中国血液透析行业分析报告 目 录 1. 血透市场将迎来大爆发 ........................................................................................................................................................... 3 1.1 终末期肾脏病患病人数持续上升 ..................................................................................................................................... 3 1.2 国内血液透析将成主流 ..................................................................................................................................................... 4 1.3 全球透析患者概况 ............................................................................................................................................................. 5 1.4 国内透析患者治疗率低下 ................................................................................................................................................. 6 1.4.1 血透患者透析费用高昂 .............................................................................................................................................. 6 1.4.2 国内透析中心数量较少 .............................................................................................................................................. 7

1.5 血透市场迎政策春风 ......................................................................................................................................................... 7 1.5.1大病医保政策出台彻底激活市场需求 ....................................................................................................................... 7 1.5.2透析中心牌照逐步放开弥补供给缺口 ....................................................................................................................... 8

1.6 血液透析迎来千亿大蓝海 ................................................................................................................................................. 8

2. 血透产业链分析 ....................................................................................................................................................................... 9 2.1 透析机 ............................................................................................................................................................................... 10 2.2 透析器 ............................................................................................................................................................................... 14 2.3 透析粉液 ........................................................................................................................................................................... 16 2.4 血液透析服务之独立透析中心 ....................................................................................................................................... 17 DaVita-全球血透服务龙头 ................................................................................................................................................. 18 2.5 透析药品 ........................................................................................................................................................................... 20 2.5.1 抗贫血药 ................................................................................................................................................................... 20 2.5.2 抗凝药 ....................................................................................................................................................................... 20

3. 国内A股重点公司推荐 ........................................................................................................................................................ 21 3.1 宝莱特 ............................................................................................................................................................................... 21 3.2 常山药业 ........................................................................................................................................................................... 23 3.3 新华医疗 ........................................................................................................................................................................... 24 3.4 蓝帆医疗 ........................................................................................................................................................................... 25 4. 风险提示 ................................................................................................................................................................................. 26