20231121_德邦证券_手术机器人行业深度：革命性医疗技术中国市场即将扬帆起航_61页.pdf
0|2023 11 21 S0120521080001 chentl S0120522100005 liuchuang S0120122010010 wangyan5 1 2022 11 17%2%20 2022 187 600 1/3 2020 3.2 15-19 CAGR 39%2021 2021 10 2023Q2 350 2023 6 559 225 2024 1 2 1 2 3 4 XVCXwPnQoNpOqOsRnQpQqR6M9R6MmOmMmOpMlOpOqRiNnPmN8OrQqNMYmRsPNZtRtP2 2020 13.9 4250 3 2020 1000 2016 TKA TKA+THA THK TKA 2022 4 2021 1.1%Ion Monarch Medicare/2020 3140 3.8 6 3 2020 2.3 2080 3 CONTENTS 1.2024 2.1.2.3.4+RIO MAKO Ion R-One Robocath Robio EX MAXIO V2 Perfint Healthcare 2020 3.18 0.42-0.212020 52.55 13.94 0.76 0.31 3.805-20 20 600 2022 190 销售利润6 CONTENTS 1.2024 2.1.2.3.7 Woo-Jung Lee Ten-year Experience of the da Vinci Robotic Surgery At Severance Yonsei University Hospital in Korea 8 Winata Stanley Wireless Teleoperation Control Interface of Articulated Forceps for Minimally Invasive Surgery Prem N Kakar Robotic invasion of operation theatre and associated anaesthetic issues:A review 7 540 180 9 10 Zhamak Khorgami The cost of robotics:an analysis of the added costs of robotic-assisted versus laparoscopic surgery using the National Inpatient Sample Pierluigi Novellis Robotic surgery,video-assisted thoracic surgery,and open surgery for early stage lung cancer:Comparison of costs and outcomes at a single institute 6%-25%11 Naohiro Kajiwara Cost-Benefit Performance Simulation of Robot-Assisted Thoracic Surgery As Required for Financial Viability under the 2016 Revised Reimbursement Paradigm of the Japanese National Health Insurance System 5 5 300 600 122021 424 179.9212.5255.8326.4362.6424.118.1%20.4%27.6%11.1%17.0%0%5%10%15%20%25%30%01002003004005002016 2017 2018 2019 2020 2021市场规模 yoy-20%-10%0%10%20%30%0102030402015 2016 2017 2018 2019 2020服务 耗材 系统yoy yoy yoy 2021 424 16-21 CAGR 18.7%2020 29 15-19 CAGR 16%2020+75%2020 3.2 15-19 CAGR 39%2020 56%2022 60%18%16%2022 美国,4,563欧洲,1,388亚洲,1,234其他,3590.81.0 1.01.22.93.229.1%1.2%14.7%146.2%8.8%0%20%40%60%80%100%120%140%160%0.00.51.01.52.02.53.03.52015 2016 2017 2018 2019 2020市场规模 yoy 13 2020 Ho Kun Lee Revo-i:The competitive Korean surgical robot Josh Feldstein Cost of ownership assessment for a da Vinci robot based on USreal-world data 2017 5500 2800 51%2022 11 17%2%开放 手术,63%传统 腹腔镜手术,35%机器 人辅助腔 镜手术,2%2021 18937270.50%13.30%0.00%2.00%4.00%6.00%8.00%10.00%12.00%14.00%05001000150020002500300035004000中国 美国装机数量（台）手术渗透 率14 4 Ho Kun Lee Revo-i:The competitive Korean surgical robot 2022 Avatera Avatera Medical CE 2019 da Vinci Xi FDA 2014 CE 2014 NMPA 2018 62.22 7544 2022 1875000 2022 da Vinci Si FDA 2009 