Extracorporeal CO2 Removal Devices Market Size to Surpass USD 162.57 Million by 2033
As per the report from nova one advisor, the global extracorporeal CO2 removal devices market size was exhibited at USD 78.15 million in 2023 and is projected to hit around USD 162.57 million by 2033, growing at a CAGR of 7.6% during the forecast period 2024 to 2033.
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?The rise in the prevalence of acute respiratory distress syndrome (ARDS) and chronic obstructive pulmonary disease (COPD) disorders has led to the introduction of novel products for vitalizing blood flow and efficient gas exchange. Increasing product approvals by regulatory bodies for several extracorporeal removal devices during the COVID-19 pandemic helped various market players to increase their product sales. For instance, in April 2020, Alung Technologies received Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration for Hemolung Respiratory Assist System (RAS) used in the treatment of COVID-19.
The COVID-19 pandemic resulted in many fatalities. Respiratory manifestation was one of the main clinical characteristics of this disease, and approximately 15%-20% of confirmed and suspected patients required mechanical ventilation and developed severe hypoxemia. The usage of extracorporeal CO2 removal devices has increased since the emergence of COVID-19. However, the number of extracorporeal membrane oxygenation (ECMO) machines and specific extracorporeal carbon dioxide removal (ECCO2R) devices were in a state of serious shortage for quite a long time during the peak period of the pandemic. With such increasing demand for extracorporeal CO2 removal devices throughout the world, the market witnessed a significant increase in demand.
In recent years, technological improvements and strategies have made it possible to reduce the complexity and size of extracorporeal CO2 removal devices. Such a gradual rise in technological advancements has facilitated the growth in the safety and adoption of these systems. Various technical advancements have permitted extracorporeal CO2 removal devices to become feasible and simple and represent further options for support of patients with severe respiratory ailments and high mortality. Thus, such technological advancements are anticipated to boost the market growth.
Technological advancements in extracorporeal respiratory assist systems have led to improved interest in extracorporeal carbon dioxide removal (ECCOR) devices. For instance, in November 2021, Alung Technologies received a De Novo Clearance for the Hemolung respiratory system. This system is the first ECCO2R device approved by the FDA. Furthermore, in November 2020, X-COR Therapeutics closed an approximately 2.6 million funding round. This company anticipates using these funds to continue developing its products including ECCO2R devices.
Extracorporeal CO2 removal devices are used for treating patients with severe COPD exacerbation and ARDS. Extracorporeal CO2 removal devices eliminate blood CO2 and fight against the adverse effects of hypercapnia and related acidosis. According to the WHO, COPD has been considered the third leading cause of death globally and caused about 3.2 million deaths in 2023. In addition, according to the American Lung Association, more than 11 million people get diagnosed with COPD in the U.S. each year. Thus, rising cases of COPD are estimated to boost the adoption of extracorporeal CO2 removal devices, boosting the market growth.
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Regional Insights?
North America dominated the market and accounted for the largest revenue share of 43.0% in 2023 owing to the increasing demand for extracorporeal CO2 removal devices among healthcare professionals. Improved healthcare infrastructure and high adoption of extracorporeal CO2 removal devices especially during the COVID-19 pandemic across the U.S. and Canada is projected to contribute to North America’s market share. Early adoption of novel technologies, a large patient pool of ARDS and COPD, and increasing occurrence of chronic respiratory diseases is anticipated to accelerate the regional market growth. Rising preference for safe and rapid minimally invasive ventilation devices has accelerated the market growth.
Asia Pacific is anticipated to grow at the fastest CAGR of 8.9% during the forecast period. The presence of a large patient pool, rising awareness regarding acute respiratory failure, and increasing government healthcare expenditure in developing countries such as India and Japan are the factors predicted to accelerate the regional market growth. Favorable government initiatives, as well as the high rate of success for extracorporeal CO2 removal devices during respiratory surgeries, are expected to drive market growth. A huge population base with low per capita income in the Asia Pacific led to a high demand for affordable treatment options. Multinational companies are looking forward to investing in developing countries such as China, anticipating the regional market growth.
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The Europe market is expected to grow at a significant CAGR during the forecast period. Increasing demand for healthcare devices coupled with the rising prevalence of chronic diseases such as respiratory failure in the region are some key drivers for the growing market share of this region. Favorable reimbursement policies, increasing government investment in long-term healthcare, and growing healthcare research infrastructural framework are also boosting the usage rates of extracorporeal CO2 removal devices.
Extracorporeal CO2 Removal Devices Market - Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall Extracorporeal CO2 Removal Devices market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, opportunities, and challenges.
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