In recent years, domestic enterprisesOKThe layout in the mirror field is accelerating continuously, whether it's in raw materials or product research and development. Haohai Bio-tech has acquired raw material manufacturers and developed its own products that have entered clinical trials; Aibo Medical has fully achieved self-production of materials; and Opcom Vision is also advancing the self-production of some materials.
OKWhat are the core technical barriers in the mirror industry, from materials to products, and how has domestic enterprise progress made in breaking through these barriers??asOKThe possibility of relaxing optometry fitting policies may present an expansion opportunity for domestic manufacturers. What are the advantages and challenges? With the improvement of domestic enterprises' R&D capabilities and localization service capabilities,OKWill the mirror market accelerate the arrival of the era of domestic substitution? Frost & SullivanFrost & SullivanLiu Weiqi, Executive Director of the Healthcare Team for Greater China at Frost & Sullivan (referred to as 'Frost & Sullivan'), was interviewed by Bullet Financial Perspective to discuss domesticOKThe current development status and future trends of the mirror industry.
Bullet wealth view
"Myopia12,000What is the experience like?' Recently, this topic that made it onto the hot search has sparked numerous discussions.
12,000Myopia is rare in daily life, but it resonates the most. In China, the number of myopic people exceeds6Yi, which means more than40%People with myopia are more prevalent among children, adolescents, and college students.
The data shows,2018The overall myopia rate among children and adolescents nationwide is53.6%, with the total number exceeding1Hundreds of millions. Many parents are worried—under the circumstances of increasing study pressure and frequent use of electronic products, it seems inevitable that children will develop myopia.
Under the “myopia anxiety” of parents, orthokeratology lenses (hereinafter referred to asOKAs one of the main methods for vision correction and myopia prevention and control among teenagers, glasses are favored for their ability to 'prevent and control myopia during sleep' and slow down the progression of myopia.
According to data from Zhiyan Consulting,2020Domestic in the yearOKThe market scale of the mirror segment has reached106.62yuan,2021Year-on-year growth to125.32yuan, only2012 - 2021In that year, the market scale achieved an average annual compound growth rate of24.8%.
According to data from Dongguan Securities, as early as2019year,OKThe enterprise with the highest market share in the mirror segment is OPPO Vision, accounting for approximately30.8%, and iBioMedOKMirror products are2019It was only approved for listing last year, accounting for only1%Others68.2%The shares are held by overseas enterprises.
In addition,OKThe mirror industry has90%The gross profit margin on the left and right, domestically1%The market penetration rate, coupled with the pressure on policy-level myopia prevention and control among teenagers, provides ample room for imagination for market players.
As an industry that highly relies on offline services and local doctor resources, there are currently only8Outside the home country,3Mainland manufacturer. With the continuous improvement in consumer acceptance, as well as the iteration and advancement of material and product research and development,OKWhat kind of changes are expected to occur in the mirror market? Will the era of domestic substitution arrive?
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1chaos, rectification and "liberalization"
OKA contact lens is a customized lens made of breathable, rigid corneal contact lens material. Through a special reverse geometry design, it can temporarily change the shape of the cornea, thereby achieving a temporary reduction in myopia. It can be used for the prevention and delay of myopia.
In fact,OKMirror is not a new thing in the domestic market, dating back to1998year,OKThe mirror was first introduced into China, but it soon suffered a severe setback.
Due to the lack of effective supervision in the early market, counterfeit and substandard products were rampant. Coupled with inadequate fitting and post-treatment diagnosis and treatment, many medical accidents occurred.2000In [year], multiple provinces and cities across the country experienced cases due to wearingOKThe use of contact lenses has caused cases of corneal damage, ulceration, and even near blindness, leading to a large number of lawsuits.
2001year3monthOKThe mirror made headlines on CCTV as a negative case315, by that year6In the month, the National Medical Products Administration willOKThe inclusion of intraocular lenses in the management of 'Class III medical devices' requires strict supervision in all aspects such as production, operation, and fitting. This series of measures has madeOKThe mirror once disappeared from the market.
