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2022-2023 海外医疗服务 行业 研究报告 本 篇 报告更 新的数 据为英 国10月份整体 及各业 务科室 的诊疗 量、新 加坡和 中国台 湾10月份整体 诊疗量、日本9 月份整体 诊疗量。从业务科室来看，各业务科室整体诊疗量随英国10 月份新冠确诊人数上升而下降。其中刚需科室优于非刚需科室，刚需科室中肿瘤优于生殖，生殖 优于 综 合；非 刚需 科室 中 眼 科优 于整 形外 科，整形 外科 优于 口 腔。从整体诊疗量来看，英国、新加坡、中国台湾10 月诊疗量均随着当地疫情确诊人数上升而呈现下降趋势，其中门诊下降幅度大于住院，专科 门 诊下降 幅度大 于全科。日本9 月的诊疗 量随当 地新冠 确诊下 降而有 所回升，其中 住院恢 复更为 显著。风险提示：海外 数 据可比性 风险、行 业政策风 险、疫 情 反复 风险、并购 扩 张不及预 期风险、医疗事故 风险。摘要1.具 体 业 务 科室 情 况 10月 份 英 国各 科 室 业务 量 均有 所 下 滑，刚 需科 室 表 现优 于 非刚 需 刚 需 中，肿瘤优 于 生 殖，生殖 优 于 综 合 非 刚 需 中，眼科 优 于 整 形外科，整 形 外科优 于 口 腔图表：2020 年M1 至2022 年M10 英国 医 疗机 构 不同 科 室门 诊 人次 恢 复情 况（同 比19 年 同期）资料来源：NHS20M1 20M2 20M3 20M4 20M5 20M6 20M7 20M8 20M9 20M1020M1120M12 21M1 21M2 21M3 21M4 21M5 21M6 21M7 21M8 21M9 21M1021M1121M12 22M1 22M2 22M3 22M4 22M5 22M6 22M7 22M8 22M9 22M10新 冠 确诊 数（万例）0 0.01 2.93 13.70 8.78 2.92 2.06 3.37 13.10 56.35 61.89 91.25 131.72 36.66 17.09 7.95 7.63 31.85 108.15 95.30 103.48 127.09 118.70 302.18 398.63 152.80 218.00 91.57 24.89 42.25 61.94 17.78 15.92 22.87生殖 155.7%154.7%133.9%36.2%28.9%47.5%66.4%97.3%99.2%91.5%98.4%110.5%129.3%155.5%175.2%108.9%93.1%111.6%92.0%100.8%104.2%89.9%115.7%105.5%127.4%152.6%177.7%140.5%151.5%150.4%133.4%125.5%118.6%109.2%肿瘤 103.5%109.4%107.9%91.3%88.0%113.5%104.2%105.4%116.8%104.3%114.0%125.1%109.7%123.9%136.1%121.8%115.2%135.7%116.9%128.1%133.0%111.1%130.8%132.0%116.7%132.0%142.9%121.1%129.3%131.6%114.9%137.8%129.6%114.9%普 通 外科 98.8%100.3%79.5%40.5%44.2%67.4%75.3%86.5%105.1%101.8%110.7%111.0%80.0%93.1%110.9%108.9%107.3%122.3%105.3%110.1%111.8%99.8%115.1%109.4%95.1%106.8%112.2%95.9%104.0%102.2%89.1%105.9%97.4%86.3%眼科 103.7%104.6%76.6%38.1%39.2%54.6%58.6%67.2%78.4%75.7%81.0%84.4%67.1%79.0%94.3%92.8%87.4%103.2%88.5%92.3%97.2%84.5%96.2%92.4%86.2%96.4%102.9%90.4%99.0%95.4%85.4%102.2%94.9%86.9%整 形 外科 103.7%105.1%83.5%43.7%47.5%68.4%66.9%70.0%84.2%77.4%84.3%88.2%70.6%79.5%90.3%90.6%86.4%104.4%86.0%89.1%95.6%82.9%98.8%94.8%87.2%97.4%101.0%88.5%94.6%92.6%80.1%95.0%90.2%83.0%普 通 内 科 96.9%97.3%77.9%50.4%57.5%78.1%77.6%79.6%81.2%78.1%83.8%89.8%87.3%88.3%102.2%113.1%101.0%109.4%93.2%94.9%102.3%93.4%103.8%104.0%90.3%96.0%103.9%96.0%94.7%92.2%83.0%91.2%86.2%75.9%口腔 