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<p><img data-type="gif" src="http://mmbiz.qpic.cn/mmbiz_gif/dx3KibwtDhvc6YBndBzrYvfAVPCGNAlsqB9f7SjRnXkibcO3P2CSjz7TnOO8RAArOGOjobic1D5DCTCzzAoxv9jfw/0?wx_fmt=gif" data-ratio="0.1703125" data-w="640" /></p><p><strong> 医疗器械企业纷纷在海内外布局</strong></p><p> </p><p> 2016年,国内<strong><span style="color: rgb(0, 153, 102);">医疗器械</span></strong>行业<strong><span style="color: rgb(0, 153, 102);">企业</span></strong>共发生并购案例94起,其中国内企业之间的并购案例85起,国内企业并购国外企业的案例9起。2016年医疗器械产业并购交易主要是收购方围绕现有业务,向产链上下游延展或横向扩大业务规模,也有部分并购案例是向新的业务领域扩张。</p><p> </p><p><strong> </strong>部分并购情况如下表:</p><p> </p><p><img src="http://mmbiz.qpic.cn/mmbiz_jpg/dx3KibwtDhvfD4ibT0vgCUgVeTLDoUpEAs9PqiaOZv2UYjHc7MgPVmSt8sM0kYXJHjnMIogVlEgbRzflYjLQ5j12w/0?wx_fmt=jpeg" style="border: 0px; list-style: none; height: 394px; width: 487px;" data-type="jpeg" data-ratio="0.8090349075975359" data-w="487" /> </p><p>图表1:2016年中国医疗器械行业海内外投资布局情况(单位:万美元,亿元)</p><p> </p><p><strong> 收入规模逐渐壮大</strong></p><p> </p><p> 近年来,不断涌起的投资兼并浪潮也在一定程上助推了医疗器械行业市场规模的不断提升。《2017-2022年中国医疗器械行业市场需求预测与投资战略规划分析报告》显示,2011年,医疗器械行业市场规模1354亿元,2014年突破2000亿元,2016年市场规模达到2448亿元,同比增长7.9%,2011-2016年均复合增长12.57%。</p><p> </p><p> 图表2:2011-2016年我国医疗器械行业市场规模变化(单位:亿元,%)</p><p><img src="http://mmbiz.qpic.cn/mmbiz_jpg/dx3KibwtDhvfD4ibT0vgCUgVeTLDoUpEAsibBHR5zoNXHzSr7ExibsLMaS1Ov4p36c2WdzbnibOSSl3H0fL5qNXh6UQ/0?wx_fmt=jpeg" style="border: 0px; list-style: none; height: 271px; width: 480px;" data-type="jpeg" data-ratio="0.5645833333333333" data-w="480" /></p><p> 资料来源:国家统计局</p><p> </p><p><strong> 政策规划不断出台</strong></p><p> </p><p> 行业的发展离不开国家政策的保障与支持。我国医疗器械行业不仅在国民经济中占据比较重要的位置,同时与人民群众的切身利益密切相关。2016年以来,国家不断出台新的措施,以保障医疗器械行业<strong><span style="color: rgb(0, 153, 102);">健康</span></strong>发展。</p><p> </p><p><img src="http://mmbiz.qpic.cn/mmbiz_jpg/dx3KibwtDhvfD4ibT0vgCUgVeTLDoUpEAsWCBK7u2Jjy02AialcQiclyib9g8TdE6TY3uAqKX3EkJFerYlRu3ibodYIw/0?wx_fmt=jpeg" style="border: 0px; list-style: none; height: 466px; width: 533px;" data-type="jpeg" data-ratio="0.874296435272045" data-w="533" /> </p><p>图表3:2016年以来我国医疗器械行业主要政策及规划情况</p><p> </p><p><strong> 规模化发展优势明显</strong></p><p> </p><p> 2011-2016年我国医疗器械行业发展速度保持在7%-10%之间,属于平稳发展型行业,但整体规模较小。与国外大型医疗器械企业相比,国内大多数医疗器械企业属于中小型企业,规模小的现状决定了在国际竞争中处于资源少、实力弱的劣势地位。