바이오인

출처 : Industry Research Division, Mizuho Bank

Mizuho Industry Focus Vol. 175

미국 의료 기기 및 진단 장비 산업 동향과 향후 전망

[Summary]

○ The U.S. medical device industry is going through substantial s as a number of powerful forces reshape the industry. Obamacare has a profound impact on the U.S. healthcare system (please refer to our report published in October 2014). It is expediting the transition of U.S. healthcare system from a fee-for-service model to a value based model. It encourages efficiency achieved through a larger scale. As a result, providers (hospitals) and payors (managed care companies) have been pursuing scale through mergers.

○ Not wanting to lose bargaining position vs. their customers, medtech companies are joining the merger wave. Three mega deals took place in Medtech last year. We believe there are sound rationales for medtech mergers and expect more to come. For companies not participating in M&A, we believe their competitive position will deteriorate in the highly consolidated segments.

○ The insurance expansion beginning in 2014 has boosted hospital admission rate. Benefiting from Obamacare and the recovering economy, medtech industry revenues have improved. Industry is expected to grow at low-mid single digit rate for the next five years. The improving revenue trend enhanced medtech executives’ confidence in their businesses. They in turn have been actively repositioning their businesses through M&A.

○ In this report, we review the recent trends of medtech industry with the primary on cardiovascular devices, orthopaedics, and diagnostics. We examine the dynamics in these three medtech sectors and try to identify attractive areas for investment.

○ In CV device area, there are exciting new technologies in AF, TAVR, CGM, DCB, neuromodulation, etc. We believe for market entry, peripheral vascular market and neurovascular market are the most attractive. For the orthopedics market, orthobiologics, sports medicine and extremities are the most attractive areas. In diagnostics, key growth areas are NGS, CDx, and POC. Innovations in these areas should attract investment.

...................(계속)

☞ 자세한 내용은 내용바로가기 또는 첨부파일을 이용하시기 바랍니다.