95.1%97.6%68.9%35.1%39.0%52.8%58.3%63.0%75.3%70.1%79.2%83.5%59.7%68.6%78.8%79.7%77.1%90.4%79.3%83.7%88.6%74.4%91.5%84.3%72.1%81.5%85.8%70.6%81.0%76.8%68.6%83.3%76.8%69.6%康复 92.3%89.5%74.0%47.9%44.3%61.1%62.7%62.9%75.0%68.4%74.7%80.1%52.9%59.2%68.4%81.8%80.8%97.3%89.1%83.4%88.4%76.7%89.4%81.7%60.7%68.8%75.8%75.9%84.0%70.4%64.3%71.0%66.9%62.3%0501001502002503003504004500%20%40%60%80%100%120%140%160%180%200%P 410月份整体诊疗量随新冠确诊上升而下滑，刚需好于非刚需封城防疫政策首次放松防疫政策再度收紧，二次封城二次封城结束三次封城防控措施逐步放松大部分防疫措施终止计划实行防疫计划B实行防疫计划B结束防疫计划B边境开放20M1 20M2 20M3 20M4 20M5 20M6 20M7 20M8 20M9 20M1020M1120M12 21M1 21M2 21M3 21M4 21M5 21M6 21M7 21M8 21M9 21M1021M1121M12 22M1 22M2 22M3 22M4 22M5 22M6 22M7 22M8 22M9 22M10新 冠 确诊 数（万例）0 0.01 2.93 13.70 8.78 2.92 2.06 3.37 13.10 56.35 61.89 91.25 131.72 36.66 17.09 7.95 7.63 31.85 108.15 95.30 103.48 127.09 118.70 302.18 398.63 152.80 218.00 91.57 24.89 42.25 61.94 17.78 15.92 22.87血液科 106.5%108.7%97.0%65.5%62.4%81.5%81.2%79.7%91.4%85.7%86.8%91.0%78.4%85.8%98.0%92.5%86.5%104.0%89.9%91.7%96.9%84.3%95.7%93.4%86.8%95.7%102.7%91.9%90.8%96.8%86.5%99.5%99.4%89.0%肠胃科 106.0%106.8%78.5%28.0%35.0%54.3%62.4%69.6%80.2%81.2%83.2%83.3%72.1%82.0%93.6%90.6%89.6%99.5%88.5%90.1%93.2%85.8%93.4%89.4%86.8%93.8%96.8%87.4%94.6%90.3%85.2%96.1%93.2%87.6%普 通 内科 99.9%100.6%82.7%64.1%73.9%90.7%90.1%93.8%98.2%92.6%92.4%91.9%90.1%95.9%101.9%98.8%99.4%107.1%98.1%99.0%101.0%94.1%98.8%93.1%88.7%95.1%99.4%91.0%92.9%94.4%87.0%94.1%92.7%88.6%普 通 外科 100.6%102.0%74.1%35.2%49.2%65.3%75.1%80.9%84.6%84.2%84.0%87.2%67.3%77.8%88.8%90.1%89.7%93.1%86.6%87.0%88.1%84.2%87.9%90.5%82.9%90.4%92.1%85.7%87.8%85.3%83.1%91.4%89.1%83.5%创 伤 和骨 科 99.5%101.1%73.3%24.0%30.2%41.2%50.8%62.9%72.9%73.5%70.7%70.6%47.9%51.3%65.3%80.0%82.1%92.1%83.3%82.0%82.6%76.7%85.3%82.4%69.7%79.6%84.9%80.0%85.1%84.1%78.0%87.3%84.0%78.2%0501001502002503003504004500%20%40%60%80%100%120%图表：2020 年M1 至2022 年M10 英国综 合科室 不同科 室住院 人次恢 复情况（取住 院量前 五科室）（同 比19 年同期）资料来源：NHSP 5综合：10月份业务量恢复程度有所下滑防疫政策首次放松防疫政策再度收紧，二次封城二次封城结束三次封城防控措施逐步放松大部分防疫措施终止计划实行防疫计划B实行防疫计划B结束防疫计划B边境开放封城图表：2020 年M1 至2022 年M10 英国眼 科不同 业务诊 疗人次 恢复情 况（同 比19 年同期）资料来源：NHS20M1 20M2 20M3 20M4 20M5 20M6 20M7 20M8 20M9 20M1020M1120M12 21M1 21M2 