2009-2010年中国医院行业发展与投资研究报告 >> 水清木华研究中心

　　近年来，在社会需求和政府持续投入影响下，中国医院行业高速发展。2005至2009年期间，中国医院行业收入从4238亿元增长至8595亿元，复合年增长率高达19.3%。其中，非公立医院在国家不断出台“鼓励医院投资主体多元化、投资方式多元化”等相关政策带动下，发展尤其迅猛。2005年至2009年期间，非公立医院大幅增加，由3220所增加至6240所，复合年增长率高达18.0%；而同期公立医院一直在减少。截至2009年底，中国非公立医院数量占比已达30.8%。

图：2005-2009年中国公立与非公立医院数量及增长率(单位：所)

来源：卫生部，水清木华研究中心

　　2010年12月3日国家出台的《关于进一步鼓励和引导社会资本举办医疗机构的意见》进一步明确了中国政府开放医院行业的态度。《意见》中关于不断放松非公立医院医保定点审批，首次允许设立外资独资医院试点等新政为中国非公立医院提供了更为公平的竞争环境。未来，中国医院行业公立、民营、外资三足鼎立的市场格局不可避免，其中民营和外资医院发展前景更佳。

　　1. 民营医院。民营医院主要业务集中于专科医院和区域型医疗集团，市场集中度较低。虽然面对高税赋、少人才、缺政策的发展瓶颈，但是依托中国医疗市场需求不断增长，近年来自身发展迅速。

　　以爱尔眼科为例，公司目前已经获得医保资格，并通过其特色的三级连锁经营模式，在全国快速拓展业务。2009年，公司总收入6.06亿元，比2008年增长38.1%，毛利率57.1%；眼科医疗服务收入4.47亿元，占总收入的73.8%，其中眼科准分子手术和白内障手术分别占医疗服务收入的44.1%和24.4%。

　　2. 外资医院。外资医院资金实力雄厚，具有良好的管理和品牌优势，近年来在针对外籍人士的高端医疗服务领域发展良好。但外籍人士市场较为有限，随着中国经济的发展，外资医院正向中国中高阶层家庭渗透。

　　以目前中国发展最好的外资医院美中互利和睦家医院为例，其成功经验在于对中国文化、政策有深入的了解，定位中高端医疗服务市场，实现本土化和差异化竞争策略。2009年，和睦家医院营业收入为8578万美元，比2009年同比增长8.1%；毛利1931万美元，毛利率为22.5%，比2008年提高7个百分点。而从就诊人员结构看，1998年和睦家开办之初主要是在华外籍和港澳台人士来就诊，大陆病人不到1/10；到2008年，就诊的中国大陆病人已经超过同期就诊人数的50%。

　　《2009-2010年中国医院行业发展与投资研究报告》立足于中国医院行业的整体发展现状和政策环境，在重点研究中国民营、外资医院的总体状况和发展趋势，以及12家典型民营医院（北京凤凰医院集团、深圳博爱医院集团、爱尔眼科、通策口腔医疗、泰和诚医疗等）和3家典型外资医院（和睦家医院、百汇医疗、长庚医院）的经营状况和发展策略的同时，还着重分析了中国医院行业的投资情况和主要风险。

Under the influence of social demand and continuous government investment, China’s hospital industry has experienced rapid development in recent years, and increased its revenue from RMB423.8 billion in 2005 to RMB859.5 billion in 2009 at a CAGR of 19.3%. Especially, China has issued policies to encourage diversified hospital investors and investment approaches, which has promoted the development of non-state-owned hospitals greatly. From 2005 to 2009, the number of non-state-owned hospitals increased substantially from 3,220 to 6,240 at a CAGR of 18.0%, while the number of state-owned hospitals had been declining. As of the end of 2009, non-state-owned hospitals had accounted for 30.8% of the total number of hospitals in China.

