The global stem cells market size was valued at USD 37.88 billion in 2013 and is expected to grow at a CAGR of over 20.0% up to 2020. Rising R&D initiatives to develop therapeutic options for chronic diseases and growing demand as regenerative treatment option are the most significant drivers of this industry. High unmet medical needs have led to more government initiatives for drug development and discovery.
According to the WHO report, cancer is the leading cause of mortality and morbidity worldwide. There were approximately 14 million new cancer cases and 8.2 million cancer-related deaths in 2012, and the cases are expected to reach around 22 million within the next two decades.
Stem cells therapy is classified under orphan drugs by the government with a view that when these are used with gene therapy, they can be used for the treatment of many intractable diseases.
The National Institute of Health had funded approximately USD 1.3 million in 2013. According to the 2014 update by the California’s Stem cells Agency, around USD 1.4 billion has been spent and USD 872 million is yet to be awarded for the research.