Extracorporeal Co2 Removal Market Estimated to Record Highest CAGR by 2024
Transparency Market Research (TMR) has published a new report titled, “Extracorporeal CO2 Removal Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global extracorporeal CO2 removal market was valued at US$ 50.0 Mn in 2017 and is projected to expand at a CAGR of 6.0% from 2018 to 2026. Rise in demand for innovative technologies and adoption of ECCO2R devices is expected to boost the growth of the global extracorporeal CO2 removal market from 2018 to 2026. North America and Europe are anticipated to dominate the global market during the forecast period owing to early availability of novel medical technologies, developed health care infrastructure, and increased patient awareness. Asia Pacific is expected to account for significant market share by 2026. This is attributed to large chronic obstructive pulmonary disease (COPD) and acute respiratory distress syndrome (ARDS) patient base in developing countries such as China and India. Rise in adoption of technologically advanced products manufactured by key manufacturers such as ALung Technologies and Xenios AG is likely to drive the global ECCO2R market.
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Rise in Demand for Minimally Invasive Ventilation to Drive Market
ECCO2R technique is widely used to avoid invasive mechanical ventilation, especially in patients failing non-invasive ventilation. It also has a feasible therapeutic application to facilitate mechanical ventilation in ARDS patients. ECCO2R can be a promising adjuvant therapeutic strategy for the management of patients with severe exacerbations of COPD and to achieve protective or ultra-protective ventilation in patients with ARDS without life-threatening hypoxemia. Rise in demand for minimally invasive ventilation is anticipated to propel the extracorporeal CO2 removal market during the forecast period. Over invasive mechanical ventilation extracorporeal life support offers safer simpler respiratory applications with veno-venous support and biocompatible membranes.
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Gas Exchange Units Segment Leads the Market
The report offers detailed segmentation of the global extracorporeal CO2 removal market based on product and end-user. In terms of product, the disposables segment is projected to account for leading share of the global market during the forecast period from 2018 to 2026. Extracorporeal carbon dioxide removal (ECCO2R) devices include disposables, which are used per case per patient basis. Gas exchange units are also called oxygenator/cartridges. These play an important role in effective CO2 removal. Access cannulas are also integral part of ECCO2R procedure. Factors attributed to the higher share of the disposables segment of the global market include high demand for and consumption of disposables in extracorporeal CO2 removal procedures.
Hospitals Segment Dominates the Market
The hospitals segment is projected to account for a significant share of the global extracorporeal CO2 removal market during the forecast period. The segment is anticipated to expand at a CAGR 6.0% from 2018 to 2026. Major reason responsible for the dominance of hospitals segment such as COPD & ARDS are life threatening diseases that require immediate care. Therefore, increase in number of hospital visits and rise in prevalence of COPD and ARDS are expected to boost the hospitals segment during the forecast period. The surgical centers segment is projected to hold substantial share of the global extracorporeal CO2 removal market during the forecast period. Surgical centers are well-equipped with sophisticated instruments; hence people in developing and underdeveloped countries prefer these settings.
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Significant Incremental Opportunity in North America
In terms of revenue, North America is likely to continue to dominate the global extracorporeal CO2 removal market during the forecast period, owing to early adoption of technologies and large patient pool of COPD and ARDS. The region is projected to be the most attractive market for extracorporeal CO2 removal devices, with high attractiveness index. The market in the region is expected to expand at a CAGR of 6.0% during the forecast period due to high demand for novel medical technologies. Increase in prevalence of chronic respiratory diseases and surge in demand for rapid and safe minimally invasive ventilation devices have accelerated the growth of the extracorporeal CO2 removal market in North America.
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Highly Consolidated Market, with Key Players Accounting for Over 50.0% Share
The report also provides profiles of leading players operating in the global extracorporeal CO2 removal market. ALung Technologies, Inc., Xenios AG, Estor S.p.A., Medtronic plc, Medica S.p.A., and Getinge Group are the major players operating in the market. These players offer products with proprietary technologies, for example ALung Technologies offers proprietary products such as Hemolung RAS. Several key companies have recently introduced analytical instruments that can carry out rapid analysis in near-patient settings. Novalung is core technology platforms offered by the Xenios AG include blood extracorporeal CO2 machines, artificial lungs, temperature control, vascular access devices, and biocompatible surface.
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