The market studied is currently being driven by factors, such as the rising incidence of thyroid disorders, the increasing consumption of tobacco and alcohol, the increasing geriatric population and the rising sedentary lifestyle among the population. Over the last few years, there have been significant advancements in the specificity and sensitivity of thyroid testing, which has impacted the treatment for thyroid disorders. Thyroid stimulating hormone (TSH) measurement subsequently gained a dominant role in thyroid function testing, which facilitates cost effective disease screening, which is augmenting the demand across the developing and developed countries. While there are several problems associated with interpretation of thyroid blood tests but with the appropriate follow-up tests, and consultation, most of these cases can be resolved easily, which is expected to progressively improve the thyroid testing methods.

原料药不是简单周期板块，特色及专利原料药具有成长属性，行业壁垒相对较高：原料药分为大宗原料药、特色原料 药及专利原料药，其中大宗原料药需求相对平稳，而特色原料药和专利药原料药具备成长属性。2020年全球原料药市场 规模将预计达到1864亿美元，同比增长6.1%，特色原料药增速预计在6%-10%。从壁垒来看，大宗原料药门槛低，竞争 激烈，而特色原料药和专利原料药门槛较高；特色原料药核心壁垒体现在技术、重资产和客户粘性方面，在技术层面，生 产工艺和研发水平需要不断提高；在客户粘性方面，特色原料药和专利原料药与客户绑定紧密；重资产方面，特色原料药 专业化生产线需要较大资金投入，近几年环保成本攀升，进一步提高行业壁垒。

Vein illumination devices use infrared technology to reveal the structure of the vein by providing the nurses and phlebotomists a means for locating veins in the very first attempt and within a few seconds. Near-infrared (NIR) imaging has contributed to the solution for veins visualization, with its capability to penetrate up to millimeters into tissue with a specific wavelength between 700nm and 1000nm. Conditions not demanding prompt access provide ample time for physicians and phlebotomists to find a vein. But for cases of medical emergencies, such as hemorrhage, acute renal failure, hypotension, shock, and cardiac arrest, immediate access to the patient’s vein is vital to be achieved. The market for vein illumination device has witnessed a strong growth owing to various advantages offered by the devices, such as increased work efficiency, a decrease in the number of errors during the procedure, etc. Burn victims and drug abusers will further benefit from such devices as the visibility of veins is more heightened with their use.

The development of injectable drug delivery system is playing a major role in the healthcare industries. New technologies are influencing the current medical practices, which are positively changing the bioavailability, safety, and efficacy of the drug.  The burden of chronic diseases is increasing worldwide. Factors, such as aging population and behavioral changes in lifestyles, are leading to long-term health problems, and their treatment can be expensive. Most deaths by chronic diseases can be attributed to cardiovascular diseases, obesity, and diabetes. This rise in the burden of such diseases is contributing in the growth of the injectable drugs and devices market. The increasing adoption of injectables drugs is currently driving the growth of the market. In the regions, like North America, there has been an increasing adoption for injectable drugs, due to early adoption of advanced technologies. The companies operating in the prefilled syringes industry are getting government approvals for various drugs used in syringes, to increase their market share.

The colorectal cancer is one of the leading causes of death globally. In the recent years, the availability of multi- gene panel testing has provided a promising tool to more precisely stratify patients for their CRC risks. There has been significant advances with respect to the efficacy of various methods of screening over the past decade. In the United States, multiple professional societies recommend screening for CRC for the individuals who are aged between 50 to 75 years. However, the guidelines from American Cancer Society recommends starting CRC screening at age 45 years. Current modalities for colorectal cancer screening include fecal occult-blood testing, flexible sigmoidoscopy, colonoscopy, and double-contrast barium enema. Among these, colonoscopy is becoming the dominant modality for its efficacy and continuing technical refinements. The emerging technologies, such as stool DNA tests and blood tests, hold promise for the future but cannot be recommended for screening at present.

医药行业市场表现强于大盘，子版块加速分化。截至2020 年3 月31 日收盘，2020 年第一季度医药生物指数上涨8.39%，跑赢万得全A 指数15.18 个百分点。从行业涨跌幅来看，2020 年第一季度医药生物涨幅在28 个行业中位列第2，表现优于万得全A 指数和沪深300 指数。估值方面，截至3 月31 日收盘，以TTM 整体法（剔除负值）计算，医药行业整体市盈率38.09 倍，相对于整体A 股剔除金融行业的溢价率为89.52%。受到疫情影响，春节后医药行业子版块表现加速分化，医疗器械、化学原料药板块和生物制品板块表现出色，显著跑赢医药板块整体涨幅。截至3 月31 日，医疗器械、化学原料药和生物制品板块，分别实现了32.68%、25.15%和18.76%的涨幅。