Which color ultrasound brand manufacturer is the best? GE, Philips, Perlove, Mindray, Siemens,

With the advancement of color ultrasound technology and the continuous improvement of image quality, ultrasound imaging has gradually been recognized by clinicians as a real-time, non-radioactive examination method. The demand for color ultrasound equipment has been gradually released, and the size of the color ultrasound market has increased. , attracting the attention of global medical giants.

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Around 2000, the three giants of “GPS” took advantage of their scale advantages and industry status to compete for territory, and each carried out a series of large-scale mergers and acquisitions and integrations in the ultrasound imaging business. At that time, China’s color ultrasound market was almost completely monopolized by imported brands. Domestic ultrasound manufacturers only had a few state-owned enterprises, such as Shantou Ultrasound, Wuxi Haiying, Sichuan Mianyang, etc., which could produce black and white ultrasound.

In the past ten years, domestic color ultrasound has developed by leaps and bounds. Up to now, there are thirty or forty domestic manufacturers, large and small. Some of the well-known ones include Shenzhen Mindray, Shenzhen Kaili, Shantou Ultrasound, Shenzhen Libang, and Shenzhen Lanyun. (once listed in Singapore), Suzhou Feino, Shenyang Neusoft, Shenzhen Enpu, Shenzhen Huasheng, etc.

This article takes 13 major color ultrasound manufacturers around the world as the research object to explore the changes in the color ultrasound industry.
GE
Attack on all fronts, seize the high points without letting go of the low points, obstetrics and gynecology color ultrasound + excellent marketing

GE has a long history. It was founded in 1892. GE’s business is complex. The company is involved in six major business areas: infrastructure, business finance, consumer finance, medical, media entertainment and industry. The 2017 financial report shows that medical only accounts for 15% of revenue. , medical care includes imaging, in vitro diagnosis, information systems, monitoring systems and other equipment, especially large-scale imaging equipment as the core product.

GE Healthcare has had trade relations with China since 1979. It established an office in 1986, cooperated with “Wuxi Haiying”, the leading ultrasound company in China at the time, and established a joint venture to take advantage of Haiying’s leading position in China’s ultrasound industry at that time. , quickly established a foothold in the Chinese ultrasound market. In 1991, Hangwei General Electric Medical Systems Co., Ltd. was established in Beijing, becoming GE’s first joint venture in China. At present, GE Healthcare has established multiple operating entities in China, including wholly-owned enterprises and joint ventures, and has five global production bases in China with more than 7,000 employees. Among them, the Wuxi factory is GE’s largest production base of ultrasound hosts and probes in the world. Of the ultrasound products sold by GE globally, more than 40% come from the Wuxi factory.

GE started its color ultrasound merger and acquisition journey in 1998. From Japan’s Yokogawa and the United States’ Tesoni, to Weiman and Likrez, the products covered all fields such as abdominal ultrasound and cardiovascular. Through a series of mergers and acquisitions, GE’s product line covered From MRI, CT, X-ray equipment, color ultrasound and other imaging products, it has become the undoubted overlord in this field.

GE is one of the first companies to enter the market in China and has deep government resources. GE’s main products are rich and diverse + marketing is strong. It is the company with the most product models and the most complete application fields in the industry. As long as it is used in any field where ultrasonic energy is applied, GE’s products are covered. Although the product line is long and there are many models, GE has a very clear positioning of its products and its market promotion is also very targeted. It is precisely because of this that GE has been able to maintain its leading position in the industry, and in the foreseeable future, there will be no opponents that can challenge it. GE maintains at least one key technological breakthrough every year and is able to transfer the technology to the overall platform to upgrade products.

GE Ultrasound currently has three major product lines: Logiq series, Voluson series, and Vivid series, with complete models and rich products. In particular, the Voluson series of products for obstetrics and gynecology is the most classic, starting from Voluson 730, to E8, and now to the current E10. Whenever a new product is launched, it can set off a whirlwind of GE obstetrics and gynecology around the world, and its popularity is evident.

In other vertical segments, such as cardiac ultrasound, the Vivid series launched the cardiac flagship product Vivid E95 in 2017. At the end of 2017, it quickly launched the portable cardiac color ultrasound Vivid iq, trying to compete with Philips for the leading position in the professional cardiac color ultrasound field.