Number and Growth Rate of State-owned and Non-state-owned Hospitals in China, 2005-2009

Source: ResearchInChina; Ministry of Health of PRC

On December 3, 2010, China issued Opinions on Further Encouraging and Guiding Investment of Social Capital in Medical Institutions to further clarify the attitude of Chinese government toward opening up the hospital industry. The Opinions provides a fairer environment for non-state-owned hospitals by loosening the approval of medicare-designated non-state-owned hospitals and for the first time allowing the establishment of foreign-owned hospitals, and so on. In the future, it will be inevitable that state-owned hospitals, private hospitals and foreign hospitals will bolster China’s hospital industry, and particularly, private and foreign hospitals will have better prospects.

1. Private hospitals. Private hospitals are mostly specialized hospitals and regional medical groups, with low market concentration. Although private hospitals are confronted with the development bottleneck of high tax rate, lack of professionals and policy support, they have been developing rapidly since Chinese medical market demand has kept increasing in recent years.

Take Aier Eye Hospital Group as an example. As a Medicare-designated hospital, it has expanded its business quickly in China through its unique three-level chain business model. In 2009, its total income valued RMB606 million, up 38.1% year on year, and its gross profit margin was 57.1%; eye care services reaped RMB447 million, accounting for 73.8% of the total revenue. Specially, excimer laser eye surgery and cataract surgery contributed 44.1% and 24.4% to the total medical service revenue respectively.

2. Foreign hospitals. Foreign hospitals have powerful financial strength, with good management and brand advantage. In recent years, they have developed well in the field of high-end medical services for foreigners in China. However, the foreigner-oriented market potential is limited, therefore, with China's economic development, foreign hospitals are penetrating into medium and high-class families in China.

Among foreign hospitals, CHINDEX United Family Hospital and Clinics is the most successful in China. Its success lies in its profound understanding of Chinese culture and policies. It targets at medium and high-end medical service market, and implement localization and differentiation strategies. In 2009, its operating income was USD85.78 million, up 8.1% year on year; its gross profit valued USD19.31 million with a gross profit margin of 22.5%, an increase of seven percentage points compared with 2008. In 1998, most of its patients were foreigners and people from Hong Kong, Macao and Taiwan, and mainland Chinese patients accounted for less than 1/10; by 2008, mainland Chinese patients had accounted for more than 50%.

Based on the overall development and policy environment of China’s hospital industry, this report analyzes the overall situation and development trend of private and foreign hospitals in China, the operation and development strategies of 12 typical private hospitals (including Beijing Phoenix Hospital Group, Shenzhen BOAI Hospital Group, Aier Eye Hospital Group, Topchoice Dental Medical, and Concord Medical Services) and three typical foreign hospitals (United Family Hospital, Parkway Group Healthcare, and Chang Gung Memorial Hospital), as well as the investment and main risks in China’s hospital industry.

第一章中国医院行业概述
1.1 定义及分类
1.2 产业链
1.3 医院行业发展概况
1.4 医院行业地域发展情况

第二章中国医院行业市场概况
2.1 美国医院行业市场概况
2.1.1 美国医疗费用支出持续增长
2.1.2 美国医疗行业市场需求将长期保持
2.1.3 美国医院经营和收入情况
2.2 中国医院行业市场情况
2.2.1 中国医疗费用支出高速增长
2.2.2 中国政府将持续加大投入
2.2.3人口老龄化趋势是医疗市场的增长动力
2.2.4 医院行业收入快速增长，以药养医结构特点明显
2.2.5医院行业市场供需矛盾突出
2.2.6 公立医院为主的竞争格局明显

第三章中国医院行业政策分析
3.1 新医改激发医院行业市场需求
3.2 多项政策鼓励社会资本进入医院行业

第四章中国民营医院发展情况
4.1 中国民营医院发展现状
4.2 中国民营医院发展瓶颈
4.2.1 中国民营医院税负偏高
4.2.2 中国民营医院难享平等政策
4.2.3 中国民营医院缺乏医务人才
4.3 中国民营医院迎来发展机遇
4.4 中国民营医院发展方向
4.5民营医院集团
4.5.1 北京凤凰医院管理集团
4.5.2 深圳博爱医疗集团
4.5.3 广州仁爱医院集团
4.6民营医疗健康管理行业
4.6.1 慈铭体检
4.6.2 爱康国宾