CE 2009 NMPA 2011 Hugo RAS CE 2021 2022 2022 FDA IDE 2023Q1 Revo-I Meere company FDA 2017 2017 218 2021.09 Senhance Asensus CE 2012 FDA 2017(2019)0.07 52 2022 3100 2022 Versius CMR Surgical CE 2019 100 2022.11 5000 2022.06 Hinotori Medicaroid 2020 1 NMPA 2022 MP1000 NMPA 2022 Da vinci Senhance Asensus Surgical Hugo 15 Sally Kathryn Longmore Laparoscopic Robotic Surgery:Current Perspectiveand Future Directions Avatera da Vinci Hugo Revo-I Senhance Versius Avatera Medical Meere company Asensus CMR Surgical 2D/3DS 2D/3DS 2D/3D 3DS 2D/3D 3D-4 4 4 4 4 5 6 7-7 7 7 5 mm 5/8/12 mm-12 mm 3/5/10 mm 5 mm 10 12-18-20-4 13 Xi 1 6 5 5 16 4 4 4 4 4 2010 2023Q2 350+Si Xi(MP1000)2011 20182022 12 2023 8 2022 1-2 2022 1 17 MP1000 Si MP1000 Si 18 2018-2020“2018 2018-2020 全国配置情况 43 225 260 819 2023 6 559 225 2024 19 FDA 2018 FDA 2019 FDA SP T1 T2 SP SP 2018 2022 121 202021 20.6 15 44 70 100392044134986554259276693020004000600080002016 2017 2018 2019 2020 2021单孔 多孔 13 39 61 852563286331873496366640620100020003000400050002016 2017 2018 2019 2020 2021单孔 多孔 6.6 16.8 15.5 20.6179.9212.5249.2309.6347.0403.501002003004005002016 2017 2018 2019 2020 2021单孔 多孔 2018 187/2022 260/243410691 15753220610200000400000600000800000100000012000002016 2017 2018 2019 2020 2021多孔 单孔21 SP 2023.1.3 Asensus Surgical/Great Belief International Limited(GBIL)Virtual Incision Titan Medical SP Surgibot SP1000 MIVR Enos 2018(FDA)2011(CE)2023+1+3 1+2 1+3 1+3 1+2-2+2 7 6 7 7 6-6 4 5-3-SP 4 2023 22 CONTENTS 1.2024 2.1.2.3.23 excelencia robotica da Vinci Ion 1999 20 4 3-5 3-5 Da Vinci 3/3D 2003 Da Vinci S 2007 3D HD+20%Da Vinci Si 720p 1080i 2011 firefly single-site Da Vinci Xi 2016 da Vinci X 2018 Da Vinci SP 2019 da Vinci Endoscope Plus 3D 24 1992 2005 20 20 02004006008001000120014001600专 利公开 情况 专 利申请 情况 25+2020 10 10 2020 Extended Use Program da Vinci X/Xi 10 12-18 2013 2022 79%-100%0%100%200%300%400%500%01020304050607020062007200820092010201120122013201420152016201720182019202020212022仪器和配 件 售出设备 租赁设备 服务收入yoy yoy yoy yoy 0%10%20%30%40%50%60%70%80%90%01020304050607020062007200820092010201120122013201420152016201720182019202020212022经常性收 入 非经常性 收入 经常性收 入占比-500 1,000 1,500 2,000 2,500-500 1,000 1,500 2,000 2,500 3,000 3,500 4,00020062007200820092010201120122013201420152016201720182019202020212022耗材收入（百万 美元）（左轴）单台手术耗材收入（美元/台）（右 轴）26+2020 27 2017 5500 2800 51%20+7+28 Josh Feldstein Cost of ownership assessment for a da Vinci robot based on US real world data Medicare 2018 2021 Medicare 693 291 984 3729 7109 1750 12588 13572 10261-19675 693 291 984 