Neutropenia is a condition that occurs when body does not have enough neutrophils, an important white blood cell that helps fight against infections. The report considers revenue generated by sales of neutropenia drugs such as colony-stimulating factor, antibiotics, and antifungals globally. The report does not cover revenue generated by chemotherapy alone. In addition, it does not include revenue generated from the fees of doctors or healthcare providers who suggest various type of treatments or tests.

Sports nutrition products have increasingly gained popularity, mainly among athletes and individuals involved in vigorous physical activities. The growing emphasis on staying healthy and in shape, rising participation in sports, health clubs, sports clubs, and gyms are some of the key drivers contributing to the growth of global sports nutrition industry. In recent years, health clubs and fitness centers have witnessed consistent growth, due to increase in health concerns and change in lifestyle. The rise in health awareness and the need for adequate nutritional content in food have also fostered the demand for sports nutrition products. A surge in the number of the middle-aged and geriatric population engaged in sports activities has further fueled the sports nutrition market growth. Most of the health clubs sell protein supplements, nutrition bars, energy drinks, and similar sports nutrition products. Additionally, some health clubs also hire dieticians to assist consumers with the selection of these products. Therefore, sports supplements are witnessing an increase in popularity and demand, due to the growing number of health centers and fitness clubs worldwide, as these function as primary distribution channels for these products.

The market studied is currently growing with a healthy rate, which is majorly associated with the rising number of people suffering fromvision impairment and the rapid growth in the geriatric population across the world. According to the World Health Organization, at least 2.2 billion people suffered from vision impairment, globally, as of 2019, and there is an immediate need for financial investments to deal with this burden. As per the WHO, children in Africa and Asia are at the greatest risk of developing vision problems, which, in turn, is offering opportunities for the key players to establish their presence in these regions. TheWHO has identified many other optical disorders, which lead to visual impairment, across the world. Some of these diseases, such as trachoma and river blindness, are prevalent primarily in the less developed areas of the world.

The global whole genome and exome sequencing market witnessed eight significant acquisitions during January 2017 to February 2020. All the acquisitions were aimed at the expansion of the product portfolio by acquiring sequencing-based portfolios with promising growth potential. Also, these acquisitions were intended to strengthen the existing product portfolio for improving accuracy and sensitivity of whole genome and exome sequencing methods. For instance, the acquisition of NEO Oncology AG by Siemens Healthineers, Inc. was aimed at expanding the company's portfolio to cater to the NGS-based molecular diagnostic market for cancer diagnosis and analysis. Further, Agilent Technologies, Inc. company acquired Population genetics for the development of IP portfolio which is aimed at improving accuracy and sensitivity of NGS detection.

The report provides market dynamics and trends related to the global MS therapies market. In addition, it presents the market estimations and forecast. The study estimates the revenue generated from the use of MS drugs in therapies across hospitals, clinics, and surgery centers.

The patient monitoring market’s growth is primarily driven by the rising prevalence of chronic diseases, growing geriatric population, rising popularity of health monitoring devices, and preference for home and remote monitoring devices. According to the World Health Organization, Chronic Obstructive Pulmonary Disease (COPD) is expected to emerge as the third leading cause of death across the world by 2030. Majority of the chronic diseases and conditions are linked to an aging society and lifestyle choices, such as smoking, sexual behavior, diet, and exercise, along with genetic predispositions. Moreover, the rising awareness regarding patient monitoring devices, especially remote monitoring and home monitoring devices, are anticipated to witness significant growth rates over the forecast period. The percentage of adults meeting the national guideline for aerobic physical activity increased from 44% in 2008 to 54% in 2017. The rising awareness regarding the benefits associated with healthy lifestyle and increasing usage of health monitoring devices are likely to drive the market’s growth.

Consumers are rapidly consuming supplements to maintain their well being in order to keep their health care costs down. The demand for probiotic supplements is escalating owing to the increased awareness of consumers and health care providers toward the numerous health benefits of probiotics that stretch beyond digestive health and the various delivery forms that are more convenient and effective than food and drinks. The manufacturers are experimenting with the formulation and production of probiotic supplements by incorporating multiple strains so as to offer the consumers high quality products with the added benefit of immunity. Formulations are evolving to include Kosher and Halal probiotics, time-release options, combinations with different ingredients for added health benefits, sugar, dairy and allergen-free options. In addition to strain-specific benefits, multi strain formulations and their advantages are highly dependent on the final blend and the clinical research associated with that multi-strain formulation. For instance, Bio-Kult is a unique multi-strain live bacteria supplement with 14 strains of live bacteria. Its powerful formulation targets the digestive tract, and it can be stored at room temperature without the need for refrigeration. Customization of probiotic supplements is also gaining popularity as the demand for condition-specific supplement products is ever increasing and achieving a formulation that fits the exact performance benefits that customers are seeking. It takes extensive knowledge and experience working with enzymes and/or probiotics in order to formulate an effective enzyme and/or probiotic-based supplement. 

