The global cord blood banking market was valued at US$2.40 Bn in 2015 and is expected to grow at a CAGR of 8.3% from 2015 to 2020, to reach an estimated value of US$3.58 Bn in 2020. As one of the fastest growing segments of the stem cell market, the number of cord blood banks worldwide has grown from 23 in 2004 to over 500 in 2013. Cord blood is a rich source of stem cells, which can be used in the treatment of various diseases relating to blood and lymph.
According the Company’s CEO and co-founder, João Andrade, WideCells was established because there is a major problem in the cord blood banking market. Worldwide it is understood 3 M people have stored their baby’s stem cells in over 500 cord blood banks to protect their families against future illness. The cost for this is around £2,000 each. However future treatment, if required, can cost up to £300,000 and the majority won’t be able to afford it. At the moment there is a situation in the industry where a patient has access to cord blood which may be useful but may not have the financial capacity or the appropriate medical advice should the time come to use it.