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20230621_国泰君安证券_创新医疗器械行业证券研究报告_35页.pdf

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20230621_国泰君安证券_创新医疗器械行业证券研究报告_35页.pdf

2YWEVuNsPnOoPoQtQrMoRqR6M9R7NsQoOtRpMfQpPpRkPnPmRbRrRyQuOmQrONZtOoO3/CONTENTS01020304054/CONTENTS0102030405501 1717200723362716311734983848419645094817512154135694596762476535268632773899458253216075671673487933850290689611101361063911145116494403528462357298843895731056411544124421331914189150241582916606173921818402000400060008000100001200014000160001800020000 2025 1.24 2021-2025 10.2%2032 1.82 2025-2032 5.6%1990s 2000s 2010s-14.7%26.8%22.3%-20.0%-10.0%0.0%10.0%20.0%30.0%2021 601173341645039536081191012211926355501020304050607080902014 2015 2016 2017 2018 2019 2020 2021 2022 30.4%11.4%8.9%6.6%5.5%5.3%4.8%4.6%4.1%3.2%3.0%2.7%0.7%0.5%8.4%2022 12 2014 2022 12 400 189 701XCTXX202220212020201920182017801 2023/Wind 901 10/CONTENTS01020304051102 120213022015-2020 1402150216/CONTENTS010203040517031803/DSA 24 1 6 19032003 2015 MR CLEAN/ESCAPE/EXTEND-IA/SWIFT PRIME/REVASCAT 1800 4.6 5.9 7.5 10.2 13.5 16.1 20.7 27.2 34.9 44.6 57.3 74.1 010203040506070802015 2016 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E 2026E 2103 Solitaire 2Solitaire XSolitaire FRTrevoTrevo XPReVive SEEmboTrap IIINeurohawk TigertrieverNeurohawk2 Tigertriever13 Syphonet GHUNTER Export APExport AspirationExport Advance AspirationEMBOVAC W-track Tethys AS Apachi Gateway Diveer 2 SacSpeedFastunnel Neuro RxNeuro LPS 20 WingspanApolloBridge NeurostellarNOVA AxiumAxium PGLAAxium PrimeVFCCosmosHydroFrameHydrosoftHydroCoilHydroFillMicroPlexAZURHyperSoft 3DTargetCoilGDC 360 CoilInZoneGALAXY G3Orbit GALAXYNUMENNUMEN SilkNUMEN NestNUMEN JasperJasper SSPresgo Solitaire ABNeurovascular RemodelingLVISAtlasNeuroformMicrodeliveryNeuroformAtlasNeuroform EZEnterpriseEnterprise 2 ComaneciRebridge Pipeline()FREDSurpass StreamlineSurpass EvolveTubridgeTubridge Plus WILLIS 22/CONTENTS0102030405230424045.56.37.29.310.811.615.518.922.927.332.738.544.349.554.258.80.010.020.030.040.050.060.0201520162017201820192020E2021E2022E2023E2024E2025E2026E2027E2028E2029E2030E 2.9 3.6 4.25.06.1 6.27.59.011.014.320.426.432.439.045.852.80102030405060 DVT 0.3 0.6 1.0 1.62.6 2.94.86.710.014.318.522.626.931.234.938.401020304050201520162017201820192020E2021E2022E2023E2024E2025E2026E2027E2028E2029E2030E RFA 0.0 0.0 0.1 0.1 0.2 0.3 0.4 0.60.91.52.54.57.210.714.418.305101520201520162017201820192020E2021E2022E2023E2024E2025E2026E2027E2028E2029E2030E 14 1517212426344252607179891001101220306090120150201520162017201820192020E2021E2022E2023E2024E2025E2026E2027E2028E2029E2030E5.16.48.1 8.710.111.312.817.322.228.43540.94649.90153045602504AcoArt-Orchid/Dhal PTA 2016AcoArt-Tulip/Litos PTA 2020Reewarm PTX 2020IN.PACT Admiral 2020UltraFree PTA 2020CordisSMART Control 2008SMART 2008CROWNUS 2009Innova 2014ELUVIA OVER-THE-WIRE SFA PPA 2020Assurant Cobalt Over-the-Wire 2014EverFlex 201920152016Supera SFA PPA 2016Absolute Pro 2017C.R.BD Lifestream 2020-SkyNova-2604Gunther Tulip 2005Cordis OptEase 2008Volcano Corporation Crux 2015C.R.BD 2016Rex Medical Option 20162016Aegisy 2017Octopams 2021ZYLOX Octoplus 2022-Zilver Vena 2016BD Venovo 202120212022Symbiot-Inno-Xmart-Grency-Vflower-2704Closure Fast 2014Closure RFS 2014F Care Systems NV EVRF 2018AcoArt Cedar 202220222023202320232016201720213.0mm 2022202220222022202328/CONTENTS010203040529/0530TAVR/05SAVR TAVR 4-5 2-3 2-3 1-2 1-3 6-8 19.6-29.8 22.6-32.8TAVR SAVR31/05 TAVR TMV TTV 32TAVR/05 TAVR 4+2 J-Valve TA SE PPAS/AR2017.04 26.00VenusA-ValveTF SE PP AS 2017.04 24.80VenusA-PlusTF SE PP AS 2020.11 22.45VenusA-ProTF SE PP AS 2022.05-VitaFlow TF SE BP AS 2019.07 19.30VitaFlow LibertyTF SE BP AS 2021.08 21.50TaurusOne TF SE BP AS 2021.04 20.00TaurusElite TF SE BP AS 2021.06 21.00SAPIEN 3 TF BE BP AS 2020.06 29.80Evolut Pro TF SE PP AS 2021.12 29.8033/05TMVRMitraFix TMVR/Mi-thos TMVR FIMHighLife TMVR/TruDelta TMVR FIMCardiovalve TMVR/FIMTMVrValveClampValveClasp FIMMitralStitchDragonFlyNeoNovaValveclip-M FIMFIMLIFECLIP FIMKokaClip FIMTMVCRS FIMTMVr-AE-Chord FIMGeminiOneNovoClasp/FIMTTVRLuX-Valve TTVRLuX-Valve PlusTTVREVOQUE TTVRCardiovalve TTVRNaviGate Cardiac StructuresGATE system TTVR/FIMIntrepid TTVR FIMTrisol Medical Trisol Valve TTVR FIMTRiCares Topaz TTVR FIMTTVrK-ClipTrialignValveclip-T FIMDragonFly-TNeoBlazarKOKA CLAMP FIMFIMTPVRVenusP-Valve TPVR2022 7 NMPAPT-Valve TPVRSalus TPVR FIM34THANKS FORLISTENING

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