近年来，中国可穿戴医疗设备已从智能硬件附属功能迈向专业化医疗应用，通过医疗器械认证规范与临床数据价值深化，实现从健康监测到疾病预警与管理的关键转型。当前行业已构建起政策引领、标准完善、技术融合与临床验证相结合的产业支撑体系，覆盖硬件研发、算法分析、数据平台及诊疗决策的全链条服务框架；在“数字疗法” 等政策推动下，不仅加速设备在医院和居家场景的普及，还驱动企业聚焦精准监测、慢病管理等临床需求突破，推动产品从生理参数追踪向辅助诊断与干预升级，完善“设备+数据+服务”的一体化健康管理生态。

Positron emission tomography (PET) is a medical imaging technique that visualizes metabolic and biochemical processes in the human body. It involves injecting a small amount of radioactive material (radiotracer) into the patient, which emits positrons. When positrons collide with electrons, they produce gamma rays, which are detected by a PET scanner. The resulting images provide detailed information about organ function, aiding in the diagnosis and monitoring of various diseases, including cancer.

The market by value in this report is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography. • The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The market by value in this report is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography. • Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market by value in this report is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography. • Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods

The market by value in this report is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography. • Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Breast fillers are a non-surgical cosmetic procedure used to enhance the shape, size, and contour of the breasts. Unlike traditional breast augmentation methods that involve surgical implantation of silicone or saline implants, breast fillers typically involve the injection of substances such as hyaluronic acid, polylactic acid and others. This approach is often referred to as minimally invasive breast augmentation.

Orthopedic devices are instruments or implants that are used in orthopedic surgeries to replace a bone, support a damaged bone, or replace a missing joint. These devices effectively reduce pain, improve the quality of life, and restore the mobility of individuals. Orthopedic devices are used to restore skeletal implant structures and joint movements.

Sciatica treatment refers to the medical interventions and therapies aimed at relieving symptoms associated with sciatica. The goal of sciatica treatment is to alleviate pain, reduce inflammation, improve mobility, and address the underlying cause of the condition.

医疗保健行业：创新链板块2025Q3业绩综述，海外和国内需求持续向好－创新链系列

医疗器械行业：多家公司有望业绩改善，看好结构性投资机会－2026展望

原料药制造业之现况与展望

政策利好医疗险发展，资金增量具备潜力。2009年以来政策持续支持建立多层次医疗保障体系，发展商业健康险，同时自2020年以来持续推动医保数据与商保共享，2024年底会议明确医保数据与商保公司进行合作，数据共享进入落地阶段。《商业医疗险报告二： 他山之石，辩证看待美国健康管理医疗模式》通过分析商业医疗险面临问题以及梳理美国管理式医疗模式，认为若实现医保数据共享，从需求端看在带病体、老年群体投保方面，从供给端看在特药保障范围、免赔额设置等方面将有改善，此外，我们认为支持商 业医疗发展政策将持续推进，或有可能在保费支付、产品设计、理赔目录、DRG考核范围等方面有所。进资展金增量方面，根据测算，我们认为在中性预期下2030年赔付规模可达到4715.66亿元，医疗险赋能医疗行业颇具潜力。

医药行业：结构分化，创新药产业链表现出色－医药上市公司2025年三季度业绩回顾-中信建投

医药行业：聚焦创新药及产业链机会－2026年港股投资策略

医药生物行业：科研服务行业及个股2025年三季度回顾与展望－天风医药细分领域分析与展

医药行业：创新破壁，并购筑基，后集采时代医疗器械的价值重构－2026年度医疗器械策略报告设备篇

集采逐步出清+设备招投标回暖，高耗、设备率先迎来拐点。2025 前三季度医疗器械上市公司收入 1833.45 亿元，同比下降 3.90%，扣非净利润 227.04 亿元，同比下降 17.70%，不同子板块分化明显：2025 前三季度收入增速从高到低排序为高值耗材（+5.12%）、低值耗材（-0.75%）、医疗设备（-1.02%）、体外诊断（-13.94%），扣非利润增速从高到低排序为高值耗材（+1.18%）、医疗设备（-17.98%）、低值耗材（-21.68%）、体外诊断（-32.20%）。其中高值耗材板块进入后集采阶段，负面逐 步出清下通过创新或出海逐步回归增长态势，如骨科、电生理等均有不错增长表现； 医疗设备大部分公司在招投标回暖叠加低基数下，三季度迎来拐点，整体经营稳中向好；低值耗材受国际形势变化影响，Q2、Q3 短期发货、利润率均有波动；体外诊断在 DRGs、集采、检验互认等政策密集执行下，短期业绩继续承压。

医药生物行业：业绩分化，医疗设备板块显现拐点－2025年三季报财报总结