GE is different from other imported brands. In addition to being more professional in the vertical segmentation of high-end products, GE is also the most thorough in sinking mid-to-low-end products for primary care. Therefore, GE still has a certain market share for ultra-low-end products such as black and white ultrasound, but with the popularity of domestic color ultrasound, the market for black and white ultrasound will no longer exist in the future. GE is currently the only remaining imported brand with strong competitiveness in the low-end color ultrasound market and high-end market, and its product lines fully cover all customer groups.

Philips
High-end supports the sky, leading the cardiac color ultrasound industry
Founded in 1891, Philips is a comprehensive enterprise in the Netherlands with healthcare, quality life and lighting as its core products. In medical care, the focus is on imaging products, including MRI, CT, X-ray, color ultrasound and other products. Philips’ revenue in 2017 was US$21.2 billion, of which imaging products accounted for approximately US$8.2 billion. Since 1998, it has embarked on the path of mergers and acquisitions in color ultrasound. Through the acquisition of ATL and HP/Agilent, it has greatly broadened its product range and become a leader in the color ultrasound industry.

The current main products are EPIQ series, Affiniti series and Clearvue series, with cardiac color Doppler ultrasound as the representative product. Philips’ high-end products often become industry hits. Once launched, they quickly became popular in the color ultrasound circle and became a product that doctors talk about.

Philips’ two high-end products of the previous generation, IU22 and IE33, are such excellent products. IU22 is a leader in the field of GI systemic application. Many doctors are proud to use IU22 color ultrasound for examination. They are highly dependent on IU22 and have more confidence in the diagnosis results than other products. IE33 is the standard for professional cardiac color ultrasound, and this product is favored by cardiologists.

However, in the midst of China’s rapid growth in 2017, Philips’ performance in the Chinese market has been very unsatisfactory. The core reason is that after the switch between old and new products, the latest high-end products Epiq5/7 and Epiq7C did not reach the record of the old IU22 and IE33. The user reputation and market position of Philips have led to a decline in the sales of its high-end products, while the mid- to low-end products have not been effectively synergized and supplemented, resulting in a downward trend in Philips’ market share. As the saying goes, “succeed or fail”. Hot-selling products usually become the most difficult gap to overcome. Philips needs to constantly surpass the various records it has set. Compared with breaking through its opponents, it is self-evidently difficult to break through itself.

03 Mindray
National star, the pride of domestic production, rewriting the GPS pattern
Mindray was founded in 1991 and was successfully listed on the New York Stock Exchange in September 2006 as China’s first medical equipment company, embarking on a global strategic journey. Mindray acquired Zonare, a high-end US color ultrasound technology supplier, in 2013, becoming a global leader in imaging technology. The delisting of U.S. stocks was completed in 2016, and a prospectus was submitted in the A-share market in 2017. The meeting was held on July 24, 2018.

Mindray currently ranks third in China’s ultrasound market, and its development momentum has been very strong in the past two years. It is working hard to catch up with Philips, which is second. It is very hopeful that the ultrasound brand battle will be rewritten into a G.M.P pattern around 2020.

As the leader in the industry, Mindray has a strong ability to transform and absorb new products. After the launch of the first color ultrasound in 2006, in just over ten years, the domestic ultrasound manufacturers have ranked among the top three, surpassing many imported brands. Color ultrasound products rank first in China in terms of brand, share, and quantity. It is possible to have such development Speed ​​is truly the pride of a national brand. The most important reason is the huge investment in R&D, which is the core competitiveness of products. At the same time, it strategically adopts the sales strategy of surrounding the cities from rural areas. It introduces new products quickly, and its strong after-sales team and support are also well-known on the service side.

Mindray currently has a very complete product line. After acquiring the American company Zonare, it launched the Resona series of high-end products in 2016, breaking the monopoly of imported brands in high-end color ultrasound. Mindray’s portable color ultrasound has been the sales leader in this segment in recent years. At present, except for professional high-end cardiac color Doppler ultrasound, which has not yet been covered, breakthroughs have been made in almost all other color Doppler ultrasound technical fields. It is the manufacturer with the most complete product line in the industry except GE.

Mindray’s ultrasound annual revenue reached 2.9 billion in 2017, and it is in the dominant position among domestic brands. The growth rate in 2017 was as high as 28.7%, which is commendable for such a large company. Ultrasound is an important part of Mindray’s revenue, which has maintained about 26-28 in recent years. % of revenue, its high growth rate laid the foundation for the overall growth of the group.

