April 12, 2024
cryosleep market

Cryosleep is poised for growth driven by increasing life expectancy

The cryosleep market provides cryopreservation services that involve freezing a human body or body parts with the intent of future revival, once medical advances allow the ailments to be treated. Cryopreservation technology has enabled the long-term storage of tissues and organs for future usage. The global cryosleep market is experiencing increased demand as the rising geriatric population seeks ways to extend human lifespan. The technology allows people with terminal or currently untreatable medical conditions to preserve their body or brain with the hope that future science and technology may be able to revive them.

The Global Cryosleep Market is estimated to be valued at US$ 3.67 Bn in 2024 and is expected to exhibit a CAGR of 8.9% over the forecast period from 2024 to 2030.

Cryopreservation finds applications in fields like stem cell banking, fertility preservation and organ transplantation. It plays a vital role in saving lives by preserving tissues and organs for future use. The growing concerns regarding increasing life expectancy and prevalence of terminal diseases are propelling the growth of cryosleep services.

Key Takeaways
Key players operating in the cryosleep market are Ipsen Pharma, Allergan, Acorda Therapeutics, Inc., Merz Pharma, Teva Pharmaceutical Industries Ltd., Novartis AG, Sun Pharmaceutical Industries Ltd., Beximco Pharmaceuticals Ltd., Johnson & Johnson Private Limited, Zydus Cadila, F. Hoffmann-La Roche Ltd., and Elite Pharmaceuticals Inc.

The rising global geriatric population expanding at an accelerated rate has increased the life expectancy significantly but also the cases of terminal illnesses. This has augmented the demand for cryopreservation techniques aimed at life extension.

Major players in The Cryosleep Market are expanding their global footprint by entering emerging economies of Asia Pacific and Latin America witnessing high demand for advanced medical technologies. Strategic agreements with local players help them establish storage facilities and service centres in regional markets.

Market key trends
The trend of increasing investment in biomedical research focused on developing techniques for organ regeneration is driving advances in cryosleep science. Significant progress is being made in areas like 3D bioprinting of tissues and stem cell therapy which can facilitate organ replacement post revival. This offers renewed hope for terminal patients to survive devastating diseases through cryopreservation.

Porter’s Analysis
Threat of new entrants: New companies find it difficult to enter this market due to high initial setup costs.
Bargaining power of buyers: Buyers have low bargaining power in this market as there are few alternatives available for cryosleep procedures.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated products and technologies required.
Threat of new substitutes: Threat of new substitutes is low as cryosleep still remains the most viable option for conditions where alternatives are limited.
Competitive rivalry: Intense competition exists between key players to gain greater market share.

Geographically, North America holds the largest share of the cryosleep market currently. This is attributed to factors such as high disposable income, strong healthcare infrastructure, and growing incidence of cryosleep-treatable conditions. The Asia Pacific region is expected to witness the fastest growth during the forecast period. This can be accredited to increasing penetration of cryosleep providers in Asian countries and expansion of healthcare expenditures.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it