Extracorporeal CO2 Removal Devices Market Worth $118.6 Million By 2028: Grand View Research, Inc.
SAN FRANCISCO, Oct. 11, 2021 /PRNewswire/ — 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).
Key Insights & Findings:
- 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
Read 150 page market research report, “Extracorporeal CO2 Removal Devices Market Size, Share & Trends Analysis Report By Application (ARDS, COPD), By Access (Venovenous, Arteriovenous), By End Use (ASCs, Clinics), By Product, And Segment Forecasts, 2021 – 2028“, by Grand View Research
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.
Grand View Research has segmented the global extracorporeal CO2 removal devices market on the basis of product, application, access, end use, and region:
- Extracorporeal CO2 Removal Devices Product Outlook (Revenue, USD Million, 2016 – 2028)
- Extracorporeal CO2 Machines
- Extracorporeal CO2 Removal Devices Application Outlook (Revenue, USD Million, 2016 – 2028)
- Bridge to Lung Transplant
- Extracorporeal CO2 Removal Devices Access Outlook (Revenue, USD Million, 2016 – 2028)
- Extracorporeal CO2 Removal Devices End-use Outlook (Revenue, USD Million, 2016 – 2028)
- Ambulatory Surgical Centers (ASCs)
- Extracorporeal CO2 Removal Devices Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Key Players of Extracorporeal CO2 Removal Devices Market
- Getinge AB
- Xenios AG
- Alung Technologies
- ESTOR SpA
- Medica SpA
- Aferectica Srl
Check out more studies related to respiratory disease diagnostic & treatment devices, conducted by Grand View Research:
- Extracorporeal Membrane Oxygenation Machine Market – The global extracorporeal membrane oxygenation machine market size was valued at USD 202.6 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.1% from 2021 to 2028. The rising incidence of cardiopulmonary disease and respiratory failure is one of the key drivers of the market.
- Nasal Cannula Market – The global nasal cannula market size was valued at USD 6.6 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.5% from 2021 to 2028. The factor attributing extensively to the growth of the market is the rise in the prevalence of respiratory diseases worldwide.
- Respiratory Disease Testing Market – The global respiratory disease testing/diagnostics market size was valued at USD 5.0 billion in 2016 and is expected to grow at a CAGR of 3.3% over the forecast period. Constantly rising incidence of respiratory diseases owing to escalating air pollution levels is the prime factor driving the growth of the market.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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