21M3 21M4 21M5 21M6 21M7 21M8 21M9 21M1021M1121M12 22M1 22M2 22M3 22M4 22M5 22M6 22M7 22M8 22M9 22M10新 冠 确诊 数（万例）0 0.01 2.93 13.70 8.78 2.92 2.06 3.37 13.10 56.35 61.89 91.25 131.72 36.66 17.09 7.95 7.63 31.85 108.15 95.30 103.48 127.09 118.70 302.18 398.63 152.80 218.00 91.57 24.89 42.25 61.94 17.78 15.92 22.87眼科服务-手术 106.6%108.0%72.7%12.8%15.3%29.6%47.0%61.6%78.0%78.9%79.9%82.2%56.4%64.9%86.3%95.8%94.6%109.7%95.7%98.5%101.5%92.3%101.8%98.6%93.5%108.5%114.3%104.1%114.9%110.5%100.9%120.5%116.2%102.8%眼科服务-门诊 103.7%104.6%76.6%38.1%39.2%54.6%58.6%67.2%78.4%75.7%81.0%84.4%67.1%79.0%94.3%92.8%87.4%103.2%88.5%92.3%97.2%84.5%96.2%92.4%86.2%96.4%102.9%90.4%99.0%95.4%85.4%102.2%95.9%86.9%验光 95.1%91.6%69.9%33.7%37.9%45.5%66.0%71.2%76.8%78.6%89.0%93.7%72.4%77.6%96.0%90.1%88.7%95.3%90.0%92.0%97.4%78.7%97.6%95.6%73.4%84.9%95.9%83.3%96.0%88.6%96.1%112.3%97.6%85.8%小 儿 眼科 103.5%101.1%71.5%34.0%35.3%48.3%53.1%59.3%69.0%67.0%74.2%79.6%59.3%70.0%82.3%87.1%79.6%90.9%75.9%79.7%83.7%72.9%87.9%84.9%71.7%82.7%91.1%80.3%89.2%84.7%73.6%87.2%79.4%72.4%0501001502002503003504004500%20%40%60%80%100%120%140%P 6眼科：10月份业务量有所下滑，但手术量仍在19年同期以上防疫政策首次放松防疫政策再度收紧，二次封城二次封城结束三次封城防控措施逐步放松大部分防疫措施终止计划实行防疫计划B实行防疫计划B结束防疫计划B边境开放封城20M1 20M2 20M3 20M4 20M5 20M6 20M7 20M8 20M9 20M1020M1120M12 21M1 21M2 21M3 21M4 21M5 21M6 21M7 21M8 21M9 21M1021M1121M12 22M1 22M2 22M3 22M4 22M5 22M6 22M7 22M8 22M9 22M10新 冠 确诊 数（万例）0 0.01 2.93 13.70 8.78 2.92 2.06 3.37 13.10 56.35 61.89 91.25 131.72 36.66 17.09 7.95 7.63 31.85 108.15 95.30 103.48 127.09 118.70 302.18 398.63 152.80 218.00 91.57 24.89 42.25 61.94 17.78 15.92 22.87口 腔 外 科 95.1%97.6%68.9%35.1%39.0%52.8%58.3%63.0%75.3%70.1%79.2%83.5%59.7%68.6%78.8%79.7%77.1%90.4%79.3%83.7%88.6%74.4%91.5%84.3%72.1%81.5%85.8%70.6%81.0%76.8%68.6%83.3%76.8%69.6%正畸 101.0%101.1%68.6%13.2%15.3%33.9%51.3%56.1%65.6%64.1%70.1%73.1%51.6%63.3%80.2%78.6%75.5%90.8%69.7%78.2%81.7%69.6%84.0%77.2%70.6%79.2%85.6%73.2%83.6%79.7%65.3%82.6%74.6%68.1%小 儿 牙科 98.9%102.1%59.6%27.0%37.0%49.7%53.8%63.1%65.3%60.7%67.3%73.7%56.4%70.5%75.6%85.6%83.4%91.5%76.2%81.8%86.2%72.5%87.9%82.7%71.0%83.7%89.9%80.4%96.8%78.0%69.7%84.6%72.0%72.3%修复 