长期依旧存在结构性机会，我们建议关注以下三方面，1）国家将持续加大对公共卫生体系、疾控体系、基层医疗的建设，各级医疗机构扩容和能力提升的需求长期释放，推荐关注迪安诊断（300244）、万孚生物（300482）；2）国内市场对国产高端医疗设备自主发展的重视将加速进口替代，推荐关注迈瑞医疗（300760）、迈克生物（300463）、开立医疗（300633）、安图生物（603658）；3）耗材集采大势所趋，首先纳入集采范围的品种具备需求大、技术成熟、国产化率高、单价值高等要素，例如心血管支架类、创伤骨科、人工晶体等，集采将促使行业向具备规模优势、技术先进、创新迭代的头部企业集中，建议关注凯利泰（300326）、乐普医疗（300003）。

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.

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.

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.

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.

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. 

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%。

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。

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。

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