The global Extracorporeal CO2 Removal Devices Market size is estimated to reach USD 118.64 million by 2028, registering a CAGR of 5.27% over the forecast period, according to a new report by Grand View Research, Inc. Technological improvements have changed extracorporeal techniques for CO2 removal in a promising manner to avoid respiratory failure, worsening respiratory acidosis, and to possibly shorten or prevent the duration of invasive mechanical ventilation in patients with exacerbation of asthma and Chronic Obstructive Pulmonary Disease (COPD).
Extracorporeal CO2 removal devices are considered to be an efficient therapy for patients suffering from hypercapnia respiratory failure and may allow clinicians as well as healthcare professionals to improve lung-protective ventilation. These devices can remove adequate CO2 to allow a 50% reduction in alveolar minute ventilation resulting in a substantial reduction in PaCO2. Hence, various advantages associated with these devices are expected to augment the overall market growth.
Extracorporeal CO2 removal devices are effective, safe, and feasible. The usage of these tools in ventilation support has been suggested in clinical situations where they may be useful, including exacerbation of COPD and Acute Respiratory Distress Syndrome (ARDS). The increasing prevalence of COPD across the globe is predicted to accelerate market growth. According to the British Lung Association, around 1.2 million people are diagnosed with COPD in the U.K.
Several manufacturers in the market are focusing on developing technologically advanced and innovative devices to strengthen their industry position. For instance, in November 2015, Alung Technologies received an Expedited Access Pathway (EAP) from the FDA for its Hemolung Respiratory Assist System (RAS). In February 2016, Alung Technologies received USD 12 million financing from existing as well as new investors. This financing helped in the commercialization of Hemolung RAS.
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Extracorporeal CO2 Removal Devices Market Report Highlights
- Extracorporeal CO2 machines held the largest revenue share of the global market in 2020 owing to the availability of a wide range of devices
- The COPD application segment accounted for a significant revenue share of the global market in 2020
- The venovenous access segment is expected to account for the largest share by 2028 due to advantages, such as decreased invasiveness, and potential for the early mobilization of patients
- The hospitals end-use segment is estimated to have the fastest CAGR over the forecast period due to the rising number of hospitals in developing economies and increasing competition in healthcare service providers
- North America held the largest market share in 2020 and is anticipated to maintain its dominance over the forecast period
- This is attributable to the growing prevalence of COPD & ARDS and the increasing adoption of advanced devices