Beijing Eagle Eye Technology Development Co., Ltd. (hereinafter referred to as 'Eagle Eye Technology') successfully went public on November 5, 2021, issuing a total of 2,226,720 H shares globally. Of these, 90% were international offerings, 10% were public offerings, and an additional 15% were underwriters' rights issues. The issue price was HK$75.1 per share, raising approximately HK$1.8 billion at most.
During the Hong Kong listing process, Frost & Sullivan mainly undertook the following tasks: helping the company accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the company's competitive advantages, assisting the company, investment banks, and other intermediaries in completing the relevant parts of the prospectus (such as industry overview, development trends, competitive landscape and company strengths, company business, and other important sections), facilitating communication with the Hong Kong Stock Exchange and investors, helping investors quickly understand the market ecosystem and competitive landscape, and assisting the company in completing feedback on various industry-related issues from the Hong Kong Stock Exchange.
Overview of China's Artificial Intelligence Medical Imaging Market
The advancement of artificial intelligence technology, especially deep learning technology, has promoted the commercial implementation of AI in the healthcare industry. Compared with traditional medical imaging, AI-based medical imaging can provide non-invasive, accurate, fast, effective, and scalable solutions for detecting, diagnosing, and evaluating disease risks, meeting various medical needs of a wider population.
According to a Frost & Sullivan report, the market size of artificial intelligence (AI)-enabled medical imaging in China is expected to grow from 300 million yuan in 2020 to 923 billion yuan by 2030, with an annual compound growth rate of 76.7%. Currently, AI-enabled medical imaging is mainly used in medical institutions to assist doctors in monitoring and diagnosing related diseases. In 2020, the application of AI-enabled medical imaging in medical institutions accounted for about 86% of the total applications.
Compared with healthcare institutions, the big healthcare scenario has greater development potential. According to a Frost & Sullivan report, the market scale of artificial intelligence medical imaging in the big healthcare scenario is expected to grow at a faster compound annual rate of 102.7%.
Market scale of artificial intelligence medical imaging in China (medical institutions)
Projections for 2019 to 2030
Source: Frost & Sullivan report
Market scale of artificial intelligence medical imaging in China (big health sector)
Projections for 2019 to 2030
Source: Frost & Sullivan report
Overview of China's Artificial Intelligence Retinal Imaging Market
The retina is the photosensitive layer at the back of the eye, triggering nerve impulses that are transmitted to the brain via the optic nerve. The retina is the only part of the human body where blood vessels and nerve cells can be directly observed non-invasively. Changes in blood vessels and nerve cells can serve as indicators for various chronic diseases. Therefore, retinal imaging is used to directly observe and analyze blood vessels and nerve cells to detect, diagnose, and assess the risk of chronic diseases, including eye diseases such as diabetic retinopathy, pathological myopia, retinal vein occlusion, glaucoma, and AMD, as well as other chronic diseases such as hypertension, diabetes, ICDV, Parkinson's disease, and anemia.
Retinal imaging based on artificial intelligence technology has developed on the basis of deep learning algorithms. This technology analyzes retinal images and classifies them according to diseases and lesions. Early detection of retinal diseases is difficult and mainly relies on the manual diagnosis of doctors. With the help of high-precision retinal imaging and analysis based on artificial intelligence technology, it now has the ability to detect subtle changes caused by retinal lesions.
According to a Frost & Sullivan report, the market size of China's retinal imaging industry based on artificial intelligence technology is expected to grow rapidly from 760 million yuan in 2020 to 34 billion yuan in 2030.
China's retinal imaging market based on artificial intelligence technology
Market scale by application scenario
Projections for 2019 to 2030
Source: Frost & Sullivan report
The potential of China's artificial intelligence retinal imaging market
(Divided by disease type)
Chronic diseases, including diabetes and cardiovascular diseases, have now become a common cause of death among people over the age of 60. AI-based retinal imaging can effectively detect the signs of chronic diseases such as diabetes, hypertension, and cardiovascular and cerebrovascular diseases on the retina, thereby helping doctors conduct early screenings and treat related potential diseases.
