The growth of the market studied is mainly attributed to the rising incidences of cancer and cardiac disorders, widening applications of nuclear medicine, increasing SPECT and PET applications, and increasing patient awareness for healthcare.  According to the 2018 data on cancer from the World Health Organization (WHO), the global cancer burden is estimated to have risen to 18.1 million new cases and 9.6 million deaths, in 2018. Moreover, if recent trends in the incidence of major cancers and population growth are consistent, Cancer Research UK predicted that there will be 27.5 million new cancer cases worldwide, each year, by 2040. According to the American Heart Association’s 2019 report, deaths per year due to cardiovascular diseases are expected to increase from 17.9 million in 2016 to 23.6 million in 2030.  The application of nuclear medicine is also widening. Nuclear medicine is used to diagnose and determine the severity of, or, treat a variety of diseases, including the types of cancers, heart diseases, gastrointestinal, endocrine, neurological disorders, and other abnormalities within the body.

The report provides market dynamics and trends related to the global premenstrual syndrome treatment market. In addition, it presents the estimations and forecast of the market. The study estimates the revenue generated from the sales of premenstrual syndrome therapeutics; however, it excludes the premenstrual syndrome treatment service revenue. Valuations comprise revenue generated from approved and off label drugs such as analgesics, antidepressant, oral contraceptives, and ovarian suppression agents. Furthermore, the report excludes revenue generated from post-sale services of the premenstrual syndrome treatment market.

The insulin sensitizing agent segment was the highest contributor to the market, with $1,030.5 million in 2018, and is estimated to reach $1,449.5 million by 2026, at a CAGR of 4.3% during the forecast period. The oral contraceptive segment is estimated to reach $1,235.2 million by 2026, at a CAGR of 5.7%. The insulin sensitizing agent and oral contraceptive segments collectively accounted for around 62.8% market share in 2018, with the former constituting around 35.5% share. The oral contraceptive and antiandrogens segments are expected to witness significant CAGRs of 5.7% and 5.1%, respectively, during the forecast period. The cumulative share of these two segments was 43.8% in 2018, and is anticipated to reach 46.4% by 2026.

Teeth play a vital role in the maintenance of a positive self-image and appearance. While the loss of teeth may result in a significant change in the appearance of a person that can profoundly disrupt one’s confidence. A missing tooth can change facial aesthetics, which can lead to loss of bone, which may impact facial expressions leading further to social stigma. Hence, many people opt for dental implant treatments, which help to boost their self-confidence. Tooth loss may be traumatic and upsetting and is regarded as a serious life event that requires significant psychological and social readjustment. Tooth loss is very common, especially in the adult population, and can happen as a result of decay, gum disease, and injuries/accidents. Also, few people are born without certain teeth, which is called congenitally missing teeth and is due to genetic factors. As per the American Association of Oral and Maxillofacial Surgeons (AAOMS), 69% of people aged between 35 and 44 years have at least one permanent tooth due to gum disease, accidents, a failed root canal, or tooth decay. Further, as per the organization, 26% of people above 74 years of age have lost all of their permanent teeth.

The report covers the detailed analysis of the trends, future estimations, and a thorough study of the Asia- Pacific market on the basis of type, ingredients, and distribution channel. It analyses government regulations, policies, and patents to provide information on the current market trends in Asia-Pacific regions and suggests future growth opportunities. This in turn increases consumer acceptance in that region. The study highlights Porter’s five forces analysis to determine the factors affecting the market growth. These factors include raw material prices, intense competition, end users, manufacturers, and suppliers. To understand the market, drivers, restraints, and opportunities are explained in the report. Furthermore, it includes the revenue generated from the sales of baby infant formula across China, India, South Korea, Japan, Philippines, Indonesia, Australia, New Zealand and Rest of Asia-Pacific.

The report provides dynamics and trends related to the global pharmaceutical continuous manufacturing market. In addition, it presents the estimations and forecast of the market. The study estimates the revenue generated from the sales of pharmaceutical continuous manufacturing; however, it excludes the pharmaceutical continuous manufacturing service revenue. The valuations comprise revenue generated from pharmaceutical continuous manufacturing systems such as integrated continuous systems, semicontinuous systems, and control & software. Furthermore, the report excludes revenue generated from post-sale services of pharmaceutical continuous manufacturing.

