Concord Medical Services Holdings Limited ("CCM" or "the Company") was listed on the New York Stock Exchange (NYSE :CCM) in 2009. The Company has been deeply engaged in the field of cancer imaging diagnosis and radiotherapy services for a long time, and is committed to providing patients with high quality, international, patient-centered multidisciplinary diagnosis and treatment services. As of December 31, 2018, the Company operated a network of 31 centers based in 21 hospitals, spanning over 21 cities across 14 provinces and administrative regions in China. The Company partners with hospitals to build radiotherapy and diagnostic imaging centers. Each center is typically equipped with a primary unit of advanced radiotherapy and diagnostic imaging equipment, such as linear accelerators, head gamma knife systems, body gamma knife systems, positron emission tomography-computed tomography (PET-CT) scanners or magnetic resonance imaging (MRI) scanners.
The Company provides clinical support services to doctors working in the centers in its network, such as organizing joint diagnosis among doctors in its network and clinical research, while its hospital partners are responsible for the centers' clinical activities, doctors' medical decisions and the employment of the doctors.To further enhance its reputation and to employ high quality doctors, the Company plans to establish and operate specialty cancer hospitals in China. Its first specialty cancer hospital, the Chang'an CCM International Cancer Center, in Xi'an, Shaanxi Province, has been operational since early 2010. The Company is also in the process of establishing the Beijing Proton Medical Center, which is expected to commence operations in 2020. Cancer was the leading cause of death in China in 2018, yet there is a relatively low penetration rate of radiotherapy and diagnostic imaging equipment compared to developed countries. According to Frost & Sullivan, the radiotherapy and diagnostic imaging market in China is expected to grow at a CAGR of 22.4% between 2008 and 2015.
Growth drivers include increasing cancer rates in China, growing awareness among physicians and patients, and hospitals' adoption of advanced radiotherapy and diagnostic imaging technologies. Furthermore, rising household disposable income and government healthcare expenditures will increase the affordability of such cancer treatment and diagnosistechnologies.With its leading network and its experience and expertise, the Company is uniquely positioned to address the underserved radiotherapy and diagnostic imaging services market in China.