by Cryosleep refers to the process of cryopreserving humans with the goal of being revived in the future when repair technologies are advanced. Cryopreservation involves freezing the brain or entire body to extremely low temperatures while preserving the viability of delicate tissues and organs. Cryosleep helps preserve humans for centuries until technologies are developed for repairing all destructive biological aging.
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 key trends:
The increasing number of cryopreservation procedures is expected to be a major trend propelling the growth of the cryosleep market over the forecast period. Cryopreservation or cryostasis is increasingly gaining prominence and more people are opting for preservation of their bodies or brains in the hope of medical advancements that can revive them in future. According to a report by Cryonics Institute, over 250 people signed up for cryopreservation in 2020. Most of these procedures were carried out in United States which is a major market for cryopreservation currently. Moreover, factors like rising disposable income globally is also expected to fuel market growth as cryopreservation procedure costs range from $28,000 to $200,000 currently.
SWOT Analysis
Strength: Cryosleep offers promising treatment for currently incurable diseases. It allows patients to be preserved until a cure is found.
Weakness: The technology is still in development phase and not proven to be 100% safe or reversible. High costs associated make it unaffordable for most.
Opportunity: Rising demand for life extension therapies presents an opportunity for cryosleep to emerge as viable option. Technological advancements can help address current limitations.
Threats: Strict regulations slow down research progress. Public skepticism around the concept pose adoption challenges. Alternative emerging therapies can compete away patients.
Key Takeaways
Global Cryosleep Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional Analysis: The United States accounts for the largest share followed by key European markets. However, Asia Pacific region is expected to emerge as the fastest growing market led by countries like China and India. Rapid economic development and rising healthcare expenditures are favoring market growth in the region.
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. Majority of these players are based in North America and focusing on advancing the technology through research and partnerships. Collaborations between Industry players and academic institutions will be critical to address challenges and gain regulatory approvals.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
