Carding of ophthalmic medical institutions: Aier takes the lead

First, the basic situation of the industry

In the context of the deepening reform of my country’s medical and health system, the government has issued a series of policies to encourage the society to run medical institutions. With the support of various policies, the number of private hospitals has expanded rapidly. The number of private hospitals in my country increased from 7,068 at the end of 2010 to 22,424 at the end of 2019, with an average annual compound growth rate of 13.69%. In contrast, the number of public hospitals in my country decreased from 13,850 at the end of 2010 to 11,930. Private hospitals have become an important part of my country’s medical and health system, and have played an active role in meeting people’s multi-level medical service needs.

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Ophthalmology is a medical discipline that studies the occurrence, development and prognosis of diseases of the visual organs, as well as prevention, diagnosis and treatment. Due to the uniqueness of the visual organ and the complexity of its functions, the examination, diagnosis and treatment methods of eye diseases are very different from other clinical disciplines. Ophthalmology has long been an independent professional discipline and an important part of clinical medicine. In 2019, there were 945 specialized eye hospitals in my country, an increase of 24.18% over the previous year. There were 53,921 health technicians in ophthalmic specialized hospitals, an increase of 19.32% over the previous year, which was basically the same as the growth trend of the number of specialized ophthalmic hospitals.

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Eyes are the most important sensory organs in the human body, which can receive external light stimuli and transmit light impulses to the brain center to cause vision. About 90% of the information that humans obtain from the outside world through the sense organs is completed by the eyes . The structure of the eye is delicate, and even minor damage may cause structural changes, resulting in the decline or even complete loss of visual function, seriously affecting human health and quality of life, increasing the burden on families and society, and threatening social and economic production activities. Major public health and social issues. Strictly speaking, ophthalmology originates from surgery. With the development of ophthalmology, ophthalmology is further divided into refraction, cataract, vitreous and retina, glaucoma, corneal disease, uveal disease, strabismus and pediatric ophthalmopathy, ocular trauma, ocular Plastic surgery, orbital diseases and other subspecialties. Optometry is different from ophthalmology, which originates from the branch of physics – optics, which mainly studies the optical characteristics of the eye, mainly engaged in the detection and correction of refractive errors, including fitting of frame glasses, corneal contact lenses, etc.

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Due to the lack of authoritative and timely statistical data on the ophthalmic medical service market in China, it is difficult to accurately calculate the current size of the national ophthalmic medical service market. The market size is 127.5 billion yuan, with a CAGR of 15.0% in 2015~2019. It is expected to reach 146.7 billion yuan in 2020, and it is expected to reach 11.0% in 2020~ 2024 CAGR.

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With the acceleration of the aging process in my country and the widespread use of electronic products, the prevalence of ophthalmic diseases such as refractive errors, cataracts, and retinopathy has continued to rise. At the same time, my country’s basic medical security for residents is gradually improved and people’s awareness of eye health is gradually enhanced. my country’s ophthalmic medical service industry will maintain the momentum of rapid development.

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Second, the main content of ophthalmic medical services

Ophthalmology involves many subspecialties. From the perspective of market capacity, my country’s ophthalmic medical services are mainly divided into refractive surgery, eye disease diagnosis and treatment, and medical optometry.

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(1) Refractive surgery

Refractive error refers to the refractive state in which the external parallel light cannot be focused in the fovea of ​​the retina after passing through the refractive system of the eye when the eye is in a relaxed state, including myopia, hyperopia, astigmatism and presbyopia. Refractive error is one of the main factors that cause visual impairment.

At present, the volume of refractive surgery in my country is about 1.5 million cases per year, and the rate of refractive surgery is about 0.25%. According to statistics from the American Society for Refractive Surgery, the proportion of refractive surgery in the United States in 2018 was between 0.8% and 0.9%. It can be seen that the market penetration rate of refractive surgery in China is only about 1/3 of that of the United States. The market penetration rate is relatively low , and the future potential is great. Under the current level of medical technology and conditions, refractive errors cannot be fundamentally reversed, and can only be corrected in various ways. In addition, the rate of myopia among young people in my country is increasing year by year. Therefore, with the iteration of the population, the overall number of myopic population in my country will continue to increase. Increasing, there is a huge real demand in the refractive surgery market. At the same time, with the continuous improvement of the income level of Chinese residents and the increasing awareness of refractive surgery, the consumer demand for refractive surgery in my country will continue to grow.

Refractive surgery in China has developed rapidly, and the market size has rapidly expanded from 5.90 billion yuan in 2015 to 18.07 billion yuan in 2019. During the period, the CAGR was 32.3%. Due to the large base of domestic myopia population and low penetration rate, with the increase of refractive surgery With further popularization, it will maintain a relatively high growth rate in the future. It is estimated that the CAGR will be 28.4% in 2020~2025 , and the market size is expected to reach 72.5 billion yuan in 2025.

