Pharma收入端增长整体有所放缓：2025Q1，礼来及诺和诺德在GLP-1类药物驱动下，收入端分别+45%/+18%，其中诺和诺德由于美国compounded GLP-1药物影响，销售低于预期并下调全年收入指引；诺华、艾伯维、阿斯利康、赛诺菲分别依靠诺欣妥/可善挺、Skyrizi/Rinvoq、Farxiga/Enhertu、Dupixent等核心品种放量维持10%+营收增长；吉利德、BMS、罗氏、强生、再生元、辉瑞等受到 Medicare Part D redesign、核心产品专利到期、biosimilar/其他竞品竞争等影响，GSK及Merck受到疫苗板块下滑影响，收入端低个位数增长或同比下滑。

The bone regeneration market encompasses products and technologies aimed at restoring and regenerating bone tissue lost due to trauma, disease, or surgical procedures. This market includes bone grafts, biomaterials, bone growth stimulators used in orthopedic, dental, and maxillofacial applications. Growing prevalence of bone￾related disorders, advancements in regenerative medicine, and increasing demand for minimally invasive procedures are key factors driving market growth.

A beauty salon is a professional establishment offering a variety of cosmetic treatments and services aimed at enhancing personal appearance and well-being. Common services include haircuts, styling, coloring, skincare treatments, manicures, pedicures, and spa therapies. Some salons also provide advanced services like laser hair removal, facials, and anti-aging treatments.

A baby diaper is a type of absorbent garment designed to be worn by infants and toddlers who are not yet toilet trained. Its primary function is to contain and absorb urine and feces, thereby preventing the soiling of outer clothing and the surrounding environment.

IV fluid monitoring devices are medical instruments or systems used to accurately measure, control, and track the flow rate and volume of IV fluids administered to a patient. These devices help ensure the correct dosage and timing of fluid delivery, minimizing the risks of over-infusion or under-infusion.

In-vitro diagnostics (IVD) instruments are medical devices used to perform tests on samples, such as blood, urine, or tissue, taken from the human body. These instruments help detect diseases, conditions, or infections by analyzing the samples outside the body (in vitro).

A bone conduction hearing device allows people with deafness to hear. The device functions by transmitting sound vibrations through the bone.

An intrauterine contraceptive devices (IUD) is a small, plastic, and often T-shaped device that is inserted into the uterus to prevent pregnancy. Intrauterine devices may be hormonal or copper. Intrauterine devices are the most effective long-acting reversible contraceptives (LARCs)

Ibuprofen is an API that is used in the manufacturing of a nonsteroidal anti-inflammatory medication used to treat pain, fever, and inflammation.

IONM helps minimize errors and risks during surgeries by providing critical neurophysiological information to the surgeon in real time. It assesses the functional integrity of the patient nervous system during surgery, helps prevent permanent damage to the critical neural structures, and reduces the potential post-operative complications. Hence, there is an increasing demand for IONM in both developed and developing countries, thereby driving the growth of the global intraoperative neuromonitoring market.

The incidence of allergies has been increasing across the world, and the rise in allergies may also be due to an increase in airborne pollens, climate changes that trigger a rise in pollen levels, the energy-proofing of indoor homes and workspaces, urban air pollution, or the overuse of antibiotics. Various serum-based tests and skin tests are used to detect such allergies.

Allergy treatment refers to the medical management and therapeutic interventions aimed at alleviating or preventing the symptoms of allergic reactions.

Infectious disease diagnostics refers to the testing and identification of pathogens causing diseases. It involves various methods such as molecular, immunological, and microbiological techniques to detect infections, enabling timely treatment and preventing disease spread.

Implantable medical devices are instruments or objects placed inside the human body, either temporarily or permanently, to support, monitor, or replace biological functions. They include pacemakers, stents, and orthopedic implants, enhancing patient health, functionality, and quality of life.

Blood collection refers to the process of obtaining blood samples from individuals for diagnostic, therapeutic, or medical purposes. It is typically carried out using various devices such as needles, syringes, vacutainer tubes, and blood bags. Blood collection is essential for routine health check-ups, disease diagnosis, monitoring medical conditions, and administering treatments like blood transfusions. This process plays a critical role in healthcare, ensuring accurate diagnosis, treatment efficacy, and the management of chronic illnesses and traumatic injuries.

Home healthcare refers to the provision of medical and non-medical services and care to patients in their own homes. It encompasses a wide range of healthcare services, including skilled nursing care, physical therapy, occupational therapy, speech therapy, medical social work, and personal care assistance. Home healthcare is typically provided to individuals who are recovering from an illness or surgery, managing chronic diseases, or facing long-term disabilities or aging-related issues. In the home healthcare setting, healthcare professionals, such as nurses, therapists, and aides, visit patients homes to deliver the necessary care and support. These services aim to promote healing, manage symptoms, improve independence, and enhance the overall quality of life for patients. Home healthcare can involve a combination of medical treatments, medication management, rehabilitation exercises, wound care, monitoring vital signs, assistance with daily activities, and emotional support.

In vitro fertilization (IVF) is a complex medical procedure that assists individuals or couples in achieving pregnancy when natural conception is not possible or successful. IVF devices and equipment are used throughout the IVF process to facilitate fertilization and embryo transfer.

产品种类及研发管线：重组产品及层析静丙研发持续推进。1）人血白蛋白：生产厂家众多，禾元生物重组白蛋白提交上市申请。2）静丙：国内两款高浓度层析静丙已上市，多家企业布局研发。3）凝血因子：分为血源性和重组产品，在研管线以重组产品为主。4）纤原：国内多款产品上市，集采价格降幅明显。5）PCC：主要用于治疗凝血因子缺乏，上市产品 均为国内厂商。6）特免：种类众多，主要针对感染性疾病。

Artificial Intelligence (AI) in the medical field is driven by several factors, including the need to manage data more effectively and optimize healthcare costs, the growth of public-private partnerships, and the increased regional spending on healthcare. Additionally, the market for artificial intelligence in the medical sector is anticipated to grow as opportunities in geriatric population care with the aid of AI technology and imaging and diagnosticsto generate data for research development arise. • The artificial intelligence in medicine market was valued at USD 15.48 billion in 2023 and is expected to reach USD 130.11 billion by 2029, growing at a CAGR of 42.84% during the forecast period (2024-2029).

25Q1疫苗行业整体批签发次数为697批次，同比下降14%。分产品来看，25Q1流感疫苗、百白破疫苗和肝炎疫苗同比增幅较大，脊髓灰质炎疫苗、带状疱疹疫苗、轮状病毒疫苗和HPV疫苗同比降幅较大。