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論心臟瓣膜市場發展現狀及未來空間:“心“之所向,新賽道大市場
格隆匯 11-26 14:33

機構:興業證券

近期,冠脈支架全國集採方案的落地引發市場對高值耗材板塊的擔憂。然而,不同於標準化的藥品,醫療器械領域仍存在一定的差異性,我們認為使用量大、標準化、競爭較激烈是納入集採的重要條件。因此,符合新興市場、創新屬性、高技術壁壘的賽道將成為高值耗材板塊中的“明珠”,板塊內部也將開始分化。以心內科為例,心臟瓣膜、電生理等細分領域都是較為典型的優秀賽道,具備極大的發展潛力,同時在較長的時間維度內大概率不會面臨集採的影響。

聚焦於TAVR市場,目前國內市場處於成長初期階段,手術量、產品梯隊、患者教育等各方面均處在起步期。相比於海外市場,目前國內滲透率極低,且海外滲透率仍有較大提升空間。我們認為國內市場尚處於發展初期的主要原因是缺少遠期臨牀數據以及較為昂貴的治療費用。但該市場已處在即將快速放量的臨界階段,隨着價格的逐漸“親民化”和未來醫保的納入,我們預計將會成為促使TAVR市場快速放量的重要催化劑。同時,參考海外市場,未來TAVR適應人羣範圍可以從手術高危患者向中低危患者拓寬,市場空間有望進一步提升。並且,目前國內TAVR產品正處於一代向二代迭代的過程中,類似於冠脈支架市場,基於新的臨牀需求而誕生出新一代產品也將為市場帶來新的增長點。此外,相較於主動脈瓣膜,二尖瓣和三尖瓣疾病的發病率更高,隨着技術的突破和完善,該市場未來也將爆發出巨大潛力.

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