</p><p> </p><p> 而医疗器械规模化发展可以带来以下优势:</p><p> </p><p><img src="http://mmbiz.qpic.cn/mmbiz_jpg/dx3KibwtDhvfD4ibT0vgCUgVeTLDoUpEAsvFKN0tdINiaNujIPMzzlnaiaJ4HzELtfAtpTk1vefjb850oeg7H1lkMw/0?wx_fmt=jpeg" style="border: 0px; list-style: none; height: 213px; width: 450px;" data-type="jpeg" data-ratio="0.47333333333333333" data-w="450" /> </p><p>图表4:医疗器械企业规模化发展的优势分析</p><p> </p><p><strong> 国内外企业研发实力差距大</strong></p><p> </p><p> 我国医疗器械行业起步较晚,发展经验较国外先进水平为少,从行业的国际发展经验来看,研发实力决定了行业盈利的质量与水平。以雅培为例,2016年,雅培实际投入的研发资金高达14.22亿美元(折合人民币94.45亿元),占营收比重6.84%。</p><p> </p><p> 从绝对值来看,而同时期国内一些领先的医疗器械企业的研发投入以深圳迈瑞医疗为最高,为10.89亿元,仅占雅培的11%左右;从占营收的比重来看,迈瑞医疗、东软集团(600718)以及微创医疗、万东医疗(600055)等在研发的投入水平逐渐在升高,占营收的比重分别是12.06%、11.37%、12.64%、8.05%。</p><p> </p><p> 从趋势来看,我国医疗器械企业逐渐将企业发展的视角转向了研发上,研发实力的提升指日可待。</p><p> </p><p><img src="http://mmbiz.qpic.cn/mmbiz_jpg/dx3KibwtDhvfD4ibT0vgCUgVeTLDoUpEAsP2XWtoMeGW0vTvGVwkXia5LUj4iaiaLmt3ESnRISkympw20K6eNf9aAxg/0?wx_fmt=jpeg" style="border: 0px; list-style: none; height: 287px; width: 536px;" data-type="jpeg" data-ratio="0.5354477611940298" data-w="536" /> </p><p>图表5:2016年我国医疗器械行业主要上市公司与国外企业研发投入对比(单位:亿元,%)</p><p> </p><p><strong> 政策、科研加码助推行业向好</strong></p><p> </p><p> 近些年,我国医疗器械行业受限于技术研发实力,在与国外先进医疗器械商进行了竞争时大多数情况下仍以价格战为主,在高端领域几无还手之力,国内高端医疗市场陷于倍国外高技术水平医疗企业垄断的局面。目前,我国在中低端医疗器械产品方面完全实现了进口替代,而在高端产品方面,正在提高技术研发的水平,以期在未来10-15年内实现进口替代。</p><p> </p><p> 如若我国的医疗器械产品可以完全实现进口替代,则我国医疗器械行业的市场规模将再上一个等级。以15%的增长率来计算的话,到2022年,我国医疗器械行业市场规模将达到5662亿元。</p><p> </p><p><img src="http://mmbiz.qpic.cn/mmbiz_jpg/dx3KibwtDhvfD4ibT0vgCUgVeTLDoUpEAs6HIbELrCCHV1lTxXz6lCIAtmkiajiaXnqkIaiau1K9OLmDHc8P4omONog/0?wx_fmt=jpeg" style="border: 0px; list-style: none; height: 282px; width: 464px;" data-type="jpeg" data-ratio="0.6077586206896551" data-w="464" /> </p><p>图表6:2017-2022年我国医疗器械行业市场前景预测(单位:亿元)</p><p><br /></p><p style="max-width: 100%; min-height: 1em; color: rgb(62, 62, 62); font-size: 16px; white-space: normal; line-height: 25.6px; box-sizing: border-box !important; word-wrap: break-word !important; background-color: rgb(255, 255, 255);"><span style="max-width: 100%; font-size: 14px; text-indent: 0em; font-family: Arial, Verdana, sans-serif; line-height: 1.75em; box-sizing: border-box !important; word-wrap: break-word !important;">地址:广州市天河区银利街银利茶叶博览中心E栋4楼E4030室 </span><span style="max-width: 100%; font-size: 14px; text-indent: 0em; font-family: Arial, Verdana, sans-serif; line-height: 1.75em; box-sizing: border-box !important; word-wrap: break-word !important;"> </span></p><p style="max-width: 100%; min-height: 1em; color: rgb(62, 62, 62); font-size: 12px; text-indent: 0em; white-space: normal; font-family: Arial, Verdana, sans-serif; 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