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.
Cryosleep refers to the process of preserving a human or animal subject at extremely low sub-zero temperatures for an indefinite future revival. Cryopreservation uses techniques to freeze biological organs, tissues or cells with a coolant such as liquid nitrogen. The cryopreservation technology aims to suspend metabolism in order to prevent cell death. The key applications of cryosleep technology include regenerative medicine, organ transplants and long-term space travel.
Rising incidence of chronic diseases and increasing demand for organ transplantation around the world is a major driver fueling growth of the cryosleep market. According to the World Health Organization, cardiovascular diseases are the number one cause of death globally, taking an estimated 17.9 million lives each year. Furthermore, growing R&D investments by public and private organizations into cryogenic preservation techniques to enable long term space exploration missions is also supporting market growth. However, high costs associated with cryopreservation technologies and lack of long term viability data are some of the factors that may limit adoption of cryosleep over the forecast period.
The Global Cryosleep Market can be segmented into service, equipment and storage segments. The service segment dominates the market and is expected to continue its dominance over the forecast period. This is because cryonic firms earn significant part of their revenues through their preservation services which range from initial preservation to long term storage and monitoring.
Political: The cryosleep market is currently unregulated in most parts of the world. However, regulations around cryopreservation of human remains are being debated and formulated in some countries and states which can impact the growth of the market.
Economic: The rising per capita incomes and growing acceptance of cryonics among middle and upper class individuals is driving the demand in the cryosleep market. However, the costs associated with cryopreservation services remain prohibitive for many.
Social: Earlier cryonics was considered a fringe science. However, growing scientific advancements and success stories of organizations are making it more socially acceptable now. More people are opting for it for longevity and to stay optimistic about future medical technologies.
Technological: Significant technological advancements have been witnessed in the field of cryopreservation over last few decades. Improved vitrification solutions, more reliable cryostats and monitoring systems have increased the viability of patients and reduced risks of damage during cryopreservation.
The global Cryosleep market is expected to witness high growth, exhibiting a CAGR of 22% over the forecast period, due to increasing scientific validations and success stories showing revived cryopreservation patients. The market size is estimated to reach US$ 13.2 Bn by 2030 from US$ 3.18 Bn in 2023.
North America dominates the cryosleep market currently due to presence of major cryonics firms and high acceptance of the technology among people in the region. The Asia Pacific region is expected to witness fastest growth over the forecast period supported by entry of new players, rising disposable incomes, and expanding tourism sector in the region attracting people for cryopreservation.
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 expanding their storage and research facilities to serve the growing customer base.