Until now, this storm has onOKThe negative impacts of the mirror industry still persist, and even more so, “OKFalse claims such as 'mirrors are banned abroad' continue to circulate.
Looking back,2000The turmoil of that year led to the regulatory authorities facingOKThe control of mirrors is particularly strict.
2005In [year], “Mengdaiwei”, a product under Opcom Vision, was approved for listing, becoming the first domestic product to be approvedOKMirror products. Thereafter6In the year, there were no new products approved until2011In [year], centralized approval was finally passed5Overseas brandsOKmirror.
As of now, there are a total of11Enterprises include8Offshore enterprises,3Domestic enterprisesOKThe mirror product has been approved for market launch.2019Since the beginning of this year, there have been a total of3The product has been approved for market launch, and regulatory authorities have significantly accelerated the processOKApproval progress of mirror products.
In fact, the official responseOKThe positive attitude towards the mirror has also become more evident in recent years.2021year10In the month, the National Health Commission's official website released the 'Guidelines for Appropriate Technologies for Myopia Prevention and Control in Children and Adolescents (Updated Version)' along with an interpretation, clearly proposing the wearing of orthokeratology lenses (OKRelevant recommendations for slowing down myopia progression (eyeglasses).
and2022year6In [year], a document circulated within the industry titled 'Letter from the Medical Administration Bureau of the National Health Commission on Soliciting Opinions on the Clinical Application Management and Operating Specifications for Orthokeratology Lenses' abolished the requirement for orthokeratology lens fitting institutions to be 'medical institutions at or above the second level (including the second level)'.
The industry regards the relaxation of this clause asOKThe downstream sales terminal of the Mirror is signaling a 'relaxation'. So, at presentOKWhat is the specific development situation of the mirror industry in China?
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2Imported or domestic? This is a question
Ms. Fan from Beijing's son was diagnosed with myopia when he was in the third grade of primary school after a physical examination revealed abnormal vision. She then took her child to the hospital for a reexamination and was diagnosed with myopia, with each eye having a myopia degree of125degree,175degree.
"It happened to be the summer vacation, and I thought taking a break during the holidays might help my vision recover. To my surprise, just a few months later, it had risen200"It's been too much." Ms. Fan said that after school starts, she will take the child for another check-up, and her child's vision has risen to175degree,225At that moment, she deeply regretted her fluke mentality.
"Many children are now found to be nearsighted during check-ups."200multiple times,10Children around the age of 4 typically have a certain reserve of hyperopia.200For adults, the degree may not be very high, but for children of this age group, it is already quite significant. Moreover, children's eyes are still developing, and this situation can very likely lead to high myopia. "The staff at the optometry department of Peking University Third Hospital told Bullet Finance."
After the second vision check-up, Ms. Fan decided to get her child glasses right away, consideringOKThe glasses are only worn at night and do not affect daytime activities. They can also relatively effectively slow down the progression of myopia. Despite their high value, Ms. Fan chose to get them fitted without hesitation.OKmirror.
Ms. Fan hopes to have her child wear glasses immediately to avoid further progression of myopia, but the reality is not as easy as she imagines.
After comprehensive consideration and the doctor's advice, Ms. Fan chose the United StatesCRTbrandOKThe glasses, after preliminary optometry, trial fitting, and parameter confirmation, were ordered. The cost was1.28Ten thousand yuan.
ButOKLenses are custom-made, and the parameters for each lens need to be customized based on the wearer's own conditions. The customization cycle for imported brands often1 - 2Months. Just like this, it took another two months from fitting to receiving the glasses.
Liang Liang (a pseudonym), a physician at the Optometry Center of Peking University Third Hospital, commented on 'bullet wealth views' that the differences between domestic and imported brands include tear circulation, coverage of myopia degrees, etc. Overall, there is not much difference in vision correction and prevention and control effects.