Mindray invests about one-third of its annual R&D expenditures in the field of medical imaging, with an absolute value of about 300 million yuan. It promotes the continuous upgrading of ultrasound products, breaks through the high-end field, rivals imported brands, and becomes a powerful weapon to seize the market. In the past three years, With the launch of mid-to-high-end color ultrasound, the gross profit margin of ultrasound products has steadily increased, from 70% in 2015 to 75% in 2017, driving overall performance growth.

Mindray’s DC-8/R7 are mid-to-high-end products and are also the main battlefield for import substitution. The terminal market mainly includes “work machines” in township hospitals, private hospitals, and tertiary hospitals. These customers have large clinical needs and are highly sensitive to machine prices. They have a 20-30% price difference compared to imported instruments of the same grade. Domestic instruments are very popular.

Summary: Mindray is a large-scale medical device company with multiple product lines. Each link has a strong platform amplification effect. It is not the first to launch color ultrasound, but it has achieved the first domestic market share and has the ability to compete with international giants. downward momentum. Produced by Mindray, it has strong brand influence. In the entire process of actual R&D, production and sales, quality system, R&D system, product reliability, and sales coordination are all important factors for Mindray to become a rising star in the field of color ultrasound. With a solid R&D foundation and talent reserve, it is expected that in the future, it will gradually move from “catching up with imports” to “leading the industry” and become the main force in domestic substitution.

04 Siemens
The fall of a giant
In 2001, Siemens acquired the American ultrasound giant ACUSON and established a new ACUSON ultrasound product line. The original SONOLINE series of ultrasounds gradually exited the market. Siemens deployed the Chinese market through US-China Mutual Benefit and Lanyun. US-China Mutual Benefit is its domestic mid-to-high-end color ultrasound agent. , Lanyun acts as an agent for Siemens’ X150 (2007) low-end color ultrasound.

In 2015, Siemens announced that the Siemens Healthcare division would be independent and subsequently renamed Siemens Healthineers. In 2017, Siemens Healthineers was listed on the Frankfurt Stock Exchange in Germany.

According to the Siemens Healthcare prospectus, Siemens Healthcare consists of three major businesses, namely imaging, treatment and diagnosis, of which imaging revenue accounts for the largest proportion. In 2017, imaging revenue accounted for 59%, with annual revenue reaching 8.2 billion euros, of which ultrasound accounted for . 7%, approximately 575 million euros, equivalent to US$656 million.

In the past, the G.P.S in China’s color ultrasound market, the gap between P and S was not big, but now it has become G.P…S. From a product perspective, Siemens’ color ultrasound is in the first echelon in terms of high-end technology and product line richness, but it has been declining in the Chinese market. The industry is generally quite pessimistic about the company’s prospects. Siemens’ ultrasound business in China is still in the shadow of the 2014 inventory explosion incident. At the same time, there is a lot of staff turnover, the person in charge of the ultrasound business changes frequently, and some people with no experience in the ultrasound industry are even responsible for the overall business, which leads to unprofessionalism. The fall of Siemens was both accidental and inevitable. We will all wait and see what impact the split and listing in 2017 will have on the company.

Hitachi
The pain of integration is gradually healed
Japanese brands were very popular in China in the 1990s, but have gradually declined in recent years. Japanese companies are slow in upgrading their products and basically still sell older models. Hitachi Ultrasound completed the acquisition of Aloka, an established ultrasound company, in 2011. Aloka is the launcher of the world’s first color ultrasound. Before its acquisition, it had a profound impact on the Chinese market, and its image style was very popular among Chinese doctors. After the acquisition, Hitachi was silent in the Chinese market for several years, and the good reputation and market that Aloka had accumulated in China were gradually forgotten.

It was not until 2015 that the integrated Hitachi began to recover continuously in the Chinese market, and also launched new products ARIETTA60 and ARIETTA60. User feedback was also good, and it achieved good results in the field of mid-to-high-end products. . However, in the field of medical devices, we can gradually feel that the competitiveness of Japanese companies is gradually declining, which is related to the fact that their products will fall behind if they do not advance. For many clients in China, national consciousness is also a very important decision-making factor. We believe that after the rise of Chinese brands, there will be multiple options for high-end and mid- to low-end brands, and the advantages of Japanese brands will continue to be submerged.

sonoscope
Clear positioning, distinctive features, entering the mid-to-high-end fast lane
sonoscope Medical was established in 2002, and its shares were restructured at the end of 2014. It was officially listed on the Growth Enterprise Market on April 6, 2017. The company has a 15-year development history. It was a pioneer in the field of ultrasound in China. As the company’s scale continues to rise, the company has now covered multiple medical device segments, including ultrasound, electronic endoscopy, in vitro diagnosis, and interventional diagnosis. In the future, it will continue to enrich and improve its products around the four main product lines. Its core product is still color ultrasound. In 2014, sonoscope Medical ranked among the top ten in the field of ultrasound in the world, and its brand has considerable influence internationally.

