The chest compression is the important part, because it keeps blood with oxygen flowing around the system, and there is a lot of oxygen in the blood.
Years ago, doctors may the extraordinary discovery that a “pulsed” movement of blood around the body was unnecessary, as long as there was oxygenated blood flow.
A recent discovery is of gas-filled microparticles that can be injected directly into the bloodstream to quickly oxygenate the blood. It can only be used for 15 to 30 minutes to keep the blood oxygenated, as long as the blood flows, but that can be a very long time.
There is also now an automatic chest compression machine, that maximizes blood flow to critical parts of the body like the brain (video).
So it seems that these two things, combined together, would be just what is needed in emergency circumstances.
If someone could devise a cheap oxygen ventilation system to fill the lungs with oxygen, and maybe integrate a defibrillator into the chest compression machine, they would really be getting somewhere.
“If someone could devise a cheap...”
I did try to a devise cheap emergency respirator system once. I had good opinions about the devise from doctors and medical providers. The army even said nice things about it but their developement funds were allocated elsewhere. I stopped developement due to my costs.
Medical devises developement costs are not as bad as drugs but it’s still a cost versus return process.