第五章中国民营专科医院发展情况
5.1 中国专科医院高速发展
5.2中国专科医院经营状况
5.3 眼科医院
5.3.1 眼科医院概况
5.3.2爱尔眼科
5.4 口腔医院
5.4.1 口腔医院概况
5.4.2通策医疗
5.4.3瑞尔齿科
5.5整形外科和美容医院
5.5.1 整形外科和美容医院概况
5.5.2伊美尔美容专科医院
5.6 妇产医院
5.6.1 妇产医院概况
5.6.2北京博生医疗集团
5.7 儿童医院
5.7.1 儿童医院概况
5.7.2北京新世纪儿童医院
5.8 肿瘤医院
5.8.1 肿瘤医院概况
5.8.2泰和城医疗

第六章中国外资医院发展情况
6.1 中国外资医院经营现状
6.2 中国外资医院经营方式
6.3 外资医院发展方向
6.4 美中互利和睦家医院
6.5 新加坡百汇医疗
6.6 厦门长庚医院

第七章中国医院行业投资分析
7.1 投资规模和轮次
7.2 投资地区
7.3 投资案例
7.3.1 软银中国等投资迪安检验
7.3.2 天图创投等投资慈铭体检
7.3.3 启明创投等投资瑞尔齿科
7.4 中国医院行业IPO情况

第八章中国医院行业投资风险分析
8.1 政策和监管风险
8.2 医疗事故诉讼、赔偿风险
8.3 社会认知风险

1. Overview of China Hospital Industry
1.1 Definition and Classification
1.2 Industry Chain
1.3 Development Overview
1.4 Regional Development

2. Overview of Chinese Hospital Market
2.1 American Hospital Market
2.1.1 Growing Medical Expenses
2.1.2 Strong Market Demand
2.1.3 Hospital Management and Revenue
2.2 Chinese Hospital Market
2.2.1 Fast-growing Medical Expenses
2.2.2 Increasing Government Investment
2.2.3 Market Growth Driven by an Aging Population
2.2.4 Rapid Income Growth Supported by Medicine Business of Hospitals
2.2.5 Obvious Contradiction between Supply and Demand
2.2.6 State-owned Hospital-dominated Competition Pattern

3. Chinese Hospital Policies
3.1 New Medical Reform Stimulates Market Demand
3.2 Many Policies Encourage Social Capital to Enter Hospital Industry

4. Development of Private Hospitals in China
4.1 Status Quo
4.2 Bottleneck
4.2.1 High Tax Burden
4.2.2 Discriminatory Policy
4.2.3 Lack of Medical Professionals
4.3 Development Opportunities
4.4 Development Direction
4.5 Private Hospital Groups
4.5.1 Beijing Phoenix Hospital Group
4.5.2 Shenzhen BOAI Medical Group
4.5.3 Renai Hospital of Guangzhou
4.6 Private Medical and Health Care Management Industry
4.6.1 Ciming Checkup
4.6.2 iKang Guobin

5. Development of Private Specialized Hospitals in China
5.1 High-speed Development
5.2 Operation
5.3 Eye Hospitals
5.3.1 Overview
5.3.2 Aier Eye Hospital Group
5.4 Stomatological Hospitals
5.4.1 Overview
5.4.2 Topchoice
5.4.3 Arrail
5.5 Plastic Surgery and Cosmetic Hospitals
5.5.1 Overview
5.5.2 EverCare Cosmetic Hospital
5.6 Maternity Hospitals
5.6.1 Overview
5.6.2 Beijing Bosheng Medical Group
5.7 Children's Hospitals
5.7.1 Overview
5.7.2 Beijing New Century International Children's Hospital
5.8 Cancer Hospitals
5.8.1 Overview
5.8.2 Concord Medical Services Holdings Limited (CMS)

