At the moment, there are more than 65 million people over the age of 70 in the United States.

As that number has grown, we’ve seen demand increase for better medical treatments, medications, and even medical devices.

That’s why the medical device market rocketed to $51.2 billion in 2017, and the market could reach $674.5 billion by 2022.

“With long life expectancy and emerging economies’ increasing expenditure on healthcare, there is an increased demand for technologically superior medical devices,” notes 24x7 Magazine, Solutions for Healthcare Technology Management.

Surging demand is the reason we’ve seen sizable moves in related stocks.

LabCorp (LH), for example, is one of the world’s leading diagnostics firms.  It operates its own network of medical laboratories, providing services like blood tests, urinalyses, and at-home testing kits.

Its stock ran from $120 to $173 in the last two years.

Or look at Boston Scientific (BSX), which manufactures medical devices such as pacemakers, catheters, and stents.  This stock shot from $16 to $37 in the last two years.

As America’s baby boomers age, medical-related stocks should continue to climb.

The Cheap Investor recommended this stock at just $2.66 in April 2017.

Small cap stock, Bovie Medical Corporation (BVX) produces J-Plasma, a patented surgical product marketed and sold under the Renuvion Cosmetic Technology brand in the cosmetic surgery market.

At the time of our recommendation, the stock had $14.5 million ($0.47 per share) in cash, a book value of $0.85 and plenty of institutional interest.  Revenue and net losses were showing considerable improvement, too.

Recently BVX soared to $7.27 for a potential return of 173%.

Interestingly, Dougherty & Company analysts just upgraded Bovie Medical to a buy rating with an $11 price target.  The firm notes that Bovie Medical’s big opportunity is in its thermal skin resurfacing to remove wrinkles.

Analysts at JMP Securities raised its price target from $6 to $8.50, as well.

The best part is, thanks to swelling demand, second quarter revenue came in at $11.5 million, up 17% year over year.  Adjusted EBITDA was $300,000 as compared to an adjusted EBITDA loss of $900,000 year over year.

We may see even more improvement going forward.  Stay tuned to The Cheap Investor for more.