99.0%99.5%58.2%17.6%19.8%24.7%32.3%50.4%46.8%46.8%57.5%59.7%41.0%51.4%61.2%69.0%77.7%82.9%67.6%72.3%71.1%69.1%82.5%73.6%68.4%79.6%83.6%69.4%93.5%70.5%63.0%77.5%67.0%64.7%0501001502002503003504004500%20%40%60%80%100%120%图表：2020 年M1 至2022 年M10 英国口 腔不同 业务门 诊人次 恢复情 况（同 比19 年同期）资料来源：NHSP 7口腔：10月业务量持续下滑防疫政策首次放松防疫政策再度收紧，二次封城二次封城结束三次封城防控措施逐步放松大部分防疫措施终止计划实行防疫计划B实行防疫计划B结束防疫计划B边境开放封城20M1 20M2 20M3 20M4 20M5 20M6 20M7 20M8 20M9 20M1020M1120M12 21M1 21M2 21M3 21M4 21M5 21M6 21M7 21M8 21M9 21M1021M1121M12 22M1 22M2 22M3 22M4 22M5 22M6 22M7 22M8 22M9 22M10新 冠 确诊 数（万例）0 0.01 2.93 13.70 8.78 2.92 2.06 3.37 13.10 56.35 61.89 91.25 131.72 36.66 17.09 7.95 7.63 31.85 108.15 95.30 103.48 127.09 118.70 302.18 398.63 152.80 218.00 91.57 24.89 42.25 61.94 17.78 15.92 22.87肿 瘤 内 科 103.5%109.4%107.9%91.3%88.0%113.5%104.2%105.4%116.8%104.3%114.0%125.1%109.7%123.9%136.1%121.8%115.2%135.7%116.9%128.1%133.0%111.1%130.8%132.0%116.7%132.0%142.9%121.1%129.3%131.6%114.9%137.8%129.6%114.9%妇 科 肿瘤 103.5%102.3%91.7%67.5%66.1%92.8%97.3%95.7%107.2%98.6%106.8%110.3%93.8%104.3%115.5%109.9%101.5%116.4%101.8%111.4%116.3%100.1%116.7%117.5%106.4%115.8%122.4%107.2%113.7%110.4%99.2%120.2%113.3%99.1%小 儿 肿瘤 99.1%104.4%106.2%91.1%90.9%117.7%105.6%106.6%109.4%100.0%111.0%116.3%98.4%109.9%129.2%108.0%109.0%126.1%106.3%115.8%111.2%99.4%118.7%111.6%104.9%116.0%135.2%106.6%119.8%124.0%106.1%131.7%110.9%105.0%临 床 肿瘤 105.7%105.5%102.2%86.6%79.0%97.8%90.2%92.5%100.8%90.5%98.5%101.7%92.5%102.1%111.5%104.3%99.7%117.6%102.0%108.0%108.2%91.2%110.4%109.7%103.0%112.4%118.0%102.3%108.5%111.0%97.7%113.5%105.7%92.4%0501001502002503003504004500%20%40%60%80%100%120%140%160%图表：2020 年M1 至2022 年M10 英国肿 瘤不同 业务门 诊人次 恢复情 况（同 比19 年同期）资料来源：NHS，太平洋证券研究院整理P 8肿瘤：10月份业务量持续下滑，但仍在19年同期之上防疫政策首次放松防疫政策再度收紧，二次封城二次封城结束三次封城防控措施逐步放松大部分防疫措施终止计划实行防疫计划B实行防疫计划B结束防疫计划B边境开放封城20M1 20M2 20M3 20M4 20M5 20M6 20M7 20M8 20M9 20M1020M1120M12 21M1 21M2 21M3 21M4 21M5 21M6 21M7 21M8 21M9 21M1021M1121M12 22M1 22M2 22M3 22M4 22M5 22M6 22M7 22M8 22M9 22M10新 冠 确 诊 数（万 例）0 0.01 2.93 13.70 8.78 2.92 2.06 3.37 13.10 56.35 61.89 91.25 131.72 36.66 17.09 7.95 7.63 31.85 108.15 95.30 103.48 127.09 118.70 302.18 398.63 152.80 218.00 91.57 24.89 42.25 61.94 17.78 15.92 22.87泌 尿 