2017年开始行业加速去库存，近几年批签发货值增速有所放缓，2019年国内血制品批签发货值约为312亿元，同比增长0.1%。我们认为目前行业基本处于去库存末期，考虑到国内刚需市场以及行业高门槛，依旧看好血制品行业未来高增长前景和竞争格局。

数据时代医药大数据启示自顶而下的投资机遇。随着医药产业政策的国际接轨、医院HIS系统的互通性增加、AI为代表的信息技术的发展、宏观政策决策需求驱动等多因素的共振，中国医药已经进入大数据时代。未来专业化与数据驱动也将成为医药卖方研究的趋势，因此我们在2020年开年，继2018年开启的创新药盘点系列报告后，也将开启我们医疗大数据的报告系列，期望从大数据中挖掘自顶而下的投资机遇。

医疗美容运用手术、医疗器械、药物以及其他医学技术方法对人体各部位形态进行的修复与再塑，进而增强人体外在美感的医学科学。医疗美容具有一定的创伤性和侵入性

2019年，线上大健康产业用户规模超1.4亿，可以说10个网民中就有1个关注医疗健康，其中有4千万中年用户关注着移动医疗健康市场。

In the United States, the fat burn supplements market is projected to witness a CAGR of 2.32% during the forecast period, while Europe is anticipated to register a CAGR of 1.83%. The various health and societal changes led consumers to pivot their requirements toward natural ingredients an d h ealth products. Thus, alternative medicines , par ticularly supplements , witnessed significant demand over the past decade. Furthermore, age groups, ranging from children to baby boomers, are consuming at least one or more supplements in the form of multivitamins or minerals, on a daily basis. Lifestyle changes, such as healthy consumption pattern, decline in caloric intake, and physical activity, are the basis for achieving long-term weight loss. However, consumers perceive diet and lifestyle changes to be difficult. Thus, they prefer fat burn supplements for weight loss, in anticipation that these products help in achieving their weight-loss goals.

A wound can be defined as a breakdown in the protective function of the skin, loss of continuity of epithelium, with or without the loss of underlying connective tissues such as muscles, bones, and nerves. This could result in injury to the skin or underlying tissues or organs resulting from surgery, cuts, chemicals, friction/shear force, pressure, or as a result of a disease such as diabetic foot ulcers. The wound can be open or closed. In case of open wounds, the protective body surface (the skin or mucous membranes) breaks, permitting the entry of foreign material into the tissues. In contrast, for closed wounds, the damaged tissues are not exposed to the exterior, and the process of repair/healing can take place without the interference that contamination brings, in a greater or lesser degree.

供给：11 月，医药行业生产动能持续下行。11 月，医药行业工业增加值为 5.1%，增速较 10 月下降 2.0 个百分点。1～11 月，医药行业工业增加值为 6.8%，增速较 10 月下降 0.2 个百分点。需求：11 月，药品零售市场需求有所回升，中西药品零售总额环比上升。11 月，中西药品零售总额为 523 亿元，环比增长 8%，同比增长 4.9%。1～11 月，中西药品零售总额为 5324.5 亿元，同比增长 9.1%，增速较 1～10 月下降 0.5 个百分点。

The high prevalence of TB in India has led to the development of many new initiatives for quick and efficient diagnosis. The TB prevalence rate is high in countries, like China, India, and Africa. Hence, the governments of these respective countries are trying to decrease the rate, by increasing government initiatives and hospitals. The United States continued to make slow progress toward TB elimination, as CDC played an important role in TB elimination, by working with state and local partners in the United States. The US government also focused on strengthening support for laboratory accreditation as a means of assuring high-quality TB diagnostic service, with highly efficient diagnostic tools. Sputum smear microscopy test has been the most commonly used test for the diagnosis of pulmonary TB in low- and middle-income countries. This is a simple, rapid, and inexpensive technique, which is highly specific in areas with a very high prevalence of tuberculosis. Another laboratory test includes the culture-based test for the diagnosis of TB, which remains the gold standard for the diagnosis of pulmonary tuberculosis, mainly in the developing countries.

发展历程：步入行业整合期，未来竞争业态多元化借助各类电商模式成熟的东风，医美电商为期不到十年，整体市场已进入行业整合期，形成以新氧为龙头企业的稳定局面。下一阶段的竞争会更加激烈，马太效应凸显。

截止2019年11月底，我国医药行业规模以上企业数量达到7346家，其中亏损企业数量1247家，亏损面17.0%， 环比下降0. 6个百分点。2019年1-11月全年医药行业亏损总额123.0亿元，同比减少5. 8%。