Though the Stem Cell industry is a new practice on a global platform, it’s less known that the first stem cells were discovered in human cord blood in the year 1978. Major discoveries on the subject have taken place since then. Today, the industry is well known as both developed and developing nations are working on adopting it extensively.
The upgraded technology – Induced Pluripotent Stem Cells (iPSCs) were staged in 2006 for the first time in world medical history. Since the discovery of iPSCs, its products are sold in huge volumes worldwide. The segment has recorded an annual growth rate of 14.7%. The researchers (22% of them) who self-report on stem cell products have admitted to have used iPSCs within the research work.
In the initial stage, there were only 2 companies providing iPSCs research products. Within a year this count increased to seven companies and since then there has been an explosive growth. The increase in the industry is displayed on a year-on-year basis above.