生殖 155.7%154.7%133.9%36.2%28.9%47.5%66.4%97.3%99.2%91.5%98.4%110.5%129.3%155.5%175.2%108.9%93.1%111.6%92.0%100.8%104.2%89.9%115.7%105.5%127.4%152.6%177.7%140.5%151.5%150.4%133.4%125.5%118.6%109.2%助产 104.8%105.6%99.1%97.8%95.2%110.7%105.1%102.4%111.2%104.6%109.2%111.6%104.7%119.4%126.8%118.5%109.5%124.6%114.3%117.1%122.5%109.6%118.5%115.1%111.0%120.8%127.4%118.0%121.5%123.0%112.2%125.8%123.0%113.3%产科 99.0%99.2%94.3%85.5%81.0%97.0%88.8%87.0%96.7%87.4%93.9%98.5%86.9%97.9%106.9%98.9%91.5%108.5%92.8%96.9%101.0%87.5%101.7%98.5%89.2%95.6%102.6%89.2%91.8%94.8%82.6%94.2%91.4%81.1%0501001502002503003504004500%20%40%60%80%100%120%140%160%180%200%图表：2020 年M1 至2022 年M10 英国生 殖不同 业务门 诊人次 恢复情 况（同 比19 年同期）资料来源：NHS，太平洋证券研究院整理P 9生殖：10月份业务量持续下滑，但仍在19年同期之上防疫政策首次放松防疫政策再度收紧，二次封城二次封城结束三次封城防控措施逐步放松大部分防疫措施终止计划实行防疫计划B实行防疫计划B结束防疫计划B边境开放封城图表：2020 年M1 至2022 年M9 英国康 复不同 业务门 诊人次 恢复情 况（同 比19 年 同期）资料来源：NHS，太平洋证券研究院整理20M1 20M2 20M3 20M4 20M5 20M6 20M7 20M8 20M9 20M1020M1120M12 21M1 21M2 21M3 21M4 21M5 21M6 21M7 21M8 21M9 21M1021M1121M12 22M1 22M2 22M3 22M4 22M5 22M6 22M7 22M8 22M9 22M10新 冠 确 诊 数（万 例）0 0.01 2.93 13.70 8.78 2.92 2.06 3.37 13.10 56.35 61.89 91.25 131.72 36.66 17.09 7.95 7.63 31.85 108.15 95.30 103.48 127.09 118.70 302.18 398.63 152.80 218.00 91.57 24.89 42.25 61.94 17.78 15.92 22.87康 复 医学 92.3%89.5%74.0%47.9%44.3%61.1%62.7%62.9%75.0%68.4%74.7%80.1%52.9%59.2%68.4%81.8%80.8%97.3%89.1%83.4%88.4%76.7%89.4%81.7%60.7%68.8%75.8%75.9%84.0%70.4%64.3%71.0%66.9%62.3%肺康复 86.0%78.2%67.8%43.4%36.4%40.7%47.6%45.1%56.8%62.3%69.8%78.0%38.1%34.3%41.6%49.7%48.4%62.8%60.0%57.8%72.3%61.3%77.2%82.6%63.9%60.3%57.5%53.1%70.4%80.6%80.4%84.9%101.3%84.5%心 脏 康复 100.2%102.4%76.6%52.0%42.7%55.6%56.7%54.9%62.1%58.3%66.1%88.7%57.8%57.3%67.8%64.0%61.2%77.6%67.3%74.4%75.7%63.2%77.6%85.6%67.8%74.6%85.1%65.3%75.3%67.9%52.5%71.6%68.4%61.0%0501001502002503003504004500%20%40%60%80%100%120%P 10康复：10月份业务量持续下滑，整体恢复缓慢防疫政策首次放松防疫政策再度收紧，二次封城二次封城结束三次封城防控措施逐步放松大部分防疫措施终止计划实行防疫计划B实行防疫计划B结束防疫计划B边境开放封城2.