The past two decades have witnessed rapid technological advancements and development of robots for rehabilitation applications, such as in sensorimotor deficits resulting after damage to the central nervous system. The increasing cases of these types of problems across the world have led to the development of innovative rehabilitation robots coupled with advanced interaction controls and the usage of integrated sensors to constantly monitor and adapt the support to the actual state of patients. These rehabilitation robots are helping patient's recovery by assisting and encouraging upright walking and by relearning of lost functions for patients affected by stroke and paralyses. According to a study by Maxon Motor AG, the company estimated that approximately 185 million people use a wheelchair daily, worldwide. Since the advent of first clinical studies with the MIT-Manus robot, robotic applications have been increasingly used to restore loss of motor function, mainly in stroke survivors suffering from an upper limb paresis but also in cerebral palsy, multiple sclerosis, spinal cord injury, and other disease types. Thus, numerous studies suggested that robot-assisted training, integrated into a multidisciplinary program, resulted in an additional reduction of motor impairments in comparison to usual care alone in different stages of stroke recovery.

With the increasing prevalence of skin cancer, there are multiple options for patients, through which they can manage the disease. The type of treatment the patient receives may depend on the cancer stage the patient has. For decades, the conventional anti-cancer treatment strategies have been surger y, chemotherapy, and radiotherapy. The recent years’ success of cancer immunotherapy, including monoclonal antibodies (mAbs), adoptive cancer therapy, and the immune checkpoint therapy, has revolutionized the traditional cancer treatment. Currently, there are several studies going on to develop the vaccine for skin cancer. For instance, researchers at Tel Aviv University, Israel, have developed a novel nano-vaccine for melanoma (2019). As of now, their innovative approach has been proven effective in the mouse model. This approach has given an opportunity for the innovation companies to establish their market presence in the near future, with the help of providing a vaccine for skin cancer.

The report provides market dynamics and trends related to the global pain management devices market. In addition, it presents the estimations and forecast of the market. The study estimates the revenue generated from the sales of pain management devices; however, it excludes the drugs/therapeutics which are used to treat pain. The valuations comprise revenue generated from pain management devices type such as neuromodulation & neurostimulation devices, analgesic infusion pumps, ablation devices that are used for treatment of neuropathic pain, cancer pain, facial & migraine pain, musculoskeletal pain, and others. Furthermore, the report excludes revenue generated from post-sale services of pain management devices.

企业采浆与销售增速倒挂，龙头企业库存已处于低位。自2017 年血制品行业进入去库存周期后，生产企业放缓对采浆的投入力度，2019年预计采浆量约9100 吨，同比增速仅5.8%，我国血制品行业原料血浆供给增速放缓。

2020年初的带量采购至今仍让人印象深刻：大幅降价、龙头洗牌，似乎仿制药领域不确定性成为最大的确定性，集采相关的仿制药标的成为“需短期规避”的重点品种。带量采购对中标企业、非中标企业和药品子行业，带来了怎样的影响？我们利用样本医院销售数据，复盘分析了2018年底4+7集采的样本在2019年的销售额、竞争格局的变化，发现带量采购加速了一致性评价背景下国产仿制药替代率提升，中标品种和中标企业大部分实现了以价换量，而以价换量将成为过渡期仿制药龙头业绩弹性的主要来源。复盘日本、印度龙头制药公司的发展历程，创新药研发需要科研人才、充沛的现金流、科研技术和时间的积累，从大宗仿制药，到高端仿制药，从me-too，到me-better，再到突破性的创新药品种的发展道路，往往更常见也更现实。在中国市场化、国际化竞争过渡的大环境中，创新药诚然会成为未来制药行业的核心竞争力，但短期内也要重视一致性评价、带量采购所加速的仿制药替代率提升、以价换量，对相关公司现金流、业绩的强力支撑。

2019 Preview：CXO 板块保持高景气状态，订单和业绩表现持续提升，不同细分领域表现有一定差异，CDMO 板块景气度持续提升。

2 月我国共批签发血制品1034.60 万瓶，同比增长202.55%，1-2 月共批签发血制品1795.15 万瓶，同比增长75.80%。从各品种血制品批签发情况来看，2 月白蛋白批签发占比64%，静丙批签发占比15%。1-2 月白蛋白批签发占比62%，静丙批签发占比14%。

