随着中国创新药产业崛起，国产新药临床申请数量从2013年开始逐年攀升，近几年更是进入到持续爆发的阶段，2019年国产IND数量达235个，2020年11月达到358个。2018-2020年，每年都有近10个国产新药获批上市主要来源于2013-2015年的IND品种。随着近年来IND数量的爆发式增长，预计未3来国产新药每年获批的数量有望进一步增长，达到10-20个的水平。

整体看，新冠疫情使所有非免疫规划苗的销售均受到了不同程度的影响。但随着疫情逐渐得到控制，各类疫苗的销售表现出不同的修复速度。新型、高价疫苗受到疫情的负面影响低，且恢复弹性越大。建议关注：①生产、销售新型、高价值疫苗的公司，受疫情影响较小且需求恢复弹性较大，业绩有望持续保持高增长，标的包括：智飞生物、康希诺、万泰生物、康泰生物、沃森生物等。②生产、销售流感疫苗的公司，可能受益于流感疫苗接种需求的反弹而获得业绩修复，相关标的包括：华兰疫苗、百克生物、金迪克等。③通过布局空白疫苗市场或者加速国产替代的方式占据大规模潜在市场空间的公司，相关标的包括：万泰生物、沃森生物、欧林生物等。

我国眼科用药市场处于成长期。我国眼科患病人群超过十亿人，在“十四五”推出眼健康相关政策支持下，眼科用药市场有望迅速成长。一方面，从供给端来看，我国眼科用药处于缺医少药的状态，因为眼科结构的复杂性和眼病机制的不明确性，往往眼科药物只能用于缓解。随着基础研究的进展，海外眼科新药逐渐增多，国内也加速新品种研发，正与海外看齐。另一方面，从需求端来看，国内的眼科患病人群远超美国，但眼科药物市场规模不到美国的五分之一，随着人口来老龄化、用眼健康意识的提升和眼科新药的不断发展，国内眼科用药渗透率大有提升空间，眼科用药市场将进入快速成长期。

Driven by new technologies and innovations, the medical device industry has become one of the biggest markets in healthcare. According to the US’s National Center for Biotechnology Information, medical devices and implant numbers have grown to the extent that there are over 1,700 types of devices and 50,000 approved medical devices in the US alone. Over the past decade, this extraordinary growth has led to the development of state-of-the-art health and medical instruments, ranging from simple tongue depressors and bedpans to complex programmable pacemakers with microchip technology and laser surgical devices.

Establishments described in this report are primarily participating in the veterinary electrosurgery market. Veterinary electrosurgery is the application of a radio frequency with alternating polarity of electric current to coagulate, or cut the biological tissue. Veterinaryelectrosurgical devices are used to make precise cuts and further controlling blood loss by coagulationat the surgical site during procedures.

Establishments described in this report are primarily participating in the viral clearance market. Viral clearance refers to the time it takes for a virus to no longer be detected in tests. At that point, the body's immune system and treatments have successfully removed evidence of the virus. The amount of time it takes for a virus to clear from the system varies for each virus and can vary from person to person.

Establishments described in this report are primarily participating in the vitamins market. A vitamin is an organic molecule that is an essential micronutrient which an organism needs in small quantities for the proper functioning of its metabolism. Essential nutrients cannot be synthesized in the organism, either at all or not in sufficient quantities, and therefore must be obtained through the diet.

Establishments described in this report are primarily participating in the ultrasound market. An ultrasound is an imaging test that uses sound waves to create a picture (also known as a sonogram) of organs, tissues, and other structures inside the body. Unlike x-rays, ultrasounds don't use any radiation.

Establishments described in this report are primarily participating in the urinalysis market. Urinalysis is a diagnostic physical, chemical, and microscopic examination of a urine sample (specimen). Specimens can be obtained by normal emptying of the bladder (voiding) or by a hospital procedure called catheterization.

Establishments described in this report are primarily participating in the transplant diagnostics market. Transplant diagnostics are clinical diagnostic tools that help to improve the efficiency of transplantation procedures. HLA typing is of utmost importance in applications such as organ and blood stem cell transplantation.