各 地区 整体 情况 英国、新加坡、台湾：10月份整体诊疗量随新冠确诊上升而下滑，门诊下滑大于住院，专科门诊下降幅度大于全科 日本：9月份整体诊疗量随新冠确诊下降而上升，住院反弹大于门诊20M1 20M2 20M3 20M4 20M5 20M6 20M7 20M8 20M920M1020M1120M1221M1 21M2 21M3 21M4 21M5 21M6 21M7 21M8 21M921M1021M1121M1222M1 22M2 22M3 22M4 22M5 22M6 22M7 22M8 22M922M10英 国 新冠 确诊 病例（月 度，万）0 3 14 9 3 2 3 13 56 62 91 132 37 17 8 8 32 108 95 103 127 119 302 399 153 218 92 25 42 62 18 16 23门 诊 量恢 复情 况 100.9%102.1%85.2%54.0%55.5%76.1%75.8%79.6%90.9%84.3%91.4%95.3%77.1%86.8%100.7%97.7%93.4%108.3%92.4%97.8%102.2%88.5%103.7%99.7%90.2%99.0%106.7%92.9%101.1%98.4%86.0%101.9%96.8%86.2%住 院 量 恢 复 情 况 100.8%102.7%79.5%46.3%52.8%66.1%71.5%77.4%85.0%82.2%81.5%83.0%69.7%77.1%88.0%90.8%90.9%99.5%90.9%91.5%94.4%86.9%92.5%90.8%83.8%92.0%95.4%88.7%93.0%92.6%86.1%94.7%93.8%87.9%手 术 量 恢 复 情 况 102.2%103.8%80.4%41.3%47.7%63.1%69.5%75.5%85.4%84.0%84.5%88.0%71.2%78.7%90.0%92.5%91.0%101.2%91.1%92.0%95.6%87.5%95.6%94.8%86.1%94.4%97.9%90.4%94.9%94.0%86.8%97.6%95.5%74.9%剔 除 新冠 后住 院量 恢复 情况 100.8%102.7%78.2%41.8%50.9%65.2%71.2%77.2%84.4%80.2%78.3%78.4%62.1%74.0%87.0%90.5%90.6%99.0%89.4%89.6%92.6%85.1%90.8%88.1%79.7%89.3%91.2%85.0%91.5%90.4%82.5%92.8%93.3%87.4%新 冠 住 院 量 占 比 1.7%9.8%3.5%1.3%0.5%0.3%0.7%2.5%3.9%5.6%10.9%4.1%1.1%0.4%0.3%0.5%1.6%2.1%1.9%2.1%1.9%3.0%4.9%2.9%4.4%4.1%1.6%2.4%4.2%2.0%0.5%0.6%0501001502002503003504004500%20%40%60%80%100%120%图表：2020 年M1 至2022 年M10 英国 医 疗机 构 不同 科 室门 诊 人次 恢 复情 况（同 比19 年 同期）资料来源：NHS，太平洋证券研究院整理P 12英国：10月份整体诊疗量随新冠确诊上升而下滑封城防疫政策首次放松防疫政策再度收紧，二次封城二次封城结束三次封城防控措施逐步放松大部分防疫措施终止计划实行防疫计划B实行防疫计划B结束防疫计划B边境开放20M1 20M2 20M3 20M4 20M5 20M6 20M7 20M8 20M9 20M10 20M11 20M12 21M1 21M2 21M3 21M4 21M5 21M6 21M7 21M8 21M9 21M10 21M11 21M12 22M1 22M2 22M3 22M4 22M5 22M6 22M7 22M8 22M9日 本 新冠 确诊 病例（万）0.0 0.0 0.2 1.2 0.3 0.2 1.6 3.3 1.5 1.7 4.6 8.4 15.6 4.5 4.0 11.5 15.8 5.4 11.6 55.6 23.0 2.3 0.5 0.6 93.6 228.5 155.0 134.6 97.9 45.3 327.0 621.9 232.7门诊量 97.1%96.0%92.9%80.5%74.8%91.4%88.3%88.4%94.8%96.5%90.2%92.9%85.3%87.4%98.5%93.7%88.1%99.7%91.5%95.5%99.1%94.5%96.0%96.3%90.8%90.7%99.8%92.9%91.8%99.3%90.9%99.5%98.4%住 院 量：总计 99.2%99.0%97.9%81.3%74.4%91.0%87.4%91.3%93.9%95.4%93.8%91.8%87.8%87.3%98.9%92.6%88.0%93.4%87.6%94.7%91.8%91.7%96.7%93.5%93.3%86.4%95.2%89.5%92.1%97.9%86.6%88.2%91.1%住 院 量：剔除 新冠 99.2%99.0%97.9%80.8%73.6%90.8%86.7%89.7%92.4%94.5%92.2%88.2%83.8%84.0%96.5%89.5%83.2%89.7%85.5%89.1%85.4%90.9%96.5%93.3%90.7%78.0%87.8%86.1%89.3%95.7%82.5%75.5%84.5%住 