Medical tourism can be defined as travel across international borders to avail medical treatment of some form, which may or may not be available in the traveler’s home country. This treatment may include a wide array of medical services; however, the most frequently availed services include dental care, cosmetic surgery, elective surgery, and fertility treatment. The motive behind the travel can be one or more among the following major factors:

Medical implants are artificial devices or tissues, which are used to replace damaged biological structures or enhance an existing biological structure. Some of the implants are made from skin, bone, or other body tissues. Others are made from metal, plastic, or ceramic materials. Medical implants can be permanent or can be taken out when they are no longer needed. For the purpose of analysis, the report segments the global medical implant market based on product type, biomaterial type, and region. The study highlights the particulars about various medical implant products available in the market such as cardiovascular implants, neurostimulators, spinal implants, ophthalmic implants, orthopedic implants, dental implants, breast implants, and facial implants. In addition, it covers the information about the biomaterials used in medical implants, which include metallic biomaterials, ceramic biomaterials, polymers biomaterials, and natural biomaterials. Furthermore, it outlines the details about the revenue generated by the sale of medical implants across North America, Europe, Asia-Pacific, and LAMEA. However, it does not include market size and forecast for tissue grafts and other live grafts used for repair or replacement of any body structure. In addition, it excludes medical implants service revenue. Furthermore, the report excludes revenue generated from post-sale services of medical implants products.

Medical imaging reagents are chemicals used to visualize structures or organs, thus supporting physicians to better diagnose and detect diseases. It plays a vital role in pharmaceutical, medical, life sciences tools, biotechnology, and diagnostic industries. The report provides dynamics and trends related to the global medical imaging reagents market. In addition, it presents estimations and forecast of the market. The study estimates revenue generated from the sales of medical imaging reagents class; however, it excludes medical imaging reagents service revenue. The valuations comprise revenue generated from medical imaging reagents such as contrast reagents, optical reagents, and nuclear reagents. Furthermore, the report excludes revenue generated from post-sale services of medical imaging reagents.

行情回顾：01.04-01.17 期间，医药生物板块涨幅为1.07%，在所有板块中位列第十五，跑输沪深300 指数3.5 个百分点。从子板块看，01.04-01.17 期间，医疗器械、中药、医药商业和医疗服务涨跌幅分别为5.01%、3.43%、2.22%和1.93%，跑赢整体板块；生物制品和化学制药涨跌幅分别为-0.98%和-2.91%，跑输整体板块。

本报告期（2021.1.4-2021.1.15）医药生物行业指数涨幅为0.40%，在申万28 个一级行业中位居第16，跑输沪深300 指数（4.74%）。从子行业来看，医药生物三级行业医疗器械、中药、医疗服务行业涨幅居前，涨幅分别为5.09%、2.31%、1.82%。

市场回顾：2021 年1 月上半月（1.4-1.15）申万医药指数上涨0.49%，跑赢创业板指数，大幅跑输沪深300 指数，位列全行业第12；子行业方面，医疗器械涨幅最大，化学制剂涨幅最末，排名依次为医疗器械(4.84pp)、医疗服务(3.16pp)、医药商业(2.32pp)、中药(0.08pp)、生物制品(-1.68p)、化学原料药(-1.69pp)、化学制剂(-2.57pp)。估值方面，2021 年1 月15 日申万医药平均PE 为45.30 倍，相对沪深300 溢价率117.08%，处于历史中位。

国外现有防疫力度无法阻止疫情在冬季蔓延北半球进入冬季以来，全球疫情再次恶化。全球（不含中国）单日新增数据在2020 年10 月底至11 月初之间迅速攀升，按照大部分国家在冬季的防疫表现，其现有防疫措施力度远不足以遏制疫情在低温天气下的传播，除非未来能实行更为严格的物理隔离措施。

2021 年1 月15 日，国家组织药品集中采购和使用联合采购办公室发布《全国药品集中采购文件（GY-YD2021-1）》，第四批国家层面药品集采将于2月3 日开标。

创新及CXO、药 店、疫苗等有望延续高增长。我们对重点覆盖的 56 家医药上市公司2020 全年业绩进行了预测，其中预计全年业绩增速超过50%的有14家；净利润增速30%-50%的有10 家；净利润增速15%-30%的有10 家；净利润增速0%-15%的有11 家；净利润同比下滑的公司有10 家。分行业来看，器械、CXO、疫苗、药店等板块延续高景气度实现较快增长。

上周恒生医疗保健业指数上涨3.56%，同期香港恒生指数上涨3.72%，医药板块略低于大市，Biotech 子板块表现靓丽。上周JP 摩根医疗大会线上召开，国内多家Biotech 企业包括百济神州(6160.HK)、亚盛医药（6855.HK）等在会上发布了产品研发进展，获得高关注度。