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By Jim Woods and Paul Carton
The '70s TV show, "The Six Million Dollar Man," followed the adventures of a man who was "rebuilt" in a clandestine medical procedure after being injured in a plane crash.
In the show, the main character's right arm, left eye and both legs were replaced by "bionic" implants that enhanced his strength, speed and vision beyond that of most humans.
It was practically all fiction back then, but today cardiac implants, joint-replacement devices and other "bionic" limbs are readily available. And, according to a recent ChangeWave survey, they're increasingly popular -- particularly among baby boomers.
A February ChangeWave survey of 148 doctors involved with "bionic" devices looked at current and predicted future demand for several technologically advanced products.
'Bionic' Boomers
Today, when a limb or organ no longer functions properly, an increasingly popular option is to replace it with a "bionic" device.
We asked our panel of doctors which types of devices will experience the largest surge in demand during the next 12 months. Fifty percent cited joint repair and replacement devices.
Joint-replacement manufacturers Stryker (SYK) and Zimmer (ZMH), and cardiac device-maker Medtronic (MDT) were the top firms expected to benefit from the growth in demand.
"Medtronic recently purchased multiple patents and technology from Biophan Technologies with regards to MRI-safe pacemaker and pacemaker leads," writes one Alliance member. "Aging baby boomers who require pacemakers and defibrillating implants significantly benefit from devices that also allow for MRI scanning."
Stryker and Zimmer offer a variety of custom products and solutions that simplify joint-replacement surgeries and are well-positioned to capitalize on this trend.
As another respondent writes, "Joint-replacement items are becoming more specific for the patient's particular problem, requiring less-complicated surgeries." This fits right into Stryker's and Zimmer's sweet spots.
New Breakthroughs
Joint repair and replacement devices and prosthetic limbs top the list of devices most likely to experience technology breakthroughs going forward.
Dental implants and devices, vision-correction devices, and spine and back repair and replacement devices also received significant mention.
Another positive sign for the growth of "bionic" devices is that 31% of doctors think insurance companies and other payers will be more willing to reimburse healthcare providers for these devices during the next 12 months. Only 18% said they think insurance companies will be less willing.
According to our survey results, the baby-boomer generation is set to go bionic. Not only will it not cost $6 million, but insurance companies appear increasingly willing to pick up the tab.
Paul Carton is the Research Director of the ChangeWave Alliance. Jim Woods is ChangeWave's Senior Editor. The Alliance is a network of 15,000 highly qualified business, technology and medical professionals in leading companies of select industries. The Alliance is surveyed weekly on a wide range of business and investment research and intelligence topics.