Extracorporeal CO2 Removal Market Key Developments with Forecast until 2025
High prevalence of respiratory diseases, increase in number of surgical procedures, rapidly aging population, tobacco use in emerging markets, and surge in demand for technologically advanced products are the key drivers of the global Extracorporeal CO2 Removal Market. According to the World Health Organization, prevalence of chronic obstructive pulmonary disease (COPD) was 251 million in 2016. Awareness programs for respiratory disease, increase in health care expenditure, and merger & acquisition activities are the other factors propelling the global extracorporeal CO2 removal market. However, stricter regulation and lack of awareness among people is expected to restrain the global extracorporeal CO2 removal market.
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The global extracorporeal CO2 removal market can be segmented based on product type, access type, application, end-user, and region. In terms of product type, the market can be classified into extracorporeal CO2 machines and access cannulae. Based on access type, the global extracorporeal CO2 removal market can be bifurcated into veno-venous access and arterio venous access. In terms of application, the market can be categorized into chronic obstructive pulmonary disease (COPD), thoracic surgery, bridge to transplant, and acute respiratory distress syndrome. In terms of end-user, the global extracorporeal CO2 removal market can be divided into hospitals, surgery centers, and others
Geographically, the global extracorporeal CO2 removal market can be segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America dominates the global market due to technological advancements, high health care expenditure, and large population with chronic obstructive pulmonary disease (COPD).
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According to the American Lung Association, approximately 200,000 acute respiratory distress syndrome cases are reported each year in the U.S. Increase in consumption of tobacco and rise in geriatric population make Europe the second-largest market for extracorporeal CO2 removal. Tobacco use is the leading cause of death and disease in the region. According to the World Health Organization, Europe has the highest prevalence of tobacco smoking among adults and some of the highest prevalence of tobacco use by adolescents. The market in Asia Pacific is expected to expand at a high growth rate during the forecast period due to rapid population growth, boom in medical tourism, increase in health care insurance coverage, and rise in number of people with respiratory diseases. Chronic obstructive pulmonary disease (COPD) In India are underdiagnosed and undertreated. It is likely to be the third leading cause of death by 2020.
Major players operating in the extracorporeal CO2 removal market include ALung Technologies, Inc., XENIOS AG (Nova Lung GmbH), Getinge AB, and Medos Medizintechnik AG Company.
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