by 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 products and services related to cryosuspension or cryopreservation of humans with an intention to resume them at some point of time in the future. Cryosleep offers the possibility to cure currently incurable diseases and repair damage caused by aging. Cryonic preservation allows preservation of humans for extended periods, aiming to revive them when new technologies are developed.
Market key trends:
One of the key trends driving growth of the Global Cryosleep Market is miniaturization of cryo-units. Earlier cryo-units were bulky and required dedicated cryogenic facilities to perform cryopreservation. However, with advancements in cryogenic technologies, cryo-units have witnessed substantial miniaturization. Devices such as KryoLifeOne developed by KryoLife are compact cryo-units around the size of dorm room refrigerator that can perform full body cryopreservation. Miniaturized cryo-units allow cryopreservation at residential locations and their portability eases transportation of patients. This growing accessibility is contributing to increased acceptance of cryosleep procedures.
Porter’s Analysis
Threat of new entrants: The cryosleep market requires high initial investments which act as a barrier for new players. Established players have strong brand loyalty which new entrants find difficult to overcome.
Bargaining power of buyers: Buyers have moderate bargaining power due to the specialized nature of cryosleep services and lack of substitutes. Switching costs for buyers are also high.
Bargaining power of suppliers: Suppliers of cryogenic equipment and technologies have moderate bargaining power due to the specialized nature of their products and services. However, the presence of multiple technology suppliers balances out their power.
Threat of new substitutes: There are no viable alternatives to cryosleep technology currently. Traditional methods for preserving the human body like embalming are not comparable to cryopreservation.
Competitive rivalry: The cryosleep market is dominated by a few large players and competition is expected to intensify with growing commercialization of the technology.
SWOT Analysis
Strength: Cryosleep offers the potential for indefinite life extension and a possible cure for currently incurable diseases. The growing acceptance of radical life extension technologies also works in its favor.
Weakness: Cryosleep is an expensive procedure and remains unproven for long term preservation of the human body. Reviving cryopreserved patients also poses technical challenges. Regulations currently limit its application to terminal patients.
Opportunity: Growing gerontology research, rising healthcare spending in emerging markets, and an aging global population indicate a huge potential customer base. Commercialization of cryosleep tourism can boost demand.
Threats: Strict laws may hinder full commercialization. Technical difficulties in long term cryopreservation pose viability threats. Public skepticism towards the technology also acts as a restraint.
Key Takeaways
The global cryosleep market is expected to witness high growth, exhibiting CAGR of 22% over the forecast period, due to increasing acceptance of radical life extension technologies. North America currently dominates the market due to presence of major players and higher healthcare spending. The Asia Pacific region is expected to be the fastest growing market for cryosleep due to rising disposable incomes, an aging population, and expansion of private healthcare in countries like China, India and Japan.
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. These players are focusing on improving technologies, expanding applications, and raising funds to accelerate commercialization of cryopreservation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