The company’s predecessor, sonoscope Limited, was established under the leadership of Mr. Yao Jinzhong. Mr. Yao Jinzhong has been engaged in the development of ultrasound instruments since the 1950s. He is a pioneer in the development of ultrasound instruments in my country. He has successfully presided over the design of dozens of ultrasound detection and diagnostic instruments, which have been widely used in China. In 1978, Mr. Yao founded the Shantou Ultrasonic Instrument Research Institute. After retiring from the Shantou Ultrasonic Instrument Research Institute in 2002, Mr. Yao Jinzhong started his second business and founded Shenzhen Kaili Technology Co., Ltd., continuing to engage in the research and development and production of color ultrasound.

Kaili Medical has accumulated a lot of experience and has been committed to the development of independent products and the reserve of high-tech in the past few years. In 2016, it launched the high-end S40 and S50 models, and its products have made a qualitative leap.

In 2004, Kaili launched the first digital color ultrasound with independent intellectual property rights in China, starting from high technology, and then launched black and white ultrasound to supplement the product line and cover more customers. From 2012 to 2017, revenue maintained a compound growth rate of 15.4% and profit maintained a growth rate of 7.9%, maintaining a relatively good growth. After launching a new high-end color ultrasound in 2016, revenue growth entered a higher stage.

With the continuous improvement of product strength and the upgrading of product structure, Kaili can continuously reduce costs in the middle and low ends by relying on scale advantages, and the high-end efforts will continue to increase the gross profit margin of products. Ultrasound gross profit margin increased from 57% in 2012 to 70% in the first half of 2018. We believe that the proportion of high-end products continues to increase, and the gross profit margin may still increase.

Kaili released ultrasound products as early as 2004, and updated them every 1-2 years. The most advanced product at present is the S50 approved last year. It is one of the cutting-edge products of domestic independent research and development manufacturers. It basically reaches the high-definition standard in image clarity and can meet more than 90% of the needs of clinical departments.

One of the key factors in the excellence of ultrasound products is the ultrasound probe. According to different clinical application scenarios, different types of ultrasound probes are required. Different ultrasound probes mainly differ in detection range, sensitivity, clarity, etc. Kaili Medical has the ability to independently develop ultrasound probes and has a variety of probes to meet the needs of various clinical departments. Among them, single-crystal probes are in a leading position in China.

Summary: Kaili is the first domestic manufacturer to launch color ultrasound products, especially it has many core technologies in the field of ultrasound probes. However, Kaili’s business development in the domestic market was relatively slow in the early days. Mindray’s success in the field of color ultrasound has set an example for the development of the industry. In recent years, the development model of Kaili is very similar to that of Mindray a few years ago: high-end hospitals set up windows, establish benchmark hospitals, sink more manpower and material resources to low-end and private enterprises to make food; with money and food, increase investment in research and development, quickly iterate products, launch higher-end color ultrasound products, and cover more blank markets. With Kaili’s current product line and R&D strength, we believe that it will continue to benefit from the dividends brought by this wave of tiered diagnosis and treatment. At the same time, with the continuous upgrading of products, it is expected to accelerate the pace of domestic substitution.

07

Yum

Specialized characteristics, distinctive features

Yum Medical Group is headquartered in Italy, with about 1,300 employees worldwide. Its main R&D and production bases are in Italy, mainly including Geneva and Florence, and it has production bases in the Netherlands and China. Core products include ultrasound medical imaging solutions and dedicated nuclear magnetic resonance imaging systems. In the field of ultrasound imaging, Yum Medical Group has mastered the core technologies of the entire industry chain, has the ability to independently develop core components, and is in an international leading position in ultrasound angiography, interventional therapy and high-frequency imaging. Yum has an international sales network covering more than 60 countries. It ranks sixth among the top ten ultrasound equipment suppliers in the world, and has the largest market share in Italy and Spain. In addition, it has a 30% market share in the specialized MRI market segment.

