The cryosleep market is estimated to be valued at US$ 3.18 Bn in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The cryosleep market involves providing cryopreservation services that deep freeze the body for long periods of time in hopes of future revival and medical treatment when new technologies are developed. Cryosleep preservation involves reducing the body temperature to below -130 degrees Celsius so that all biological functions can be stopped or dramatically slowed down. This allows for preservation of the body for decades or even centuries until resuscitation may be possible through advanced medical nanotechnology. The cryosleep technology has applications for medical procedures, life extension, and space travel preservation.
Market Dynamics:
The increasing prevalence of obesity and obesity-related diseases is a key factor driving growth of the Global Cryosleep Market. According to WHO, worldwide obesity has nearly tripled since 1975 and around 39% of adults aged 18 years and over were overweight in 2016. Rising obesity increases the risk of various chronic diseases like diabetes, cardiovascular diseases, cancers and other disabilities which make future medical treatments essential. This is increasing investments for cryosleep technology development. Additionally, growing interest of the global population towards life extension is encouraging R&D for resuscitation techniques, thus boosting adoption of cryosleep services over the forecast period.
SWOT Analysis
Strength:
Cryosleep market has witnessed significant developments in the past few years which has increased its market growth potential. Cryosleep provides an option for people who are terminally ill to preserve themselves. The procedure allows the diseased to be revived in future when advanced treatment options will be available. The process also finds significant applications in organs preservation which can help address shortage of organs for transplantation.
Weakness:
Cryosleep procedure is still an emerging technique and long term effects are still not proven. There are still scientific and legal uncertainties associated with the process which restricts its widespread adoption. Cryosleep procedure is also an extremely expensive process which limits its reach only to high net worth individuals. Procedure requires advanced equipment and facilities which increases overall costs.
Opportunity:
Growing prevalence of terminal diseases and increasing life expectancy is driving demand for advanced treatment options like cryosleep. Rapid advancement in regenerative medicine and nanotechnology offers hope for better revival chances in future which is attracting more customers. Addressing organ shortage through cryosleep procedures also present an opportunity for market growth. Increasing investment in R&D for improving safety and efficacy of process can help address current limitations.
Threats:
Stringent regulatory norms associated with human cryosleep poses challenges. Procedure also faces ethical concerns and legal issues related to ownership rights after revival. Lack of proven long term safety and efficacy data restricts insurance coverage limiting customer base. Emergence of alternative treatment options can disrupt cryosleep market growth. Operational challenges like equipment malfunctions and human errors during complex procedures pose reliability threats.
Key Takeaways
The global cryosleep market is expected to witness high growth, exhibiting CAGR of 22% over the forecast period, due to increasing prevalence of terminal diseases. The market size for cryosleep is expected to reach US$ 3.18 Bn by 2023.
Regional analysis
North America dominated the cryosleep market in 2020 and is expected to maintain its lead throughout the forecast period owing to availability of advanced treatment facilities and presence of key players in the US and Canada. Asia Pacific exhibits fastest growth surge driven by growing medical tourism coupled with improving healthcare infrastructure and investing in emerging technologies in countries like China and India.
Key players
Key players operating in the cryosleep market are HyperSleep Corporation, CryoLife Innovations, AstraNap Solutions, EternaRest Cryonics, StasisTech Enterprises, NeuroFreeze Inc., FrozeLife Biotech, CryoDream Systems, TimeCapsule Cryogenics, StarHibernation Technologies, FreezeTech Innovations, EonCryo Dynamics, IceBound Ventures, FrozenEra Solutions, CryoRevive Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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