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Baby Boomers Go BionicCopyright © 2008-2009 Paul CartonThose of us old enough to remember the 1970s TV show “The Six Million Dollar Man,” recall it was about a guy who was “rebuilt” in a high-tech medical procedure after being seriously wounded in an airplane crash. The show’s main character had his right arm, left eye and legs replaced by “bionic” body parts that advanced his speed, vision and strength far beyond that of mortal humans. At the time it was nearly all fiction, but today joint replacements, cardiac implants, and other “bionic” limbs and devices are readily available. And based on a recent ChangeWave survey they’re becoming increasingly popular - especially with baby boomers. The February survey of 148 doctors involved in the medical devices market focused on current and future demand trends for cardiac implants, joint replacements and other types of medical products that repair and correct the body. “Bionic” Boomers Today, when a limb or organ no longer functions properly, one increasingly popular option is to replace it with a “bionic” device - i.e., a mechanism that uses electronic or mechanical components to enhance or replace damaged body parts. We asked our panel of doctors which types of devices will experience the largest growth in demand over the next 12 months. Little wonder, with the aging of the baby boomers, that one-in-two (50%) believe that it’s Joint Repair/ Replacement devices. “I’m old enough to remember the 1970s TV show The Six Million Dollar Man,” said Tobin Smith, founder of ChangeWave and editor of ChangeWave Investing. “And while we aren’t quite there yet in terms of bionic technology, the fact that many aging baby boomers are looking for knee and hip replacements translates into big gains not only for the technology in general, but also for the companies specializing in this sector.” Which companies are expected to benefit most from this growth in demand for bionics? Joint Replacement manufacturers Stryker (SYK) (27%) and Zimmer (ZMH) (20%) were two of the top firms mentioned, along with cardiac device maker Medtronic (MDT) (27%). “Medtronic recently purchased multiple patents and technology from Biophan Technologies with regards to MRI-safe pacemaker and pacemaker leads,” according to respondent WPW6938. “Aging baby boomers that require pacemakers and defibrillating implants will benefit from devices that also allow for MRI scanning to be done.” Manufacturers Stryker and Zimmer offer a variety of custom products and solutions that help to simplify joint replacement surgeries. They are well positioned to capitalize on the growing momentum for bionic devices. As respondent MAG02539 points out, "Joint replacement solutions are becoming more specific for the patients' particular problem, requiring less complicated surgeries." New Medical Breakthroughs Which types of devices are most likely to experience new technology breakthroughs over the next 12-24 months? Joint Repair/Replacement Devices (31%), along with Prosthetic Limbs (30%) head up the list of devices most likely to experience technology breakthroughs going forward. Dental Implants (25%), Vision Correction Devices (23%) and Back/ Spine Repair and Replacement solutions (21%) also received significant mention. In a highly positive finding for the growth of bionic devices, 31% of doctors think insurance companies and other payors will be More Willing to reimburse healthcare providers for these devices over the next 12 months. Only 18% think they will be Less Willing. So, is the baby boomer generation set to go “bionic”? Yes, according to the ChangeWave survey results. And not only won’t it cost six million dollars, but insurance companies appear increasingly willing to pick up the tab. About The Author:
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