Founder Securities released a research report stating that at the industry level, attention should be paid to continuous improvements in payment systems, including the inclusion of orthopedic robots in regional medical insurance catalogs and the implementation of detailed rules, as well as procurement models such as leasing or bundled "equipment + service" packages. These measures aim to reduce hospitals' high upfront equipment costs and shorten procurement cycles, benefiting equipment adoption and clinical application expansion.
At the company level, the focus should be on R&D or mergers and acquisitions to achieve business expansion and upgrades, particularly in perfecting the "equipment + consumables/prosthetics + service" ecosystem. This is expected to drive diversified revenue growth and enhance comprehensive market competitiveness. Founder Securities' key insights are as follows:
**Orthopedic Robots Address Core Surgical Pain Points; Payment Improvements to Drive Higher Penetration** Surgical robots, leveraging preoperative personalized planning, precise navigation, and flexible yet stable robotic arm support systems, now cover joint, spine, and trauma procedures. They significantly improve implant accuracy, mitigate subjective errors by surgeons, and optimize surgical outcomes to accelerate patient recovery.
Despite growing orthopedic surgery demand due to aging populations, China's robotic penetration remains below 1%, far behind the U.S., constrained by hospital budget limitations, cumbersome procurement models, and unclear payment mechanisms. Currently, 23 provinces have included orthopedic robot fees in pricing catalogs, ranging from ¥8,000 to ¥40,000, with relatively low patient copays. Nationwide payment reforms are expected to accelerate adoption. Additionally, the rise of outpatient surgery in mature markets like Europe and the U.S. reduces costs and hospital stays while expanding robotic applications.
**Domestic Robots Rival Imports; "Equipment + Consumables + Service" Closed-Loop Ecosystem Critical for Profitability and Global Expansion** Domestic robots have matched or surpassed imports in core areas like control systems, navigation, and robotic arms. Industry leader Tinavi’s TiRobot, based on proprietary 3D imaging registration and biomechanical modeling algorithms, achieves sub-millimeter precision—leading globally—especially for complex spine and pelvic surgeries requiring extreme accuracy.
However, under China’s bulk procurement for orthopedic consumables, most local robot manufacturers adopt open systems to accommodate multi-brand prosthetics in hospitals, relying primarily on equipment sales and robotic consumables/services rather than high-frequency prosthetic revenue. Recently, domestic consumables firms have aggressively entered the robotic platform space to build closed-loop ecosystems, driving notable earnings recovery. This validates the profitability and sustainability of the "equipment + consumables + service" model. For equipment-centric firms, integrating prosthetics is essential—not only to address third-party prosthetic compatibility gaps but also to diversify revenue streams and strengthen customer loyalty. Moreover, systemic requirements like the FDA’s for "robot + prosthetic" integration make this a prerequisite for entering欧美 markets.
**Global Trends: Smart and Diversified Upgrades Accelerate** Companies are intensifying R&D in intelligent, multi-indication robotic products, alongside complementary consumables and 3D-printed customized solutions. Global leaders are upgrading existing portfolios while expanding full orthopedic product lines and AI capabilities through acquisitions to reinforce competitiveness.
**Risks:** Potential delays in product development/commercialization, intensifying competition, policy changes, and clinical incidents.
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