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| Global Cryosleep Market |
The global Cryosleep Market is estimated to be valued at US$ 3.18 Bn or 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 preservation of humans and animals by cooling
their bodies to sub-zero temperatures. The procedure involves cooling the body
to very low sub-zero temperature, usually around -196°C to suspend biological
activities. At these extremely low temperatures, any biological activity such
as cellular metabolism and degeneration of tissues is almost undetectable. The
main products in the cryosleep market include cryopreservation equipment,
cryogenic vats, cryogenic gas, warmers, and medical devices like bio-sensors.
The cryosleep technologies offer benefits such as life extension and hope of
future treatment or cure of patients with currently incurable diseases.
Market key trends:
One of the major trends driving growth in the Global
Cryosleep Market is growing demand from patients with cancer, neurodegenerative
diseases, and rare genetic disorders with no cure. Such patients opt for
cryopreservation hoping for future treatment or cure with advancements in
medicine. Another key trend is increasing R&D investments by
cryopreservation companies to develop newer and safer techniques for whole-body
preservation at sub-zero temperatures over longer periods. Researchers are also
working on using tissue vitrification instead of ice crystallization for
cryopreservation to avoid damage to cell structures. This could make long-term
cryopreservation much more viable.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the cryosleep
market requires high initial investment in infrastructure and R&D. However,
low brand loyalty enables new players to enter the market.
Bargaining power of buyers: The bargaining power of buyers is high as the
market has several players providing similar services. Buyers can easily switch
between vendors based on cost and quality of service.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as
the supplier base for raw materials and technologies is fragmented. However,
suppliers are limited for specific technologies which gives them bargaining
power.
Threat of new substitutes: The threat of new substitutes is low as cryosleep
provides a unique solution for long-term storage and is still in the
developmental stages. No close substitutes exist currently.
Competitive rivalry: The competitive rivalry is intense as the market has
considerable number of global players providing similar services.
Key Takeaways
The global Cryosleep Market is expected to witness high growth, exhibiting a
CAGR of 22% over the forecast period, due to increasing preference for
cryosleep for long term diseases treatment.
Regional analysis: North America dominates the cryosleep market currently due
to presence of advanced healthcare facilities and increasing funding towards
life extension research in the region. Asia Pacific is expected to be the
fastest growing market attributed to rising medical tourism and growing
preference towards advanced healthcare procedures.
Key players: 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.
Read More: https://www.trendingwebwire.com/cryosleep-market-is-estimated-to-witness-high-growth/