The global market for home medical devices is US$22.9 billion, and the domestic market is booming, with GAGR=29.8%. Household medical devices are consumer medical devices. The global market size has increased from US$17.9 billion in 2010 to US$22.9 billion in 2014. GAGR=6.7% is higher than the overall growth rate of the medical device industry by 2.12% and the drug market by 3.81%. . In 2010, the scale of China's home medical market was 13.765 billion yuan. It is estimated that the market size in 2014 will be 37.642 billion yuan, and the GAGR=29.8% in the past 5 years, which is higher than the growth rate of 7.26% in the pharmaceutical industry and 11.70% in the medical equipment industry. A period of booming.

Driven by consumption + demand, industry development benefits from monitoring/testing family trends and gradual improvement of medical system grading. Due to the increasing aging, the number of patients with chronic diseases in China has been rising. At the same time, China's current consumer spending is growing at a rate of more than 15% per year. The increase in consumption levels, changes in consumption structure, and advances in consumer awareness will stimulate the penetration of home medical devices. From the perspective of the path of medical system construction in developed regions, family medical care, rehabilitation and prevention have become an important part of the medical system. China's medical system is currently in the transition period from the second phase to the third phase, and future family prevention, medical care and Rehabilitation will become the mainstream, and China's home medical device industry will benefit from the construction of a medical system.

Segmentation area (domestic): blood glucose monitoring system> massage equipment> sphygmomanometer> hearing aid. Blood glucose monitoring systems, massage equipment, sphygmomanometers and hearing aids are the four main categories. Among them, the blood glucose monitoring system benefits from the rigid demand of 100 million diabetic patients, the industry growth rate reaches 20%, the relative penetration rate is only 20% far lower than 90% in the developed regions, and the theoretical upside is huge. The development potential of massage equipment and sphygmomanometers is second, and hearing aids are difficult to solve due to lack of domestic fitting points and lack of professional service awareness. Currently, development is limited.

Blood glucose monitoring system: Neutral is expected to have a market size of 10.27 billion yuan in 2020. The scale + channel is the core competitiveness, and the prospects for cooperation between leading Chinese companies and international giants are expected. Based on the current domestic consumption level and the level of medical insurance coverage, and compared with the developed regions, we are neutrally expected that the penetration rate of China's blood glucose monitoring system will reach 55% in 2020, and the market size will be about 10.27 billion yuan. The production of blood glucose test strips in the blood glucose monitoring system has a strong scale effect, and the sales volume has a positive correlation with the gross profit rate of the enterprise. The enterprises with high scale have obvious advantages. At the same time, the domestic price difference monitoring products of the same price are not much different. The core competitiveness of each manufacturer in the OTC end is mainly reflected in the layout of the channel. In the event of the sale of blood glucose business by Bayer, we believe that the downward pressure on the price of blood glucose test strips caused by the strong bargaining power of US medical insurance makes it possible for Chinese companies to share some market share in the low-end field by cooperating with international giants.

Massage equipment: Neutral is expected to have a market size of 24.17 billion yuan in 2020. Taking OSIM as a guide, under the trend of domestic market export to domestic sales, brand building is the success of the company. We are neutrally expected that with the increase in demand for massage and health care, the penetration rate of massage equipment in the Chinese market is expected to reach 25% in 2020, corresponding to a market size of 24.17 billion yuan. From the development of Singapore's leading company OSIM, its China market expansion strategy and brand building have made the performance and stock price double reverse. Therefore, for domestic enterprises, the trend of domestic market distribution and brand power is the vane of successful enterprises under the trend of domestic demand exceeding export.

Sphygmomanometer: Neutral is expected to have a market size of 24.17 billion yuan in 2020. The industry is fiercely competitive and the advantages of differentiation are highlighted. Omron is currently ranked first with 60% market share brand influence. With its advanced management and R&D capabilities, it has achieved a leap in business in China through the differentiated layout of products + services + personnel in the past decade. Therefore, we believe that differentiation is an important advantage in the highly competitive industry of sphygmomanometers.

In the era of intelligence, we believe that today's differentiated layout is not only limited to the richness of the product line, but more should make the product more intelligent to meet the needs of a variety of situations.

Hearing aids: There are no listed companies involved, and the market size is expected to be 5 billion yuan in 2020. Medical device companies have the advantage of intervention. Driven by multiple factors such as the development of China's economy, the improvement of residents' income level and the change of consumption concept, it is estimated that by 2020, the market size of China's hearing aid industry will reach 5 billion yuan. Compared with foreign-funded joint ventures, old domestic companies and emerging domestic companies have been working hard, but they still have no ability to compete. We believe that the choice of hearing aid products will follow the advice and recommendations of doctors, and medical device manufacturers have the advantage of hospital channels in this field.

The intelligent and incremental distribution of channels is the direction of the industry. From the product side, taking sphygmomanometers and blood sugar as an example, although the older generation of products are still on the market, the new generation of intelligent products has the advantages of small, rapid, convenient, and high visibility of data memory traceability. The use scene of the modern crowd. Patients can adjust treatment strategies through a series of visual data and professional analysis of medical institutions to achieve online and offline resource integration optimization. From the sales side, the layout of the online incremental market is imminent, and the point redemption is expected to open the tens of billions of markets.

Investment suggestion: product strength + sales force + brand power three dimensions screening, we are optimistic: 1) Sannuo Bio: the company currently has about 400 sales staff, the number of dealers is about 1,400, and the number of pharmacies is more than 40,000. Strong channel coverage. 2) Yuyue Medical: The company's current three product line rehabilitation care, medical oxygen supply and medical clinical contain more than 50 varieties of blood glucose meters, blood pressure monitors, etc., more than 400 kinds of specifications; currently have "yuwell diving" and " Hwato Huaying is the two main brands, and the brand is deeply rooted in the hearts of the people. 3) Mengfali: In the domestic market, the brand power gradually became prominent. In 2013, revenue and net profit increased by 25.9% and 281.0% respectively. 4) Jiu'an Medical: Launched the mobile medical ihealth series products in 2011, and differentiated the mobile medical market.

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