by Cryosleep, also known as cryonic preservation, involves preserving human remains by cooling them to sub-freezing temperatures. The process involves reducing the temperature of the biological tissue of a human body or just the brain to below −130° Celsius. This process potentially suspends physiological activities and thus avoids decomposition of tissues. Cryosleep aims to preserve the brain or the entire human body with the hope that someday in the future, the preserved individual may be revived and restored to health due to future medical advances. The global cryosleep market involves companies providing cryopreservation technology solutions, equipment, services for storing human body or critical biological tissues like stem cells and reproductive cells. The market is driven by the growing demand for long term cryopreservation of stem cells for potential future medical applications.
The global cryosleep Market is estimated to be valued at US$ 3.18 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand for cryopreservation of stem cells is expected to drive the cryosleep market during the forecast period. Stem cell therapy involves extracting stem cells from human tissues like bone marrow, fat tissue, and umbilical cord blood rich in stem cells and preserving them for long term future medical needs by cryopreservation. The increasing number of people opting for umbilical cord blood banking and adipose tissue harvesting for stem cell preservation is fueling the growth of the cryosleep market. Additionally, rising research for clinical applications of stem cells in treatment of diseases like cancer, diabetes, and neurological disorders is boosting investments in developing long term stem cell preservation technologies, thus propelling the cryosleep market growth. The availability of technologically advanced cryopreservation equipment from key players offering superior tissue viability after thawing is creating new opportunities in the market. However, high costs associated with stem cell therapy and cryopreservation may restrain the overall market growth.
Segment Analysis
The global Cryosleep market can be segmented based on service type and end-user. Based on service type, the market is dominated by the cryopreservation service segment owing to the increasing demand of preserving cells and tissues. Some of the major cryopreservation services include stem cells cryopreservation, sperm cryopreservation, egg cryopreservation, embryo cryopreservation, and tissue cryopreservation. The cryopreservation service segment accounts for over 60% share of the overall cryosleep market. Based on end-user, the hospitals and specialty clinics segment holds the largest share as these facilities have advanced cryogenic systems and skilled professionals for cryopreservation.
PEST Analysis
Political: The Cryosleep market is regulated by various regulatory bodies across regions which impacts the growth prospects. For instance, the stem cell cryopreservation regulations vary across countries.
Economic: Rising healthcare spending globally and growing per capita income is fueling the demand for advanced cryopreservation techniques. The projected high CAGR during the forecast period indicates strong economic prospects.
Social: With increasing awareness about reproductive health and rising infertility rates, the demand for egg/sperm/embryo cryopreservation is growing among families. Social media is promoting Cryosleep as a viable anti-aging technique.
Technological: Continuous technological advancements are making cryopreservation procedures safer, easier and more effective. Improved cooling techniques and advanced cryoprotectants are allowing for long-term cryostorage of various cells and tissues.
Key Takeaways
Global Cryosleep Market Size is expected to witness high growth driven by rising preference for fertility preservation and growing medical applications of stem cells.
Geographically, North America dominates the market currently owing to favourable regulations and high medical expenditures. The Asia Pacific region is expected to showcase fastest growth over the forecast period led by countries like China, Japan and India on account of rising healthcare infrastructure, growing medical tourism and increasing patient pool.
Key players operating in the Cryosleep market are Purdue Pharmaceuticals L.P., Titan Pharmaceuticals, Inc., Pfizer Inc., Mallinckrodt, Pfizer Inc., Assertio Holdings, Inc., Par Pharmaceutical, Amneal Pharmaceuticals LLC, Trevena, Inc., Lupin, and Endo Pharmaceuticals, Inc. The companies are focusing on new product launches, partnerships and technology advancements to strengthen their market position. For instance, in 2022 Par Pharmaceutical launched a generic version of Endo Pharmaceuticals’ Percocet tablets.
*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.