1635 6645 3406 11687 12671 10343-31175 693 291 984 1644 5804 2826 10274 11258 693 291 984 1601 9802 5583 16986 17970 693 291 984 1283 1981 1484 4748 5732 693 291 984 1153 763 1408 3325 4309 9141-23303 693 291 984 892 2977 964 4833 5817 693 291 984 1710 4632 2468 8810 9794 10705-34565 693 291 984 1439 1352 1350 4141 5125 7089-15763 693 291 984 1408 1417 1626 4451 5435 8736-19334 693 291 984 1694 3639 1866 7198 8182 7278-24564 693 291 984 2149 4864 3867 10880 11864 6395-21093 693 291 984 2102 6110 3605 11818 12802 693 291 984 2238 4399 3954 10591 11574 693 291 984 1664 5900 3716 11280 12264 693 291 984 1644 5902 3181 10727 11711 12267-31877 693 291 984 1739 6365 3351 11455 12439 693 291 984 1407 4745 2756 8908 9892 2021 Medicare 1-3 29 2022 7544 2022 7544 60%75440%5%10%15%20%25%30%35%40%45%010002000300040005000600070008000累计装机 量 yoy4,5631,3881,234359010002000300040005000600070008000美国 欧洲 亚洲 其他/30 2006 87/249/OUS 2022 281/OUS 199/0.0050.00100.00150.00200.00250.00300.00单 台 机器手 术量（例/台）0.050.0100.0150.0200.0250.0300.02010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022美国 OUS31 1/3 2022 187 600 1/3 2021/15.5%32 CONTENTS 1.2024 2.1.2.3.33 IQVIA 2020 13.9 4250 3 1000 2016 1.42.65.19.115.013.94.147.242.586.8%95.4%80.4%65.1%-7.3%-20.0%0.0%20.0%40.0%60.0%80.0%100.0%120.0%0.010.020.030.040.050.02015 2016 2017 2018 2019 2020全球（亿 美元）中国（百 万美元）全球yoy34 2020 1 TKA UKA(THA)2020 1480 2021 2400 0.18%THA 750 THA 4 TKA 70%TKA 4 TKA UKA UKA UKA 4 UKA UKA 46587094 931310 0 0.01 0.05 0.05 0.240.00%0.00%0.01%0.05%0.05%0.18%0.00%0.05%0.10%0.15%0.20%0204060801001201402016 2017 2018 2019 2020 2021关节置换 手术量（万台）机 器 人 辅 助 关 节 置 换 手 术 量（万 台）机器人渗 透率 35 MAKO RIO 2022 MAKO RIO 2020 9 TKA 2022 FDA the robot report prnewswire Biospace Innovahealthpartners FDA CE NMPAMAKO Surgical RIO 2009 2010 2014 THA+TKA+PKAMEDTECH ROSA Knee 2019 2019-THA+TKA+PKABlue Belt NAVIO 2018 2012-TKA+PKAOrthotaxy VELYS 2021 2023-TKA Think Surgical(Curexo)Tsolution 2019 2015-THA+TKA 2022 2022 2022 TKA 2023 THA+TKA ARTHROBOT-2022/2023 THA+TKA-2022 TKA 2023 TKA+THA HURWA-2022 TKA TiRobot Recon-2023 TKA THA36 C X 37 Mazor Medtech Mazor 2020 10 2022 4 2021 1.1%FDA FDA CE NMPAMAZOR RoboticsRenaissance 2011 2011 2019Mazor X 2017 2017-Mazor X Stealth 2018-2021MEDTECH ROSA ONE 2016 2016 2019Globus Medical Excelsius GPS 2017 2017-2016 ORTHBOT-2021-300-2022-2022 020004000600080001000012000140002019 及 以 前累计 2020 2021 202238 CONTENTS 1.2024 2.1.2.3.39 40+X 64%16%21-29 30-65 HPV DNA 83%21%50-75/gFOBT FIT DNA CT 63%FOBT 7%60%20%FOBT 6.7%13-15%55-75 30+CT 