Extracorporeal CO2 Removal Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030
Extracorporeal CO2 Removal Devices Market: Overview
The extracorporeal CO2 removal devices market is projected to experience growth opportunities in the upcoming years. The increasing incidents of Chronic Obstructive Pulmonary Disease (COPD) and Acute Respiratory Distress Syndrome (ARDS) have led to the introduction of new products to vitalize blood flow and for effective gas exchange. The rising number of regulatory product approvals for different extracorporeal removal equipment during the COVID-19 pandemic has helped different key players to increase sales avenues in the extracorporeal CO2 removal devices market.
The sudden outbreak of the COVID-19 due to novel coronavirus has developed a severe health problem and resulted in the death of thousands of people across the world. The respiratory manifestation has been one of the key clinical characteristics of the disease. Around 15-20% of the suspected and confirmed required mechanical ventilation. These patients have developed severe hypoxemia. All these factors have actually led to the increased application of extracorporeal CO2 removal devices during the COVID-19 pandemic. Owing to these factors, there is a significant increase in the demand opportunities in the market.
Extracorporeal CO2 Removal Devices Market: Key Trends
The rising demand for these extracorporeal CO2 removal devices has been estimated to develop expansion opportunities in the market during the forecast period. A significant number of technological advancements are taking place in the field of extracorporeal CO2 removal devices field. These market strategies have reduced the size and complexities of these medical and healthcare devices. Different technological advancements have actually made the application of these extracorporeal CO2 removal devices convenient and feasible. On the back of these initiatives, the extracorporeal CO2 removal devices market is likely to boost growth opportunities.
The extracorporeal CO2 removal devices are commonly used for patients with COPD exacerbation. Further, these medical devices also find application for the patients that are suffering from ARDS. These devices are helpful for the elimination of CO2 from blood and also help to fight against the adverse effects of hypercapnia and related acidosis. As per the data provided by the World Health Organization, COPD is considered the third leading reason for death across the world. Owing to these healthcare concerns, the extracorporeal CO2 removal devices market has been estimated to experience significant growth opportunities in the forthcoming years.
Extracorporeal CO2 Removal Devices Market: Competitive Dynamics and Key Developments
The key players operating in the extracorporeal CO2 removal devices market have been adopting different strategies to bolster growth opportunities in the forthcoming years. Collaborations, partnerships, acquisitions, product approvals, and novel product launches are some of the key strategies that are adopted by the key companies to create growth avenues in the market.
For instance, Alung Technologies has announced the commercial development of next-generation artificial lungs in May 2020. Hemolung Respiratory Assist System extracorporeal CO2 removal devices have been manufactured for this therapy.
Some prominent players in the global extracorporeal CO2 removal devices market include:
Extracorporeal CO2 Removal Devices Market: Regional Assessment
The extracorporeal CO2 removal devices market is spread across different geographical locations across the globe including North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Among these regions, the Asia Pacific region has been estimated to register the fastest market growth during the forecast period. This market growth is on the back of growing healthcare expenditure by the government bodies in developing nations. Further, increasing awareness about acute respiratory failure and the presence of a large patient pool are some of the other factors that are likely to bring prospects in the regional market. In addition to this, extracorporeal CO2 removal devices are quite successful during respiratory surgeries.
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