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。

本周上证综指下跌0.3%，报2763.99 点，中小板上涨1.33%,报6632.78 点，创业板上涨0.15%，报1906.67 点。医药生物同比上涨0.17%，报8725.89 点，表现强于上证0.46 个pp，弱于中小板1.16 个pp，强于创业板0.02 个pp。

本文系统梳理了医药零售板块的长期、中期、短期投资逻辑及线上电商的最新情况，为投资者呈现2020 年板块的主要投资线索。报告分为两个部分，第一部分主要阐述医药零售板块的长期、中期、短期逻辑（第一-第三章），对医保统筹、集中度提升逻辑及短期业绩进行了探讨，并汇总了2019-2020 年期间的主要政策及行业发展情况；第二部分主要讨论医药电商，通过将现有医药零售市场划分为存量市场及增量市场，并区分医药电商/线下药店各自服务的主要场景，探讨未来4 年（截止到2023 年）的线上/线下发展趋势，同时探讨了处方外流带来的增量市场。