Celine Cremer, 31, was last seen in the Philosopher Falls area near Cradle Mountain in the state's northwest on June 17.
She was reported missing by her family on June 26, sparking a major search involving police and SES ground crews, specialist swift water rescue personnel, drones and a helicopter.
Tasmania Police formally suspended search efforts on Monday following a "comprehensive review".
"Considerable search efforts have been undertaken in difficult terrain and treacherous weather conditions but unfortunately Celine has not been located," Tasmania Police commander Stuart Wilkinson said.
"Expert medical advice has been received that given consideration to poor weather conditions and cool temperatures, Celine could not have survived the conditions she has been exposed to since she was reported missing."
A car belonging to Ms Cremer was found in the falls car park on June 27. Police believe it had been there since at least June 20, the last time her mobile phone had signal.
It is believed she had set off for a short walk.
Commander Wilkinson said police had been in constant contact with her family.
"It's obviously a distressing situation, and they're understandably devastated," he said.
" ... I extend our thoughts to Celine's family and loved ones at this difficult time."
Commander Wilkinson said a missing person investigation in relation to Ms Cremer remained active.
"Any further information relevant to Celine will be thoroughly followed up and we still hope to bring closure to her family and loved ones," he said.
Searching has failed to uncover any trace of Ms Cremer.
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