6. Development of Foreign Hospitals in China
6.1 Status Quo
6.2 Operating Model
6.3 Development Direction
6.4 CHINDEX United Family Hospital and Clinics
6.5 Singapore Parkway Group Healthcare
6.6 Xiamen Chang Gung Memorial Hospital

7. Investment in China Hospital Industry
7.1 Scale and Rounds
7.2 Regions
7.3 Cases
7.3.1 SBCVC Invests in D.A. Medical
7.3.2 Tiantu Capital Invests in Ciming Checkup
7.3.3 Qiming Venture Partners Invests in Arrail Dental
7.4 IPO in China Hospital Industry

8. Investment Risks in China Hospital Industry
8.1 Policy and Regulation
8.2 Litigation and Compensation for Medical Malpractice
8.3 Social Awareness

表：中国医院产权和经营方式
表：中国医院分级
图：医院行业产业链
图：2005-2010年中国医院总数和增长率
图：2010年中国医院等级结构
图：2005-2009年中国公立与非公立医院数量及增长率
图：2005-2009年中国公立与非公立医院增量比较
图：2005-2009年中国营利性与非营利性医院数量及增长率
图：2005-2009年中国营利性与非营利性医院增量贡献
图：2005-2009年中国综合医院、中医医院和专科医院数量及增长率
表：2009年中国各地区医院数量
表：2009年中国各地区每千人口医师数量
表：2009年中国各地区病床使用率
图：2000-2009年美国医疗支出占GDP比重
图：1980-2050年美国65岁以上人口数及占比
表：2008年欧美国家医院经营方式比较
图：2008年美国和中国医院收入构成情况比较
图：2000-2009年中国医疗支出及占GDP比重
图：2000-2009年中国人均医疗支出及增长率
图：2007年世界主要国家人均医疗支出比较
图：2000-2009年政府、社会和个人医疗支出比例变动情况
图：2000-2009年中国城镇医疗保险人数及增长率
图：2000-2009年中国新农合参加人数及参合率
图：2000-2009年城镇和农村医疗费用及比例
图：1982-2009年中国65岁人口数及占总人口比例
图：2005-2009年中国医院行业收入与支出金额
图：2002-2009年中国综合医院收入及增长率
图：2002-2009年中国综合医院分业务收入及药品收入占比
图：2002-2009年中国综合医院平均药品收支和加价率
图：芜湖“医药分开”改革模式图
图：2005-2009年中国医院诊疗人次和增长率
图：2005-2009年中国医院病床数和病床使用率
图：2005-2009年中国医院执业医师和注册护士数量
图：2005-2009年中国医科毕业人数和增长率
图：2006年各国医疗人员薪酬占医院总支出比例
图：2009年中国各医疗领域公立和非公立医院比例
图：2009年中国各医疗领域营利性和非营利性医院比例
表：新医改相关政策
表：鼓励社会资本进入医院行业的国家相关政策
图：2009年中国各专科领域公立与非公立医院比例
表：中国营利性与非营利性医院税制比较
表：2004年广东省营利性与非营利性医院业务比较
表：凤凰医院集团六种办医方式
表：慈铭体检三轮风险融资金额和出让股份
图：2005-2009年中国专科医院数量及增长率
图：2005-2009年中国专科医院收入及增长率
图：2006-2009年中国非公立和公立专科医院比例
图：2009年中国各类专科医院数量比例
图： 2009年中国各类专科医院收入比例
表：2009年中国各类专科医院平均收入
表：2009年中国各类专科医院利润率
图：2006-2009年中国眼科医院数量和增长率
表：2006-2009年中国眼科医院收入和利润
表：2006-2009年中国眼科医院病床使用率和医师服务效率情况
图：2006-2010年爱尔眼科营业收入、毛利率及收入增长率
图：2009年爱尔眼科医疗服务收入构成
图：2006-2009年眼科医院和爱尔眼科门诊量及占全国医院眼科比例
图：2006-2009年中国口腔医院数量和增长率
表：2006-2009年中国口腔医院收入和利润
表：2006-2009年中国口腔医院病床使用率和医师服务效率情况
图：2010年通策医疗主要子公司结构
图：2006-2010年通策医疗营业收入、毛利率及收入增长率
图：2006-2009年中国整形外科和美容医院数量和增长率
表：2006-2009年中国整形外科和美容医院收入和利润
图：2006-2009年中国妇产医院数量和增长率
表：2006-2009年中国妇产医院收入和利润
表：2006-2009年中国妇产医院病床使用率和医师服务效率情况
图：2006-2009年中国儿童医院数量和增长率
表：2006-2009年中国儿童医院收入和利润
表：2006-2009年中国儿童医院病床使用率和医师服务效率情况
图：2006-2009年中国肿瘤医院数量和增长率
表：2006-2009年中国肿瘤医院收入和利润
表：2006-2009年中国肿瘤医院病床使用率和医师服务效率情况
图：2006-2010年泰和诚总收入、毛利率和增长率
表：部分中外合资合作经营医院
表：部分中外合资外资主导经营医院
图：2006-2009年和睦家医院总收入、毛利及毛利率
表：2008-2010年和睦家医院、诊所和病床增长情况
图：2006-2009年百汇医疗中国资本支出金额
图：2007-2009年百汇医疗中国总收入、总资产和收入增长率
图：2006-2010年中国医院行业总投资、平均投资及案例数
表：2006-2010中国医院行业投资轮次
表：2006-2010年中国医院行业投资地区分布
表：2006-2010年中国医院行业IPO情况