年初至今（2020 年1 月1 日至2020 年3 月6 日），申万医药生物板块上涨15.00%，沪深300 指数上涨1.02%，医药板块整体跑赢沪深300 指数13.98个百分点，涨跌幅在申万28 个一级行业中排名第6 位。截止到2020 年3 月6 日，医药板块整体TTM 市盈率剔除负值后为40.52 倍，全部A 股（非银行）TTM 市盈率为21.78 倍，医药板块相对全部A 股的估值溢价率为86.04%，处于2013 年来的中位水平。医药6 个子板块均以上涨报收，细分来看，契合市场风格，具有科技属性的医疗器械板块和生物制品板块涨幅最大，分别上涨36.69%和16.80%；而由于限制中药注射剂和辅助性用药，中药板块涨幅最小，仅上涨了2.81%。在政策和用药习惯的影响下，医药板块内部正在发生着巨大的分化。

WHO于3月11日宣布COVID-19成为大流行病，主要因海外众多国家出现疫情爆发和流行；受疫情本身快速增长以及对经济冲击的双重影响，海外市场出现巨幅震荡，美国股市在三天之内两次向下熔断（-7%），全球多国央行紧急降息也未能阻止下跌趋势。而中国初期管控措施较为严格，成功遏制了本土传播势头，社会生产生活有序恢复；A股市场相对全球出现显著超额收益，医药板块在市场剧烈震荡中表现相对稳健，体现出较好的防御性和相对收益。我们预计在未来1-2周，欧美主要国家将面临非常大的疫情压力，全球金融市场仍将对疫情保持高度敏感，不排除更严重后果的可能性。

随着现代生物技术的开发和应用日趋广泛，主观上或无意中对生物安全造成威胁的情况时有发生，生物安全法的推出具有现实意义。我国生物安全法草案于2019年10月21日首次提请人大常委会审议，2020年2月14日习近平发表重要讲话，要求“尽快推动出台生物安全法，加快构建国家生物安全法律法规体系、制度保障体系”。生物安全法立法加速，有望在近期推出。

写在前面：1）血制品月度间批签发量存在一定波动，因此单月增速出现较大偏差是正常现象；2）7 大地方检验所中，6 个检验所批签发相对正常，湖北检验所自1 月19 日后无批签发记录，预计与新型肺炎疫情有关；其中血制品在湖北检验所批签发的生产企业有国药武汉血制（天坛生物）、同路生物（上海莱士）、绿十字、中原瑞德、南岳生物；若湖北检验所停工时间较长，我们预计上述企业的批签发有望由其他地方检验所承接。

新冠肺炎全球爆发，ICU 支持不可或缺。截至3 月16 日，海外（除中国外）已经累计确诊101251 例新冠肺炎，累计死亡3937 例。已经有6 个国家累计感染人数超过5000 人，疫情最严重的国家为意大利(27980 例)，伊朗(14991 例)，西班牙(9942 例)，韩国(8320 例)，德国(7272 例)，法国(6633 例)。新冠肺炎疫情在亚洲多国爆发后，欧洲已经成为了新的疫情重灾区。依托ICU 进行重症、危重症诊疗，呼吸机、人工肺为重要设备。由于缺乏抗病毒特效药，新冠肺炎患者的治疗以对症治疗为主，针对性的使用药物及其他支持手段。针对重型患者，推荐使用氧疗与检测，同时注重合并感染的治疗；针对危重患者重点进行呼吸支持，如果肺保护性通气策略失败，则使用体外膜肺氧合（ECMO）治疗，同时辅以更加精细化的对症手段。

截至3 月17 日，全球累计确诊新冠病例超18 万例，其中海外累计确诊病例超10 万例，每日新增病例中约75%为欧洲国家新增病例。海外累计确诊病例数最多的10 个国家中有7 个为欧洲国家。

港股医药板块走势与A 股医药板块趋于一致。港股一共有149 家医药上市公司，市值合计2.9 万亿元，在所有港股中占比为5%，略低于A 股医药行业占比（8%）。目前港股医疗保健板块的PE 为32 倍，A 股医疗保健板块的PE 为40 倍，H/A 医药板块溢价率为-19%，处于历史中位水平。