involved, including Daan Gene, Kehua Biological, Hunan Shengxiang, etc. In conclusion, the larger enterprises in the IVD reagent industry are Kehua Biological Anji, nine strong biological, Sichuan Mike, Shenzhen Mindray, Ningbo Meikang, Leadman, Fosun Long March, Sino Biological North control, the rest of the majority of IVD reagents smaller, most manufacturers of large-scale production, intensive Degree is low, product quality Uneven, low-level repeat production is more serious.At the same time, new entrants continue to appear, the pressure of competition in the industry showing growing trend.

At present, there are about 300-400 manufacturing enterprises in IVD industry in our country, and the industry concentration is low. The domestic large-scale companies include Kehua Bio, Daan Gene, Q9, Biotech, Mike, Shenzhen Mindray, Ningbo Meikang, Man, Fosun Long March, ZS Health and other North.

Since 2017, several other companies in the industry have completed IPO to become listed companies, including Huada Gene, Nanjing Keene, King Vision Life, Cyrus, etc. Meanwhile, medical instruments Industry leader enterprise Shenzhen Mindray has also completed the return of US stocks, the process of entering the A-share listing. Inspection Bureau transformed from the dominant distributor Procurement service providers to complete more and more IPO listing process, into the capital market, with the power of capital markets Rapid expansion of business, at the same time through the channel to the upper reaches of upstream production to resolve the expansion and expansion, further exacerbating the competition in the industry, including Shanghai Runda, 赛 Lisi, belong to such enterprises.

In the domestic IVD industry, the number of listed companies is gradually increasing, although the subdivision areas are different, but the overall competition is fiercer and fiercer. In recent years, the demand for IVD reagents in the country has been growing rapidly. Large domestic enterprises seize the opportunity and rely on the product cost High and more close to the advantages of the local market, continue to seize the share, resulting in the original imported product-led market structure has gradually broken.With the R & D investment and product quality improvement, China's in vitro diagnostic reagents industry has emerged The stronger the local enterprises, and in some areas of products gradually have the power to compete with the international giants.

In general, the number of comprehensive enterprises with strong capabilities in domestic enterprises is still relatively small, and the enterprises with the highest industry rankings mainly have competitive advantages in certain fields. At present, the leading enterprises in various fields in China are actively diversifying, mainly in the following Five development features: First, the top-ranking companies in the sub-field are relying on the competitive advantages they have already formed to penetrate into other sub-fields of in-vitro diagnostics to enrich product categories; secondly, reagent manufacturers increase the capacity of instrument production and equipment matching; Increase reagent production capacity in order to enhance market competitiveness; third, begin to actively explore overseas markets; fourth, some enterprises that provide third-party inspection laboratories appear in the industry; and fifth, some non-IVD production-type commercial enterprises, through entrustment hospital Consumables procurement and integration of sales channels to quickly seize market share.With the upgrading of domestic R & D strength and scale of operation, it is expected that market concentration in the industry will be further increased while the competition between leading domestic and foreign enterprises in the high-end market Capabilities will also improve rapidly.

Comparison of financial data of 16 A-share listed companies in IVD industry

Comparison of the Profit Models of 16 A - share Listed Companies in IVD Industry