Core data of this paper: competitive echelon of rehabilitation medical equipment industry; Comparative analysis of representative enterprises in rehabilitation medical equipment industry; Enterprise business proportion, etc
Competitive echelon of China's rehabilitation medical industry
In terms of enterprise competition, the development of China's medical device industry started relatively late, and there are more manufacturers, forming a competitive pattern of "multiple varieties, small batches, and low industry concentration".
China's rehabilitation medical equipment industry can be divided into four competitive echelons according to the market share and registered capital of enterprises. Among them, the head enterprise is the largest market share of Yuyue medical; The second tier is Xiangyu Medical and Kefu Medical such as market scale and the main business for the production of rehabilitation medical equipment enterprises; The third tier is the enterprises with advantages in the market segment of rehabilitation medical, such as Inco Medical and Vace Medical. The fourth echelon is local enterprises such as Acou Abba and Cono Medical.
From the perspective of regional distribution of rehabilitation medical companies, due to the complete industrial chain and developed scientific research technology, rehabilitation medical equipment manufacturers in China are mainly concentrated in eastern coastal provinces such as Guangdong, Zhejiang, Jiangsu and Shandong. Among them, the number of rehabilitation medical equipment manufacturers in Guangdong is the largest, while the production enterprises in Sichuan and Anhui provinces are relatively large.
2. Analysis of representative enterprises in China's rehabilitation medical industry
Medical device industry involves medicine, machinery, electronics, plastics and other industries, is a multidisciplinary, knowledge-intensive high-tech industry. The medical device industry is closely related to human health and life safety, China's supervision of the medical device industry is very strict, in the product registration, production and circulation and other links have set up a strict management system, so the entry of the industry is more difficult, the industry competition is more fierce.
In terms of profitability, among the representative listed companies in the rehabilitation medical equipment industry in 2023, Yuyue Medical has the largest rehabilitation medical equipment revenue business, reaching 1.227 billion yuan, with a gross profit margin of 33.87%; Xiangyu Medical, Cheng Yitong, Weiss Medical and Pulmen Technology have higher gross margins than Yuyue Medical, all exceeding 70%.
In terms of debt repayment ability, from 2021 to the first quarter of 2024, the asset-liability ratio of Xiangyu Medical, Kefu Medical, Weissi Medical and Pumen Medical is relatively stable, maintaining a low level between 10%-25%, while the overall debt-to-asset ratio of Xinlong Health and Chengyitong is relatively high, among which Xinlong Health's debt-to-asset ratio in 2021 is 58.66%. However, it subsequently declined, falling to around 41% in the first quarter of 2024, and the remaining representative companies have moderate debt-to-asset ratios
In terms of enterprise development, affected by the epidemic, the total asset growth rate of representative rehabilitation medical companies in 2021 is generally high, among which the total asset growth rate of Kefu Medical is 223.59%, Xiangyu Medical is 122.36%, and Ingke Medical is 59.45%. The average total asset growth rate of the remaining representative enterprises is also about 20%. Then from 2022 to the first quarter of 2024, the growth rate of total assets of representative companies in the rehabilitation medical industry fell back to the normal level, and representative companies maintained an average annual growth rate of about 8% during this period, and only Xinlong Health's total asset growth rate was always negative after 2021. In 2022, 2023 and the first quarter of 2024, it was -16.05%, -11.51% and -5.19%, respectively.
Overall, the total asset growth rate of rehabilitation medical equipment manufacturers in the period from 2021 to 2024 turned from a surge to a steady growth, indicating that the scale of the industry is continuing to expand.
3. Enterprise layout and competitiveness analysis of China's rehabilitation medical equipment industry
Among the representative enterprises in China's rehabilitation medical equipment industry, Shenzhen Xinlong Health Industry Development Co., Ltd. is the earliest established, and Henan Xiangyu Medical Equipment Co., Ltd. has the highest proportion of rehabilitation medical equipment business. In addition, the business layout and specific advantages of relevant enterprises in 2023 are analyzed as follows:
4. Summary of competition in China's rehabilitation medical equipment industry
From the perspective of five-force competition model, at present, China's rehabilitation medical equipment industry has a fast growth rate and a high entry threshold, so the threat of potential entrants is low; In terms of substitutes, due to the strong professionalism of rehabilitation medical equipment, the existing products in the industry are more mature and comprehensive, so the threat of substitutes is low; Upstream raw material production capacity is sufficient, bargaining power is weak; In the aspect of the existing enterprise competition, the enterprise competition is more fierce; Due to the high technical difficulty of rehabilitation medical equipment production and large market demand, the bargaining power of downstream consumers is relatively weak, and the overall gross profit margin of the industry remains at a high level. Overall, the industry competition is more intense, as the domestic industry head enterprises continue to innovate and integrate the advantages of the supply chain, the future industry concentration will gradually increase.
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