However, in terms of time cycle, the customization cycle for mainland brands is about2In about a week, it is significantly superior to overseas brands. Additionally, the price difference is more pronounced.
picture/Peking University Third Hospital Optometry Center
Taking the Optometry Center of Peking University Third Hospital as an example, options are availableOKThe mirror brands basically cover the existing brands on the market, including7Large overseas brands,2Mainland brands. As can be seen from the price list, mainland brands are significantly more affordable in terms of price, about1/2.
According to Bullet Finance View, a pairOKThe general wearing period of the mirror is1From year one to one and a half years, if myopia worsens, it may be necessary to replace it earlier. Adding to this are the daily maintenance costs such as eye drops and irrigation solutions, along with the cost of wearing imported brands.OKThe annual cost of the mirror is about1.5ten thousand-2Ten thousand yuan.
If a child starts wearing it from primary school and continues to do so18years, according to10The total annual costs incurred are nearly20Ten thousand. If an inland brand is chosen, then it is10Around 10,000 yuan.
"The proportion of consumers choosing imported brands is at50%That's above. However, there are indeed more and more people choosing domestic brands now." Liang Liang said.
Currently, on RednoteOKNotes of the mirror exceed2Among them, many parents choose to give their children national brand products. Besides weighing various factors, a large portion of people do so because 'there is no other choice'.
"We only have the Dream David brand of children's hospital here, and there's no other choice," said a Guangdong consumer.
OKMagnifying glasses belong to Class III medical devices and require a high level of expertise. Consumers do not have the ability to make independent choices and mainly rely on doctor recommendations, etc. The channel advantage that covers more medical terminals has obviously becomeOKThe foundation for the rapid expansion of mirror brands.
"If you want to come from afar to see me for glasses, no matter what, I have to persuade you to go back." An ophthalmologist replied to a consultation on social media.3Monthly follow-ups and immediate consultation for any discomfort are fundamental guarantees for achieving eye health and preventing myopia.
OKThe mirror is destined to be a localized consumption product, and this feature also provides an opportunity for domestic enterprises to catch up and gain the upper hand.
"In the medium to long term, domestic manufacturers have a stronger ability to penetrate into grassroots markets compared to importers. They can also provide more timely feedback on issues arising in local optometry and ophthalmic medical institutions, which is conducive to increasing market share and achieving broader product coverage." Liu Weiqi, Executive Director of Frost & Sullivan's Greater China Healthcare Team, told Bullet Financial View.
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3, Mainland brands placing bets Channels and R&D
In fact,OKThe reason why the Mirror Circuit is occupied by overseas brands68%The market share, while mainland brands have been declining, is mainly due to the fact that for many years only one mainland enterprise has been able to provideOKMirror products and services.
2005In [year], OPPOCON Vision obtainedOKThe mirror was listed on the stock market, becoming the first mainland company to be approved for listingOKMirror manufacturing enterprise.2019In [year], the second mainland enterprise, Aibo Medical, receivedOKThe Mirror's market launch license, although it entered the market relatively late, iBioMedOKThe development momentum of mirror products has provided more room for imagination for newcomers.
According to Orient Fortunechoicedata,2020Annual revenue of iHealthCareOKmirror business revenue0.41yuan,2021Year-on-year increase to1.07Yuan, a year-on-year increase of more than160%.
and2022First half of the year, Aibo MedicalOKMirror product revenue0.76yuan, year-on-year growth rate71.7%The overall scale has reached the same level of revenue as that of established enterprise Opcom Vision.21%.