The global tissue imaging market has witnessed a single-digit growth in the past five years. The increase in demand for tissue imaging devices is majorly attributed to the growing prominence for early diagnosis and advancement in the imaging technologies. Through the thorough analysis of the key strategies incorporated by the players of the global tissue imaging market, it was observed that major players were keen to expand their dominance through the launch of new products enabling advanced features.

mmary 上半年业绩整体承压， ＃ CRO 板块一枝独秀：2020 年上半年医药板块营业 收入同比下降 5.72%；归母净利润同比增长 1.03%。从子行业来看，CRO 板块一枝独秀，实现了营业收入和归母净利润的双增长。

我们选取了246家医药上市公司（不包含科创板），上半年收入总额7415亿 元，归母净利润743亿元，分别占申万医药板块综合比例是：88%、93%，主要剔除了在 2019年提取了巨额商誉减值损失的企业、在2019年9月以后上市的公司。246家医药上市公司 2020上半年收入增速为1.8%，归母净利润总额增速为18%，扣非归母净利润增速20%。行业 毛利率已经恢复至35%，创下十年新高，销售费率下降较快约1.8pp至14%。分季度来看， Q1/Q2医药板块收入和归母净利润增速分别为-4.2%/7.6%，-8%/42%。医药需求刚性凸显 ，利润端较收入端率先实现恢复，Q1/Q2单季度毛利率为32.6%/35.1%，销售费率有所下降 ，Q2净利率同比提升3.5pp至11.6%，创下单季度历史新高

2020 年 8 月，中检所共批签发疫苗 4,960 万瓶，同比下降 19%。2020 年 1-8 月，累计批签发疫苗 38,616 万瓶，同比增长 14%。

从香港上市的主要医药企业 2020 年上半年业绩来看，大部分企业经营受疫情影响，很 多企业出现净利润同比下降的情况。中成药、流感与肠胃药等受影响较为明显，但是与 此同时肿瘤、心脑血管等领域的注射剂等优质临床急需用药则仍然保持高增长。石药集 团（1093 HK）与中国生物制药（1177 HK）的肿瘤药板块收入增幅分别高达 44.4%与 56.2%，核心品种收入均大幅增长，而三生制药（1530 HK）的特比澳也录得 15.2%增长。 石药集团的脑卒中用药恩必普注射剂与高血压药物玄宁等心脑血管优质药物也在疫情中 维持快速增长。信达生物（1801 HK）与君实生物(1877 HK)在的重磅肿瘤药 PD-1 产品推 出后公司销售收入迅速增长，2020 年上半年收入分别同比增长 184.9%与 86%，我们认为 数据表明疫情对于肿瘤与心脑血管的临床急需用药的需求影响非常有限，这些板块在新 冠疫情的影响下保持高景气。我们认为这些药物的刚性需求稳定，不易受疫情影响。

全球疫苗市场较小但增速较快:预计2024年全球疫苗市场规模将 达到448亿美元，市场份额将达到3.7%（+0.2pp），位于所有治 疗领域第4位。

Q2 创新药企业、CXO 企业和疫苗等生物药企业业务恢复明显，我们认 为：伴随着我国本土创新力量逐步崛起，后续有望持续带动创新药、CXO 和疫苗等生物制品行业保持较佳的成长性。

原料药/CXO 在中国的发展确定性强，实质就是全球产业大分工所决定 的。或许今年中报的业绩大爆发不是偶尔，疫情为中长期产业加速向中 国转移提供良好的契机。底层的投资逻辑共识：一是全球医药产业链分 工带来的行业发展机遇。二是中国的人力资源红利。三是完善的化工产 业链。医疗器械（除高值医耗外）几乎全线受益于疫情，供不应求。

再强调“前向一体化”驱动下的产业升级主逻辑，建议从技术平台、产 品结构及产能释放节奏等多个维度优选弹性大、成长属性强的特色原料 药标的。

8月血制品总计实现批签发756.53万瓶，同比下降6.59% ，环比增长12.79% 。2020年1-8月累计批签发6437万瓶，同比增长27.77%，疫情 控制后，整体批签发情况趋稳。

医药投资要求高于产业研究。医药投资与产业研究有着很强的联系，但是本身并不是完全重叠的。 商业模式、发展阶段、竞争格局、行业周期、市场风格等多种因素都会对股价的涨跌产生极大影 响。国信医药团队在深入产业研究，开创了三大系列报告（“创新药盘点”、“创新器械盘点”、 “医疗大数据盘点”）后，再次开始“医药分析框架”系列报告，力求建立自上而下择股、自下而 上验证的完整框架。