China's R&D And Innovation In Endoscopic Industry

  Repeatable endoscopes have a long history of development and many Chinese brands, but there is still much room for improvement in China's market share. What is the current process of substitution in China and how will the market share change in the future?

  The field of disposable endoscope is still in the early stage of development, a large number of application scenarios have not been developed, and more mature products need to be marketized. What is the current development situation of clinical application scenarios, and how will it quickly establish itself in the blue Ocean market to gain first-mover advantage?

  Key idea

  Medical endoscope is quite concerned by capital and policy, helping domestic products to rapidly increase market share. China's medical endoscope market share increased from 10% in 2020 to 26% in 2022, with an average annual growth rate of more than 60%.

  It is only a matter of time to complete domestic substitution, and multi-technology has an international voice. Traditional reusable endoscopes are moving from "me too" to "me better." Fluorescence endoscope, confocal microscope endoscope, etc., China's technical level is in the international leading position.

  The disposable endoscope is positioned in the high-end manufacturing industry, mass production capacity and the ability to obtain batch orders are its core competitiveness, and the charging environment needs to be mature.

 At present, the penetration rate of minimally invasive surgery in China is less than 20%, and there are still a large number of needs to be developed and met, which requires joint innovation and progress of medical endoscopes, endoscopic surgical instruments, equipment and systems.

  In the future, the company will continue to adhere to technology research and development, create high-quality differentiated products, avoid the "price war" brought by product homogenization, cast a benign development soil, and promote the development of minimally invasive and non-invasive fields.

  In 2021, the capital activity of medical endoscope reached its peak, and the head companies of various subdivisions appeared

  In the past two years (2021, 2022), the frequency of financing has increased significantly, and the total number of financing events is nearly twice the sum of the four years from 2017 to 2020, and the total amount has increased to nearly three times. In addition, the amount of single financing is large, which is 10 million to 100 million.

  The field of reusable endoscopes and supporting medical devices started the earliest, the financing round was the most backward, and the track maturity was relatively highest. Established companies such as Open Medical and Mindray Medical completed the listing, and in the past three years, Kangji Medical, Haitai Xinguang and Aohua Endoscopy have also successively joined the list of listed enterprises.

  In addition, the industry focuses on the subdivision of minimally invasive surgery medical device research and development of enterprises are also optimistic about the capital, such as focus on minimally invasive surgery in the field of Sanofi, focus on gynecological minimally invasive field of Yingzi medical, have a good financing performance.

  Since the advent of the disposable endoscope, has maintained a high gold absorption capacity, after the rapid development in recent years, the industry has also emerged such as Rui Pai Medical, Hua Xin Medical and other financing rounds behind the enterprise, the industry competition pattern has emerged.

  At the same time, enterprises that have both reusable endoscopes and disposable endoscopes are also understandably favored by capital, such as Xinguang Wei, which has completed series A and Series B financing in 2021.

  In the more early technological innovation track, capital has also given high attention, such as the precision vision focusing on confocal microendoscopy and the Qiaojie medical robot focusing on endoscopic surgical robots, which completed a large early financing of tens of millions to billions of yuan in 2022.

  It can be seen that in each subdivision of the endoscope track, although the overall financing round is different due to the different start time, the capital has been highly recognized and focused on betting, helping each track to develop rapidly.