Property Rights and Operating Model of Hospitals in China
Classification of Hospitals in China
Hospital Industry Chain
Total Number and Growth Rate of Hospitals in China, 2005-2010
Hierarchical Structure of Hospitals in China, 2010
Number and Growth Rate of State-owned and Non-state-owned Hospitals in China, 2005-2009
Growth Comparison between State-owned and Non-state-owned Hospitals in China, 2005-2009
Number and Growth Rate of Profit and Nonprofit Hospitals in China, 2005-2009
Incremental Contribution of Profit and Nonprofit Hospitals in China, 2005-2009
Number and Growth Rate of General Hospitals, TCM Hospitals and Specialized Hospitals in China, 2005-2009
Number of Hospitals in China by Region, 2009
Number of Doctors Per 1,000 Patients in China by Region, 2009
Hospital Bed Utilazation Rate in China by Region, 2009
Proportion of Medical Expenses to GDP in USA, 2000-2009
Number and Proportion of People Aged 65 and Above in USA, 1980-2050
Comparison between European Hospitals and American Hospitals by Operating Model, 2008
Comparison between Chinese Hospitals and American Hospitals by Revenue Structure, 2008
Health Care Expenditure and Its Proportion in GDP in China, 2000-2009
Per Capita Health Care Expenditure and Growth Rate in China, 2000-2009
Per Capita Health Care Expenditure in Major Countries, 2007
Government, Social and Personal Health Care Expenditure, 2000-2009
Number and Growth Rate of Urban Health Insurance Participants in China, 2000-2009
Number and Proportion of New Rural Cooperative Medical Insurance Participants in China, 2000-2009
Urban and Rural Health Care Expenditure and Proportion, 2000-2009
Number and Proportion of People Aged 65 and Above in China, 1982-2009
Revenue and Expenditure in China Hospital Industry, 2005-2009
Revenue and Growth Rate of General Hospitals in China, 2002-2009
Revenue of General Hospitals in China by Business and Proportion of Medicine Revenue, 2002-2009
Average Medicine Revenue & Expenditure and Mark-up Rate of General Hospitals in China, 2005-2009
"Separation of Pharmacy from Hospital" Reform in Wuhu
Number and Growth Rate of Patients of Hospitals in China, 2005-2009
Number and Utilization of Beds of Hospitals in China, 2005-2009
Number of Practicing Doctors and Registered Nurses of Hospitals in China, 2005-2009
Number and Growth Rate of Medical Graduates in China, 2005-2009
Proportion of Medical Staff Salary to Hospitals' Total Expenditure by Country, 2006
Proportion of State-owned and Non-state-owned Hospitals in China by Field, 2009
Proportion of Profit and Nonprofit Hospitals in China by Field, 2009
Policies of New Medical Reform
Chinese Policies Encouraging Investment of Social Capital in Hospital Industry
Proportion of State-owned and Non-state-owned Hospitals in China by Speciality, 2009
Comparison between Profit and Nonprofit Hospitals in China by Taxation
Comparision between Profit and Nonprofit Hospitals in Guangdong by Business, 2004
