Healthcare Technology Featured Article

May 11, 2017

Baby Boomers Shaping Healthcare Technology Development

America is greying, say many reports. The average age of an American is on the rise, and with the baby boomer generation about to retire in fairly large numbers, that's going to bring a lot of change with it to the United States. One such change is already being seen in the field of healthcare technology development, and a new study from Infiniti Research shows just how much change is afoot.

One of the biggest changes will be a huge new demand for intensive care unit (ICU) and operating room systems, which is set to grow at a compound annual growth rate (CAGR) of 7 percent through 2020. With steadily growing numbers of baby boomers entering surgical suites for one reason or another, and more potential types of surgery available, the end result is a huge new demand for the materials to stock these operations. The growth of other markets connected to this, like Internet of Things (IoT) devices and devices that spark telehealth options, are likely also to see some—if not so pronounced—gain.

That's good news for those who make such tools, but there are also some challenges ahead. The rapidly-changing regulatory field makes advance prediction of trends difficult; what may be a trend today could be a felony tomorrow, so market intelligence systems are actually proving valuable here in a bid to better note what will be worth pursuing, and what won't.

One excellent example saw Infiniti Research address market intelligence directly as a client in the operating room and ICU equipment field sought information on the overall market. Infiniti allowed that client to see the current market size and layout, as well as potential growth opportunities. The client then had access to several new potential markets, ultimately resulting in the number of ICU and operating room beds currently available in India.

Essentially, this is a market that's about to be very big, and based on current reports, may never be this big again. The baby boomer generation didn't exactly have much of a baby boom itself, some reports note, and the subsequent generations haven't been in a rush to reproduce. Whether it's lifestyle decisions, economic factors, or any combination therein, America is greying, and that means big potential in the surgery markets. With older people generally needing more surgery than the young, and more types of surgery becoming available and federally-backed health insurance in Medicare kicking in, that means more opportunity in medical supply.

All these factors combined suggests big gains afoot in the healthcare field, all thanks to a greying America. Future markets, however, may not be so vibrant.

Edited by Alicia Young
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