Big question is do i need support from my ISP or peer ISP?
Typically, you would use bgpflowspec only within your own network. I'm aware of only one major ISP which is willing to do flowspec with their downstream customers, I have never seen any network which is willing to accept bgpflowspec from their peers.
It's very hard to proper filtering on bgpflowspec between networks, since the filter you set on your network (possibly globally) should only be applied in the upstream networks specifically for your network. Your 'drop all Memcached traffic' bgpflowspec rule should only apply to your IP addresses, not on all traffic carried by your peers or upstreams. The risks of your bgpflowspec rule messing up another network is usually too big to make it a proper solution.
Badly configured bgpflowspec rules can really mess up your own network as well. A long time ago I improved the spamfiltering capabilities of our network drastically by emptying a prefixlist which was used to apply a SMTP filter for spammers. That day I learned the hard way that on Juniper an empty IP prefixlist on a bpgflowspec rule is equal to "match any IP address".
Do i need special equipment to implement?
You need routers which support it. You only tagged this question with Cisco, but of course only specific Cisco models support this. In addition, you can use bgp clients like Exabgp to inject bgpflowspec routes.
Or this service is something only ISP can do and we can use as a customer?
You're not really specific in what kind of network you are operating, what devices and topology you use and and how you're connected to your upstream ISP(s?). At least you need to be running BGP within your network, if not, there's no point in running bgpflowspec. In addition, at least some of the devices need to support bgpflowspec, and these devices should be placed close to all borders of your network, so you can actually block the traffic.