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(2) Medical optometry

In addition to refractive surgery to correct refractive errors, medical optometry is a non-surgical way to correct refractive errors. The business scope of medical optometry is relatively wide, usually consisting of two parts: medical optometry and refractive error correction. Among them: medical optometry includes frame glasses, soft contact lenses, various functional lens glasses, etc.; Corrective vision correction includes fitting of orthokeratology lenses and rigid gas permeable contact lenses.

Children and adolescents are a critical period for the occurrence of myopia, as well as a critical stage for myopia prevention and intervention. For a long time, the World Health Organization (WHO) has recommended three methods for prevention and control of myopia in adolescents: orthokeratology lenses, low-concentration atropine, and two hours of outdoor activities per day . In June 2018, the “Guidelines for the Prevention and Treatment of Myopia” issued by the National Health and Medical Commission pointed out that long-term wearing of orthokeratology lenses can delay the progress of the axial length of adolescents by about 0.19 mm/year, which is of great significance to the prevention and control of myopia in adolescents. Therefore, the fitting of orthokeratology lenses has become an important part of medical optometry. As my country’s orthokeratology lens market becomes more mature and standardized, the sales of orthokeratology lenses in my country have grown rapidly.

Due to the huge population base of myopic patients in my country and the gradual improvement of residents’ consumption level, the medical optometry business has gradually become popular. It accounts for the highest proportion in the ophthalmic medical service market and is one of the main sources of income for the ophthalmic industry. In 2019, the overall market size of China’s medical optometry market was about 22.81 billion yuan, with a CAGR of 26.2% from 2015 to 2019. Among them, the scale of the private optometry market is about 5.80 billion yuan, with a CAGR of 29.6% in 2015~2019. It is expected that the medical optometry market will continue to maintain rapid growth in the future, with a CAGR of 18.0% in 2020~2025 . The scale of the private optometry market is expected to reach 151.8% in 2025. billion.

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(3) Diagnosis and treatment of eye diseases

The diagnosis and treatment of eye diseases mainly refers to diseases such as cataracts, glaucoma, and fundus diseases, and the treatment methods mainly include drugs and surgery. my country is the country with the largest number of blind and visually impaired patients in the world. From the perspective of treatment penetration, the development of my country’s eye disease diagnosis and treatment market is still relatively low at this stage.

Cataract is a blinding eye disease that frequently occurs in the elderly. According to the data released by the 2018 International Conference on New Advances in Refractive Cataract Surgery, the incidence of cataract in the population aged 60 to 89 in China is about 80%, 90% The incidence of cataract in people over 90% is as high as 90%. Cataract seriously affects the quality of life of the elderly in China. Surgery is the only way to treat cataract .

The control of medical insurance costs has led to a slowdown in the growth rate of the market size. The market size of cataract surgery has increased from 11.1 billion yuan in 2015 to 19.5 billion yuan in 2019, with a CAGR of 15.0%; affected by the control of medical insurance costs in some regions, the activities of cataract screening are limited, and the growth rate of low-end cataract surgery has produced a phased As a result, the growth rate of the market size slowed to 10.57% in 2019. Although the growth rate of cataract surgery has slowed down due to the influence of medical insurance cost control, the continued deepening of the aging degree in the future will bring more demand for cataract surgery, and the transformation of high-end surgical methods will increase the average price of surgery. In 2025, the overall market size will reach 33.85 billion yuan.

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Glaucoma is the second leading cause of blindness in the world, second only to cataracts, and one of the irreversible causes of blindness and low vision in patients. Due to the irreversibility of blindness caused by glaucoma, its impact on human health and social development is more serious than that of cataracts. If early detection and timely intervention, patients can still maintain a certain visual function. At present, anti-glaucoma drugs, lasers and surgery are the three major means of clinical treatment of glaucoma. According to the type and progression of glaucoma, drug therapy is usually still the first choice. According to epidemiological research data in my country, the prevalence of glaucoma in people over 40 years old is 2.3%, and the blindness rate is about 30%.

In recent years, due to factors such as environmental changes, increased work pressure, and inadequate eye health preventive care, the incidence of dry eye disease has been on the rise, and the diagnosis and treatment of corneal diseases, fundus diseases and other eye diseases are also in a state of low treatment penetration. At the same time, common chronic diseases such as hypertension, diabetes, and atherosclerosis will also bring corresponding changes in the pathological structure of the eye, and the market for eye disease diagnosis and treatment is in great demand.

3. Comparable companies of ophthalmic medical institutions

A simple comparison of the public ophthalmic medical institutions and private ophthalmic medical institutions.

(1) Public eye hospital

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(2) Private ophthalmic medical institutions

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4. Comparison of Simple Financial Data of Private Eye Hospitals

Through comparison and analysis of various data such as operating income, net profit, net profit margin, number and layout of medical institutions, number of outpatient visits, and number of inpatient visits, Aier Ophthalmology ranks first, and other private ophthalmic medical institutions are comparable to Aier Ophthalmology. bigger than the gap.

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@Today’s topic $Aier Ophthalmology (SZ300015)$ $Puri Ophthalmology (SZ301239)$ $He’s Ophthalmology (SZ301103)$

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