在冠脉与外周血管介入器械全球竞争格局中，血管钙化病变处理是核心细分赛道，细分旋磨RA、准分子激光ELCA、血管内冲击波IVL三大技术路线，各路线病变适配能力、技术门槛、国内外厂商布局差异显著。旋磨赛道发展成熟，波士顿科学、雅培外资龙头先发优势突出，微创医疗国产旋磨设备完成技术对标，逐步实现国产替代；准分子激光赛道属于小众补充方案，飞利浦产品长期独占市场；IVL为行业蓝海赛道，海外Shockwave占据主导，汇医疗 C-Wave作为国内首款同时覆盖冠脉、外周双适应症的冲击波系统，形成本土化独家技术优势。
以波士顿科学、雅培、飞利浦组成海外巨头阵营与汇禾、赛禾为代表的国产创新梯队，依托各自路线专属核心技术、完整产品管线、完备临床循证数据、本地化医疗服务构建差异化竞争力，共同推动血管病变改性器械行业持续技术迭代。
展望未来，旋磨、激光赛道市场竞争将趋于常态化，IVL赛道将成为行业核心增长极，汇禾医疗为代表的国产原创设备将打开全新增长空间。海外龙头成熟商业化体系、国内企业本土化创新路径互为行业发展范本，双向借鉴能够推动冠脉及外周血管介入产业均衡发展，助力行业实现长期可持续扩容。
In the global competitive landscape of coronary and peripheral vascular interventional devices, the management of vascular calcified lesions constitutes the core sub-track, which is divided into three major technical routes: Rotational Atherectomy (RA), Excimer Laser Coronary Angioplasty (ELCA), and Intravascular Lithotripsy (IVL). These routes differ markedly in lesion adaptability, technical barriers, and layout strategies of domestic and overseas manufacturers. The RA track is technically mature, with overseas leaders Boston Scientific and Abbott enjoying prominent first-mover advantages, while domestic rotational devices developed by MicroPort have achieved technical parity and are gradually realizing import substitution. The ELCA track serves as a niche supplementary solution, with Philips maintaining long-term market monopoly. IVL represents the blue ocean track of the industry. Though overseas brand Shockwave holds a dominant position, HuiHe Medical’s C-Wave system, China’s first lithotripsy system approved for both coronary and peripheral vascular indications, boasts exclusive localized technical strengths.
Overseas giants including Boston Scientific, Abbott and Philips, as well as the domestic innovation echelon represented by HuiHe Medical and Saihe Medical, have built differentiated competitiveness through route-specific core technologies, comprehensive product pipelines, complete clinical evidence databases and localized medical services, collectively driving continuous technological iteration in the field of vascular lesion modification devices.
Looking ahead, competition in the RA and ELCA markets will enter a normalized stage, whereas the IVL track will emerge as the core growth engine of the industry. Original domestic devices exemplified by HuiHe Medical will unlock brand-new growth potential. The mature commercial operation systems of global giants and the localized innovation paths of Chinese manufacturers serve as mutual industry benchmarks. Mutual reference between the two parties can foster balanced development of the coronary and peripheral vascular intervention industry and support its long-term sustainable expansion.
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沙利文 荆婧
E-mail: jing.jing@frostchina.com
