堃博醫療-B(2216.HK)：與和睦家醫療達成合作，覆蓋中高端私立醫院客户羣體
12月6日，堃博醫療發佈公吿稱，公司與和睦家醫療達成戰略合作協議，全線診療產品將進駐和睦家旗下醫院，雙方將在肺部疾病介入診療技術領域開展合作，未來還將共建肺部專科醫療中心。
私立醫院結合高端商業保險提供的多層次、差異化、有特色的醫療服務和保障將對現有的醫療體系進行補充，在差異化醫療服務需求向優質私立醫院加速轉移的背景下，堃博醫療的肺部精準介入診療技術也將覆蓋至更廣泛的患者人羣。
我國私立醫院正處於高速發展的快車道，高端醫療將是未來私立醫院的發展方向。從衞健委公佈的醫院數量上看，私立醫院數量從2014年的12546家增長至2019年的22424家，年複合增長率為12.32%。而伴隨着支付能力增強和健康意識提升，醫療服務呈現消費升級態勢，高端私立醫療服務需求持續增長。堃博醫療的先進技術和診療產品通過高端私立醫院的合作也將實現對高需求、低價格敏感的患者羣體的覆蓋。
圖表一：公立醫院和私立醫院數量對比
數據來源：中國衞生健康年鑑，太平洋研究所，格隆彙整理
此次合作將是公司技術和產品覆蓋到高端患者羣的一個開始，也是擁抱了更高成長的私立醫院賽道的一個里程碑。與高端私立醫院的合作，使得公司商業模式更加多元化，為公司帶來新的增長點。
堃博醫療與和睦家合作將推動肺部介入診療在高端商保人羣中的推廣普及，並將直接受益於商業保險快速發展。保險是我國衞生費用的重要提供者，其中，商業保險地位和佔比日漸提高。2019年，我國衞生總費用中社會支出（基本醫保+商業保險）佔比達到44.27%，相比2000年提升了18.72pct，其中基本醫保支出佔比達31.67%，商業保險佔比約10.9%。
2020年我國商業健康保險賠付佔衞生總費用約4.0%，遠低於發達國家10%的水平。顯然我國商業保險的發展空間還非常充足，受到政策多重利好之下，即將進入成長爆發期。
圖表二：健康險賠付支出規模及佔衞生總費用比重
數據來源：Wind，西部證券，格隆彙整理
隨着中高端私立醫院的發展和商業保險健全及滲透率的提高，以堃博醫療肺部疾病介入診療為代表的先進診療手段將覆蓋更大的羣體，以此產生的協同效應會幫助提升公司未來的盈利，豐富商業化多樣性。
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