瑞信-中国非消费必需品行业-这是一个蓬勃发展的细分市场，竞争格局正在向双头垄断转变-2022.3.9-25页

ChinaClearAlignerSectorAthrivingsegmentwithcompetitionlandscapeturningagainsttheduopolyConsumerDiscretionary|SectorForecastFigure1:SmarteeandsmallerplayersgobbledmarketsharefromTop2in2021Source:CICfor2019-2020,Companydata,Channelcheck,CreditSuisseestimatesfor2021Athrivingsegmentwithsecularandstructuralgrowthoutlook.WeseestructuralandseculargrowthaheadforChina’sclearalignerindustry,withthecurrentpenetrationat11%vs32%intheUS.OurTAManalysisshowsthatthereisstill2xheadroominpenetrationafteraten-year(2021-30E)volumeCAGRof25%.However,ourchannelchecksshowthatthecompetitionlandscapechangesmaybeturningagainsttheTop2(AngelalignandInvisalign),whichcouldofferpotentialopportunitiesforsmallerplayersandnewentrants,suchasClearCorrect(ownedbyStraumann,settolaunchinChinain1Q22).Intensifyingcompetitiondrivingmarketsharereshuffleandpricedecline.WeestimatetheTop2brandstohavelost10ppmarketsharein2021(Figure1).Smallerplayersappeartohavegobbledmarketsharewithcompetitivepricingstrategiesanddifferentiatedchanne