The Zhitong Finance App learned that Guolian Securities released a research report stating that healthcare is one of the important fields for large-scale application of artificial intelligence technology (AI). At present, artificial intelligence technology has achieved full penetration in various fields such as adjuvant screening and diagnosis of diseases, clinical treatment support decision-making, drug research and development, and medical informatization. The application scenarios are very wide, touching the entire pharmaceutical industry chain from drug development and manufacturing to hospital-side diagnosis and treatment. In the future, AI medical applications will focus more on the practical side, including AI medical imaging, assisted diagnosis, AI pharmaceuticals, etc., and focus on companies with leading technical layout and strong commercialization capabilities.

The views of Guolian Securities are as follows:

Medical AI penetrates every link in the healthcare industry chain

Healthcare is one of the important fields of large-scale application of artificial intelligence technology (AI). At present, artificial intelligence technology has achieved full penetration in various aspects such as adjuvant screening and diagnosis of diseases, clinical treatment support decision-making, drug research and development, and medical informatization. It has a wide range of application scenarios, touching the entire pharmaceutical industry chain from drug development and manufacturing to hospital-side diagnosis and treatment. It is expected to improve the work efficiency of medical institutions and pharmaceutical companies and enhance patients' experience and satisfaction in seeking medical treatment.

The domestic medical AI market is large, and application scenarios need to be improved

According to Arterial Network data, China's AI medical market size is about 6.6 billion yuan in 2020. The CAGR is expected to be 39.4% in 2020-2025, growing to 34.9 billion yuan by 2025. Judging from the distribution of downstream demand in the domestic AI medical industry, AI medicine is currently widely used on the auxiliary side and data side. Among them, clinical decision support systems (CDSS) account for nearly 30%, and the technology is relatively mature. By integrating clinical knowledge, patient data, and best practices, it effectively improves diagnosis accuracy and medical quality. Future AI medical applications will focus more on the practical side, including AI medical imaging, assisted diagnosis, AI pharmaceuticals, etc.

AI imaging and AI pharmaceuticals ushered in rapid development

AI imaging: It is mature in adjuvant diagnosis fields such as pulmonary nodules, and it is expected that coverage will continue to expand in the future, including ophthalmology, ultrasound, pathology, dermatology, electroencephalography, etc. As market demand continues to grow and product supervision and approval efficiency improves, China's AI medical imaging market is expected to reach 92.3 billion yuan in 2030. AI pharmaceuticals: Artificial intelligence drug discovery (AIDD) enables the design of drug candidate molecules from scratch. Through deep learning, molecular optimization, screening, prediction, analysis, etc. can be realized, thereby reducing costs, shortening time, and improving success rates in drug development, which is expected to revolutionize traditional drug development models.

Investment advice: focus on companies with leading technology layout and strong commercialization capabilities

AI imaging and diagnostic recommendations focus on companies with strong commercialization capabilities and software services that can be sold with hardware devices, such as Mindray Healthcare (300760.SZ), Lianying Healthcare (688271.SH), and Jinyu Medical (603882.SH). AI Pharmaceuticals suggests focusing on companies with rich pipelines, rapid R&D progress, and close cooperation with pharmaceutical companies, such as Pharmaceutical Kangde (603259.SH). CDSS focuses on companies with their own language models, a good foundation for hospital-side cooperation, and abundant medical record information resources.

Risk warning: Technology upgrades and iterations fall short of expectations; commercialization progress falls short of expectations; industry competition increases risks.