院 量：精神 病 100.9%97.0%95.3%81.4%82.2%100.7%92.2%93.7%98.5%99.3%93.5%93.2%89.1%89.1%100.9%92.2%83.9%98.3%88.4%91.3%95.0%94.1%97.1%96.7%90.0%81.3%95.0%90.1%90.1%102.3%82.8%85.7%94.5%住 院 量：结核 病 91.3%90.9%104.3%112.3%90.8%95.8%111.7%116.8%106.2%99.3%96.1%120.3%103.3%77.5%104.0%97.8%111.1%92.5%103.0%127.9%119.1%84.9%83.7%88.5%106.0%109.1%106.2%91.6%93.0%90.3%101.6%120.5%120.2%住 院 量：疗 养 98.9%96.3%98.7%85.4%79.4%95.4%88.3%88.6%95.9%95.0%90.6%94.3%88.5%88.7%101.4%92.3%84.2%99.4%88.3%94.9%96.0%92.7%97.9%99.5%90.6%86.0%104.9%94.9%95.3%106.4%86.9%91.3%103.6%住 院 量：一 般 99.1%99.1%97.7%80.5%73.8%90.4%86.6%90.4%93.1%94.6%92.7%90.1%85.7%86.0%97.7%90.7%85.8%91.8%85.9%90.9%89.3%91.1%96.3%92.9%90.6%82.8%92.5%87.4%90.4%96.5%83.7%84.0%88.5%新 冠 住院 量占 比 0.0%0.0%0.0%0.5%1.1%0.2%0.8%1.8%1.6%0.9%1.7%4.1%4.8%3.9%2.5%3.5%5.8%4.1%2.5%6.3%7.4%0.8%0.2%0.2%2.9%10.8%8.4%4.0%3.0%2.3%5.1%16.9%7.9%01002003004005006007000%20%40%60%80%100%120%140%图表：2020 年M1 至2022 年M9 日本医 疗机构 诊疗人 次恢复 情况资料来源：厚生劳动省，太平洋证券研究院整理P 13日本：9 月份业务量随新冠确诊下降有所回升放松管制放松入境图表：2019-2022 年各 月份床 位使用 率比较资料来源：厚生劳动省，太平洋证券研究院整理P 14日本：9 月床位使用率仍低于疫情水平0%10%20%30%40%50%60%70%80%90%M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M122019 2020 2021 202220M1 20M2 20M3 20M4 20M5 20M6 20M7 20M8 20M920M1020M1120M1221M1 21M2 21M3 21M4 21M5 21M6 21M7 21M8 21M921M1021M1121M1222M1 22M2 22M3 22M4 22M5 22M6 22M7 22M8 22M922M10新 加 坡新 冠确 诊病 例（月度，万）0.0 0.0 0.1 1.5 1.9 0.9 0.8 0.5 0.1 0.0 0.0 0.0 0.1 0.0 0.0 0.1 0.1 0.1 0.2 0.3 2.7 10.1 6.8 1.6 6.9 36.3 38.0 10.2 10.5 13.6 27.4 12.8 6.7 19.5总 体 住院 102.4%97.7%84.5%83.3%83.0%88.1%88.4%90.1%93.1%94.5%87.7%94.2%91.4%98.0%97.7%97.8%83.1%88.8%90.5%90.4%98.6%91.1%90.0%89.0%93.9%99.5%99.9%95.7%93.7%102.1%96.7%89.5%92.4%88.6%总 体 门诊 93.3%93.5%82.7%55.4%50.7%87.0%81.1%92.1%101.0%97.3%94.5%102.0%91.8%102.4%108.5%95.8%71.0%98.9%85.2%97.4%98.8%86.6%94.0%102.3%90.8%99.4%100.6%91.5%89.3%110.9%87.2%99.0%98.4%87.7%05101520253035400%20%40%60%80%100%120%图表：2020 年M1 至2022 年M10 新加坡 医疗机 构门诊 和住院 人次恢 复情况资料来源：Statistics Singapore，太平洋证券研究院整理P 15新加坡：10月整体业务量随新冠确诊上升而下降疫情管控放松边境管控逐步放松疫情管控进一步放松20M1 20M2 20M3 20M4 20M5 20M6 20M7 20M8 20
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