Six Operating Models of Beijing Phoenix Hospital Group
Raised Funds and Transferred Shares in Three Rounds of Financing of Ciming Checkup
Number and Growth Rate of Specialized Hospitals in China, 2005-2009
Revenue and Growth Rate of Specialized Hospitals in China, 2005-2009
Proportion of State-owned and Non-state-owned Specialized Hospitals in China, 2006-2009
Number and Proportion of Chinese Specialized Hospitals, 2009
Revenue and Proportion of Chinese Specialized Hospitals, 2009
Average Revenue of Chinese Specialized Hospitals, 2009
Profit Margin of Chinese Specialized Hospitals, 2009
Number and Growth Rate of Chinese Eye Hospitals, 2006-2009
Revenue and Profit of Chinese Eye Hospitals, 2006-2009
Bed Utilization and Efficiency of Doctor Services of Chinese Eye Hospitals, 2006-2009
Operating Income, Gross Profit Margin and Revenue Growth Rate of Aier Eye Hospital Group, 2006-2010
Medical Service Revenue of Aier Eye Hospital Group, 2009
Eye Hospitals, Outpatient Volume of Aier Eye Hospital Group and Its Proportion in China’s Hospital Ophthalmology, 2006-2009
Number and Growth Rate of Chinese Dental Hospitals, 2006-2009
Revenue and Profit of Chinese Dental Hospitals, 2006-2009
Bed Utilization and Efficiency of Doctor Services of Chinese Dental Hospitals, 2006-2009
Major Subsidiaries of Topchoice, 2010
Operating Income, Gross Profit Margin and Revenue Growth Rate of Topchoice, 2006-2010
Number and Growth Rate of Chinese Plastic Surgery and Cosmetic Hospitals, 2006-2009
Revenue and Profit of Chinese Plastic Surgery and Cosmetic Hospitals, 2006-2009
Number and Growth Rate of Chinese Maternity Hospitals, 2006-2009
Revenue and Profit of Chinese Maternity Hospitals, 2006-2009
Bed Utilization and Efficiency of Doctor Services of Chinese Maternity Hospitals, 2006-2009
Number and Growth Rate of Chinese Children’s Hospitals, 2006-2009
Revenue and Profit of Chinese Children’s Hospitals, 2006-2009
Bed Utilization and Efficiency of Doctor Services of Chinese Children’s Hospitals, 2006-2009
Number and Growth Rate of Chinese Cancer Hospitals, 2006-2009
Revenue and Profit of Chinese Cancer Hospitals, 2006-2009
Bed Utilization and Efficiency of Doctor Services of Chinese Cancer Hospitals, 2006-2009
Total Revenue, Gross Profit Margin and Growth Rate of CMS Holdings Ltd, 2006-2010
Some Joint Venture Hospitals
Some Joint Venture Hospitals Dominated by Foreign Investors
Total Revenue, Gross Profit and Gross Profit Margin of United Family Hospital, 2006-2009
Growth of Hospitals, Clinics and Hospital Beds of United Family Hospital, 2008-2010
Capital Expenditure of Parkway Group Healthcare in China, 2006-2009
Total Revenue, Total Assets and Revenue Growth Rate of Parkway Group Healthcare, 2007-2009
Total Investment, Average Investment and Number of Cases in China Hospital Industry, 2006-2010
Investment in China Hospital Industry by Round, 2006-2010
Investment in China Hospital Industry by Region, 2006-2010
IPO in China Hospital Industry, 2006-2010