Market Trends of Extracorporeal CO2 Removal Devices Industry
Chronic Obstructive Pulmonary Disease (COPD) Segment is Expected to Hold a Significant Market Share Over the Forecast Period
The chronic obstructive pulmonary diseases segment is anticipated to witness significant growth in the market over the forecast period owing to factors such as the increasing cases of chronic obstructive pulmonary diseases among the population.
According to an article published in the European Respiratory Journal, in November 2021, about 36.5 million Europeans were suffering from COPD during the pandemic, and this number is projected to reach 49.4 million by 2050. Additionally, according to an article published in the Annals of Intensive Care in March 2021, it was observed that the newest ECCO2R devices for COPD patients were relatively easy to use as they work with very low blood flow rates and just require the insertion of a tiny double-lumen cannula.
Additionally, according to an article published in ERS Journal in August 2022, it was projected that about 645.6 million people (454.4 million men and 191.2 million women) were expected to have COPD by 2050, representing a 36% relative increase in global prevalence as compared to the previous year. Thus, the prevalence of COPD, a serious public health issue, is expected to rise, especially in emerging countries, which is anticipated to increase the demand for effective devices to remove extra carbon dioxide, hence propelling the segment's growth.
Thus, owing to the abovementioned factors, the studied segment is expected to show considerable growth over the forecast period.
North America is Expected to Have the Significant Market Share Over the Forecast Period
North America is expected to hold a significant market share in the overall market owing to the factors such as the increasing incidences of respiratory disorders such as COPD, asthma, and others, the growing government initiatives, and the presence of a well-developed healthcare system.
The growing burden of respiratory disorders among the population is the key factor driving the market growth in the region. For instance, according to an article published in NLM, in August 2022, it has been observed that acute respiratory distress syndrome (ARDS) affects 3 million patients worldwide and 200,000 people in the United States in critical illness settings, every year. Also, an article published in NLM, in November 2021 stated that chronic lower respiratory disease (CLRD) is the fourth leading cause of death in the United States, approximately 14.8 million people are diagnosed with COPD and more than 25 million people have had asthma every year.
Additionally, the rise in the number of initiatives undertaken by government and non-government organizations is increasing the overall revenue. For instance, CDC's National Asthma Control Program (NACP) provides funds for educating asthma-affected patients. Such initiatives are likely to increase awareness about asthma, which will increase the demand as well as the adoption of inhalers treating asthma, thereby propelling the market growth.
Furthermore, the growing healthcare expenditure and the rising research spending on various respiratory diseases in the region are anticipated to fuel the adoption of extracorporeal CO2 removal devices. This is expected to boost the market growth in the region over the forecast period. For instance, according to the NIH, Estimates of Funding for Various Research, Condition, and Disease Categories (RCDC), in May 2022, about USD 150 million was spent on research for COPD, 2022 in the United States as compared to USD 144 million in 2021.
Moreover, the rising company activities in conducting various clinical trials increase the development of advanced respiratory devices which is also contributing to the market growth. For instance, in March 2021, ALung Technologies, Inc. enrolled 100 patients in the United States-based VENT-AVOID, a randomized, controlled pivotal trial (RCT) studying the avoidance or minimization of mechanical ventilation for the treatment of acute exacerbations of chronic obstructive pulmonary disease (AE-COPD).
Therefore, the rising burden of respiratory diseases and increasing company activities are expected to drive the market in the North American region over the forecast period.