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"China has a large number of myopic teenagers, and the country has frequently introduced policies for myopia prevention and control in recent years. For domestic manufacturers, this presents an opportunity to cooperate with more medical institutions to jointly establishOKOptometry centers equipped with glasses, while strengthening the fitting capabilities of local ophthalmic medical institutions to address the current shortage of optometric healthcare resourcesOKThe gap in spectacle fitting.” Liu Weiqi said.
picture/ Photography Network
Whether it is the encouragement of development at the policy level or domesticallyOKThe revenue of Mirror Enterprises has been increasing year by year, which can be seen to a certain extentOKThe Mirror Circuit already shows signs of 'domestic substitution', and objectively speaking, domestic productsOKThe mirror is also beneficial to teenagers in more regions in terms of price and after-sales service.
Currently, OPPOCON Vision is also paying attention to opportunities in the underserved market and stated in its financial report: 'The company is a local enterprise with all R&D and production processes carried out domestically. It is less affected by import and export tariffs, policies, transportation, etc., and has a clear advantage in product delivery times and complete model specifications, which can meet the needs of different surgeons and patients.'
According to Bullet Finance's observation, in addition to relying on traditional channels such as public hospital optometry centers, OPPOCON has also been enhancing its service capabilities and penetration by expanding its own service terminals.2022In the first half of the year, OPPOCON Vision has established a total of more than1500Home, and continues to invest in and hold shares in related service terminals,2022Consolidated subsidiaries in the first half of the year319The home, with the vast majority being service terminals such as ophthalmic clinics.
In addition to expanding into sinking channels, the upstream raw materials and product R&D fields are also in the MainlandOKThe mirror enterprise is seeking an important direction for breakthrough.
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"OKThe main R&D barriers for lenses are concentrated in materials, optical design, and processing technology. Among them, materials directly determine the comfort and safety of wearing, with higher oxygen permeability leading to a lower likelihood of conjunctival congestion; optical design directly determines imaging clarity, with greater defocus resulting in better myopia control; processing technology directly affects the product's yield rate and toughness, with stronger toughness making the product less prone to damage. "Liu Weiqi told Bullet Finance."
Although currently on the marketOKMirror products exceeded10Variety, but in terms of raw materials, it can be said to be largely the same. CurrentlyOKThere are mainly three types of raw materials for mirrors, namely: American Dralonbostonseries,PARAGONofParagonMaterials and the UKContamaclens
In addition to JingshiC&E) andCRTuseParagonMaterials, adopted by iBeo MedicalContamacExcept for materials, the rest are used by other manufacturersbostonMaterials, the performance of which can meet the requirements for the production of orthokeratology lenses.
2017In [year], Haohai Biosciences acquired it through a purchaseContamaccompany70%Equity2021Year-on-year increase to79%In fact, Haohai Biosciences is about to launch, and it is currently in the application for registration phaseOKMirror products are based onContamacmaterials.
In addition, Haohai Biosciences is also2021In the year, it acquired Hengtai Optical'sOKMirror product “MairkangmyOK" ” "HengtaiHilineExclusive distribution rights in the Chinese mainland region.
Once the self-developed product is approved for market launch, Haohai Bio-Tech will become the first company on the Chinese mainland to integrate raw materials, agency, and production.OKMirror manufacturers, which will inevitably bringOKChanges in the competitive landscape of the mirror industry.
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"In recent years, domesticOKLeading mirror enterprises have all made new product layouts, and newly entering manufacturers are also optimizing and improving their technical paths and product structures. Driven by various favorable policies for research and development and myopia prevention and control,OKThe spectacle fitting process has become more convenient and efficient, along with the launch of more domestic iteration products. In the next few years, revenue from domestic brands will continue to grow at a high rate and occupy a larger market share." Liu Weiqi said.
OKThe change in the market landscape is already a high-probability event. However, security remains the most important 'red line'. Having gone through a severe setbackOKThe mirror industry, which cost nearly10It can only recover again in a year, and domestic productsOKCan mirrors truly achieve 'good quality at affordable prices'? This remains to be seen with further observation.
*This article is reprinted from Bullet Financial View Author: Hu Fangjie Original title: OKMirror Group products compete with imported ones, including OPPOKANG Vision and Aibo Medical.OKHmm? ">