In the past ten years, Yum’s market share has not changed much. The sales peak was in 2015, about 290 million US dollars. The main reason is market reasons, not products. Yum focuses on the abdominal field. Its images in the abdominal field can compete with GE and Philips. It has a lot of patented technologies in ultrasound noise and interventional treatment. The market reputation is relatively good and the repeat purchase rate is very high. In addition, Yum’s color ultrasound has always been famous in the industry for its advantages in superficial small organs. The advantages of high-frequency probes and small organ examinations are very prominent. In recent years, it has also played its own set of combined punches in the field of ultrasound intervention and won market praise in the segment of interventional ultrasound. However, the operation convenience of European and American equipment is worse, resulting in a decline in the competitiveness of products, especially the rising domestic brands are more impactful to second-tier imported brands.

In 2016, Yum! Brands had revenue of 270 million euros (2.1 billion yuan), net profit of 5.2 million euros (40.57 million yuan), and a net profit margin of about 2%. The sales of Yum! Brands’ ultrasound products in China were about 400 million yuan.

At the beginning of 2018, Yunfeng Fund, founded by Jack Ma, together with Chinese companies such as Wandong, Yuyue, and Kangda, completed the acquisition of Italy’s Yum! Brands Medical Group. The impact of Yum! Brands’ ultrasound business in the Chinese market will be full of changes in the future.

08

Toshiba

Global leader, China downturn

Strictly speaking, Toshiba was renamed Canon Color Ultrasound. In 2017, Canon completed the overall acquisition of Toshiba Medical. This year, it was officially renamed Canon Medical, and Toshiba Medical became history. Toshiba Color Ultrasound ranks third in the global ultrasound market. Its products have considerable strength in both technology and images. Toshiba’s image optimization technology is indeed superior. This year, a new generation of product series i900, i800, and i700 will be launched. Relatively speaking, the product line is not rich enough, the product models are not many, and the very poor marketing service system in the Chinese market has seriously dragged down Toshiba’s performance in the Chinese market.

As mentioned above, Japanese products will face relatively large disadvantages and competitive pressures, and are expected to be the first imported brands to be replaced in the future.

09

Samsung

Backed by a big tree, focusing on the field of obstetrics and gynecology

Samsung Electronics acquired Madison, a Korean professional ultrasound company, in 2011, and officially merged Madison into Samsung Electronics in 2014. Madison was originally a company focusing on professional obstetrics and gynecology color ultrasound products. After Samsung acquired Madison, it used its strong financial strength to increase investment and continuously expand its product line. The color ultrasound product models currently covered are also relatively rich, and it has gradually begun to show considerable strength in the world.

Backed by Samsung in the Chinese market, the market investment is very large and the market activities are also frequent. However, its competitor GE, which specializes in obstetrics and gynecology color ultrasound, produces it locally. At the same time, due to the strong competitiveness of GE’s obstetrics and gynecology color ultrasound, its actual results and sales increase are not proportional to its market investment.

10

Shantou Ultrasound

Old state-owned enterprise, ready to go

Shantou Ultrasound is the origin and forefather of the domestic ultrasound industry, and its current market share ranks third among domestic companies. Shantou Ultrasound has developed from a small scientific research institution more than 40 years ago to the present. From the earliest A-ultrasound to B-ultrasound to color ultrasound, it has continuously made new initiatives and achievements in technology. In 2013, it launched the cloud ultrasound, and in 2016, it proposed the concept of intelligent color ultrasound, which has played a certain role in promoting the development of China’s ultrasound technology. However, as an old enterprise with a history of more than 40 years, its current market share is still not matched with its status and technical strength, which has a certain relationship with its corporate nature. Shantou Ultrasound has always been a state-owned enterprise in the early days. Although it was restructured into a limited liability company in 2008, state-owned shares still accounted for a certain proportion, which should be said to have brought certain constraints to the development of the enterprise.

Overall, Shantou Ultrasound is a well-established enterprise, which can be seen from the fact that it has been standing in the first camp of China’s ultrasound industry for more than 40 years.