Chinese Artificial Intelligence Retinal Imaging
Market potential in the field of endocrine diseases
Diabetic retinopathy is one of the serious complications of diabetes, caused by high blood sugar levels that damage the retina. According to a Frost & Sullivan report, the number of diabetic retinopathy patients in China reached 32.5 million in 2020 and is expected to reach 50.6 million by 2030. Since the complication is usually asymptomatic in its early stages, many patients are unaware of their condition. Approximately 90% of diabetic retinopathy cases in China are not diagnosed, with a screening rate of less than 10%.
Chinese Artificial Intelligence Retinal Imaging
Market potential in the field of cardiovascular and cerebrovascular diseases
Retinal vein occlusion is an eye disease that can lead to partial or total vision loss, caused by blockage of the main vein draining blood from the retina or a small branch of this vein. Retinal vein occlusion may be asymptomatic, especially in its early stages. According to a Frost & Sullivan report, the number of patients with retinal vein occlusion in China reached 6.7 million in 2020 and is expected to reach 9.5 million by 2030. The market size for retinal vein occlusion detection and diagnosis in China is expected to reach 421 million yuan by 2030.
China's retinal vein occlusion detection and diagnosis market size
Forecast for 2020 to 2030
Source: Frost & Sullivan report
Chinese Artificial Intelligence Retinal Imaging
Market potential in the field of ophthalmic diseases
According to a Frost & Sullivan report, the number of pathological myopia patients in China approached 22.6 million in 2020. With the continuous rise in the incidence of pathological myopia, the early detection market has developed rapidly. According to the Frost & Sullivan report, the market size of the pathological myopia detection and diagnosis market in China reached 1.48 billion yuan in 2020, with a compound annual growth rate of 3.7% from 2020 to 2030.
The market scale of detection and diagnosis of pathological myopia in China
Forecast for 2020 to 2030
Source: Frost & Sullivan report
Age-related macular degeneration (AMD) is one of the most common eye diseases, leading to permanent visual impairment and mainly occurring in people over the age of 50. If not treated in time, AMD can lead to blindness and severely affect the patient's quality of life. The number of patients with age-related macular degeneration in China reached 26.4 million in 2020 and is expected to reach 52.3 million by 2030. The market for the detection and diagnosis of age-related macular degeneration is expected to reach 2 billion RMB by 2030.
China's market scale for age-related macular degeneration detection and diagnosis
Forecast for 2020 to 2030
Source: Frost & Sullivan report
Artificial intelligence-based in ChinaCompetitive landscape of the retinal imaging market
According to a Frost & Sullivan report, in the global AI-based retinal imaging market, there are mainly two types of companies competing in the market: professional AI healthcare companies and large internet technology companies. Among them, IDx-DR and EyeArt from the United States are the only two products approved by the FDA for AI-assisted diagnosis of diabetic retinopathy. In China, Eagle Eye Technology was the first to obtain an NMPA Class III certificate, followed by Silicon-based Bionics and Zhiyuan Huitu, which have subsequently obtained the same certificate.
Global in 2020
Based on artificial intelligenceMarket competition pattern in the retinal imaging industry
Source: Frost & Sullivan report
The key differentiator of Eagle Eye Technology from its competitors lies in its artificial intelligence retinal image recognition technology platform. In the future, the company will also continuously enhance its R&D capabilities and achieve technological breakthroughs based on existing deep learning algorithms, databases, and engineering infrastructure, aiming to become a pioneer in providing early detection, diagnosis, and health risk assessment solutions for artificial intelligence retinal image recognition globally.