3.9%0.4%50+34%8%160 0.5%3.9%40 IQVIA G8 CT/35%Ion Monarch 3.5mm 4.2-6mm 41 Ion Ion Ion 1500-3000 42 2021 12.1 0.20.51.32.95.212.1145%143%129%78%131%0%20%40%60%80%100%120%140%160%024681012142016 2017 2018 2019 2020 2021市 场规模 yoy100025006100101001510034600150%144%66%50%129%0%20%40%60%80%100%120%140%160%05000100001500020000250003000035000400002016 2017 2018 2019 2020 2021手 术量 yoy 2021 12.1 43 2023.1.3 强生 Ion Monarch FDA/CE FDA/NMPA 2019 2018 1 2 3/180 CT 2022 321-23500 2022 18000 2022 9 FDA Monarch Ion 44 CONTENTS 1.2024 2.1.2.3.45/2020 3140 3.8 Perfint Healthcare MAXIO V22014 2020 2.3 2080 2.9 39.8112831.43.4%226.7%12.2%154.5%12.1%0%50%100%150%200%250%051015202530352015 2016 2017 2018 2019 2020泛血管（百万美 元）yoy195.2233.9293.1366.5379.519.8%25.3%25.0%3.5%0%5%10%15%20%25%30%0501001502002503003504002016 2017 2018 2019 2020经皮穿刺（百万 美元）yoy 5.711.47.810.815.120.8100%-32%38%40%38%-40%-20%0%20%40%60%80%100%120%05101520252015 2016 2017 2018 2019 2020中国经皮 穿刺市 场规模（百万 美元）yoy46/2021.6.3 2022.1.3 2 Corpath Corpath 6 3 NMPA NMPA NMPA FDA/CE CorPath(R)GRX Corindus Siemens 2023R-One&Robocath 2023 R-One Robocath CE 2019 ALLVASTM CorPath 200 Siemens FDA 2012-2023-PCI&PVI&NVI 2023 3 CorPath GRX Siemens FDA 2016/CE 2019 Etcath 2022 9()Genesis RMN Stereotaxis FDA 2020 Robio EX MAXIO V2 Perfint Healthcare 2021/2014IQQA-Guide 2.0 2021.12 iSRobot Mona Lisa 2.0 Biobot FDA 2021 ig4 Veran 2017 ANT NDR CE 2021 IQQA-Guide 1.0 2020 SIRIO H3 Masmec SpA CE 2013/FDA 2017 Savior-L 2021Micromate iSYS Medizintechnik GmbH FDA 2020 iSRobot Mona Lisa Biobot&2023SPiN IR Veran FDA 2021 IQQA-Guide FDA 2015 XACT&XACT ACE XACT Robotics CE 2018/FDA 2019&2022 47 CONTENTS 1.2024 2.1.2.3.48 2022 2023 2015 1 1 4 2 R-ONE Mona Lisa 1 DFVision NMPA CE FDA 49 863 2000 863/10 863 2010 9 2014 1 14 2013 6 2014 4 2014 4 2015 5 2001 11 2003 4 2008 7 2017 Intuitive Surgical 2017 1 2019 8 2004 8 2006 7 2006 2019 GE PE/PQ 2002 8 2008 4 2008 4 2008 12 2009 3 2013 10 2013 10 2019 4 2013 9 2017 7 2017 7 2021 3 50 400+33%2022/6/30 237 2022/11/30 331 51 2022.1.3 2017,MP1000 2022 4 MP1000 2023 8-MP1000 Plus 8 2023 2023 2023 52 2021 10 2013 2015 2017 6 53 2013 863 3 2023 2 54%4 2016 11 2.0 2021 2 2023 7 THA-4,000.00-3,500.00-3,000.00-2,500.00-2,000.00-1,500.00-1,000.00-500.000.00500.00-1.50-1.00-0.500.000.501.001.502.002.50营收 归母净利 润yoy yoy55 ARTHROBOT 2022 4 2023 1 56 CONTENTS 1.2024 2.1.2.3.57/58 2019 2018 2017 2016 2015 1.6 6 20%5%20%-5%+5%5%2.A 500 10%-10%10%10%59 60 600 N1 9+86 21 68761616+86 21 68767880400-8888-128
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