11

Sonosite

Focus on professionalism and cultivate niche markets

In 1999, before ATL in the United States was acquired by Philips, some of its core team left the company to establish Sonosite, focusing on portable and bedside hanging ultrasound. It made its fortune by producing portable color ultrasound for the US military, and then expanded to the fields of anesthesia, emergency, critical care, and vascular in hospitals. Although the products and application areas are not mainstream, due to its focus and professionalism, Sonosite and GE have become the leaders of portable ultrasound in a few years. It currently ranks eighth in the world, accounting for more than 4%.

In China, since the application of POC ultrasound is not popular, the purchase of POC color ultrasound accounts for a small proportion of the purchase of traditional color ultrasound, so Sonosite’s performance in China is deviated from its performance in the global market. In the future, as the development of China’s POC color ultrasound market becomes more mature, Sonosite’s performance is worth looking forward to.

12

Vinno

A new domestic brand, looking forward to its launch

A domestic ultrasound brand that was newly established in 2010, the product development team has the background of GE Wuxi Factory. The speed of technology research and development and product launch is very fast. In just a few years, it has established a relatively complete product line. The products are more popular overseas, and high-frequency color ultrasound is sold well in Europe, especially in France. In addition, in some sub-segments, such as musculoskeletal (joints, tendons, shoulders and necks, etc.), Vinno’s price has exceeded GE, and portability is also one of their main products. However, its sales growth rate in the domestic market is not outstanding, and it is not eye-catching compared with the speed of its product launch. How can domestic color ultrasound speed up in the Chinese market and gradually seize more market share? Mindray and Kaili have both prescribed a good prescription. The method of surrounding the city with the countryside is more suitable for the Chinese market, but many of Vinno’s marketing personnel have work experience in high-end products of imported brands. They do not have a deep understanding of the strategy of surrounding the city with the countryside, or even if they understand it, it is difficult to truly “roll up their trousers and go down to the mud.” This may be the bottleneck that the company will face in the future.

Therefore, if Vinno can better establish a marketing team suitable for the Chinese market and sink its product line to the grassroots level, it will also have great development potential.

13

Libang

The new color ultrasound drives the shrinking black-and-white ultrasound market, seeking progress in stability

From 1995 to 2003, Libang established an ultrasound transducer laboratory to develop and produce new high-quality medical ultrasound transducers. It is one of the companies that deployed color ultrasound earlier. From 2004 to 2009, the company formed four major product lines: obstetrics, electrocardiography, monitoring, and ultrasound. In 2009, Libang’s color ultrasound revenue was mainly black-and-white ultrasound, and the ultrasound imaging product line revenue was 26.61 million yuan, accounting for 11.73% of the company’s total product sales, of which 68.83% of ultrasound imaging equipment was sold to foreign markets.

After years of development, Libang’s products have been constantly updated. The new generation of portable digital ultrasound system Acclarix AX8 and cart-type color ultrasound Acclarix LX8 were continuously promoted in 2017. Acclarix AX8 portable color ultrasound has a significant effect on the shrinking black and white ultrasound market, prompting rapid growth in performance. The product’s contemporary design has quickly established a certain reputation for Libang Instruments in the domestic ultrasound market. The product’s clinical positioning is also very clear. In addition to conventional clinical ultrasound applications, Acclarix AX8 portable color ultrasound is recognized by clinicians in the sub-segments of anesthesia and orthopedics. In 2017, the ultrasound product line achieved revenue of 93.8 million, and the gross profit margin remained basically stable.

Summary:

In addition to the main competitors listed above, there are also some small manufacturers in China that have characteristics in sub-segments, such as Shenzhen Huasheng, Xiangsheng and other manufacturers. In recent years, domestic brands have risen strongly, and the market share of imported brands at the grassroots level has been lost. The expansion of the grassroots level of hierarchical diagnosis and treatment has caused the market to sink and gradually flatten. Import companies have also begun to pay attention to the grassroots market. R&D and production bases in China have accelerated the launch of low-end and mid-end equipment, and the sales policy is relatively flexible. However, we believe that imported brands are squeezed to the high-end, and the trend of gradual substitution of mid- and high-end is irreversible. The bidding advantages, sales and market strategy flexibility, and the grasp and update of demand changes cannot be compared with domestic companies. Most of the market share has the basis and inevitability of import substitution.

This article is excerpted from “【TF Pharmaceutical】Industry Depth: Color Doppler Ultrasound Industry Non-cyclical, Long Logic of Industrial Upgrading + Demand Increase”, some of which have been modified, edited and sorted by Medical Device Home. Please indicate the source for reprinting.