Frost & Sullivan integrates 60 years of global consulting experience and has been serving the booming Chinese market with dedication for 23 years. With a global perspective, we demonstrate how clients accelerate their corporate growth and achieve benchmark positions in industry growth, innovation, and leadership. The health industry is one of Frost & Sullivan's core research areas. Over the past sixteen years, the Frost & Sullivan healthcare team has provided financing and financial advisory services, IPO industry advice, strategic consulting, and management consulting to hundreds of outstanding domestic and international biopharmaceuticals, medical devices, healthcare services, and internet healthcare companies. Successful listings include: MicroPort Robotics (2252.HK), Huiyuan Kaiman (2256.HK), Kunbo Medical (2216.HK), Xianruida (6669.HK), Kangsheng Global (9960.HK), Yimaitong (2192.HK), Tengsheng Bo Yao (2137.HK), Canopy (2162.HK), Chaoyu Ophthalmology (2219.HK), Guichuang Tongqiao (2190.HK), Huihuang Medicine (0013.HK), Koi Pharmaceutical (2171.HK), Zhaoke Ophthalmology (6622.HK), Nature Medicine (UPC.NASDAQ), Sain Bio (6600.HK), Zhaoyan New Drugs (6127.HK), Novogene Health (6606.HK), Tianyan Pharmaceutical (ADAG.NASDAQ), Beikang Medical (2170.HK), Jianbimiao Miao Miao (2161.HK), MicroPort Heart Link (2160.HK), Rui Li Medical Beauty (2135.HK), Jiake Pharmaceutical (1167.HK), HepoB Pharma (2142.HK), JD Health (6618.HK), Deqi Pharma (6996.HK), Rongchang Biotech (9995.HK), WuXi AppTec (2126.HK), SonoPharm (2096.HK), Yunding New Energy (1952.HK), Jiahe Biotech (6998.HK), Zai Ding Pharma (9688.HK), Ocular Biotech (1477.HK), Yongtai Biotech (6978.HK), Haipu Pharmaceutical (9989.HK), Kepeng Pharma (9939.HK), Peijia Medical (9996.HK), Kangfang Biotech (9926.HK), Nuo Cheng Jian Hua (9969.HK), Tianjing Biotech (IMAB.NASDAQ), Kanglong Chemical (3759.HK), China Antibody (3681.HK), Dongyao Pharmaceutical (1875.HK), Yasheng Medicine (6855.HK), Fuhong Hanlin (2696.HK), Hansoh Pharmaceutical (3692.HK), Mabtech Pharma (2181.HK), Fangda Holdings (1521.HK), Via Biotech (1873.HK), CStone Pharma (2616.HK), Junshi Biosciences (1877.HK), WuXi AppTec (2359.HK), Innovent Biologics (1801.HK), Hailun Medicine (2552.HK), BeiGene (6160.HK), Gilead Sciences (1672.HK), WuXi AppTec (2269.HK), China Resources Pharmaceutical (3320.HK), Jacobus Busschering Scientific & Pharmaceutical (2633.HK), Huihuang China Medicine (HCM.NASDAQ), Biotechnology (1548.HK), BBI Life Sciences (1035.HK), etc. In terms of the number of listed projects, the Frost & Sullivan healthcare team maintains an absolute leading position in Hong Kong's healthcare IPO market, continuously occupying more than 90% of the market share from 2018 to 2020.
Since the listing of the first batch of companies on the Sci-tech Innovation Board in July 2019, Frost & Sullivan reports have been widely cited in the prospectuses of leading Sci-tech Innovation Board-listed companies in the industry, including: Chengda Biology (688739.SH), Huaxi Biology (688363.SH), Junshi Biology (688180.SH), Zhejiang GeneTech (688266.SH), Bio-Ontech (688177.SH), and Shenzhou Cells (688520.SH). They are considered the most powerful, professional, and influential industry research institutions in the sector. We hope to work with enterprises to understand industry trends, seize development opportunities, jointly promote innovation and upgrading of China's healthcare industry, and build a healthy future.
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