Rare genetic diseases are expected to fuel the growth of the stem cell therapy market. Thousands of people each year suffer from rare disorders such as thalassemia, phenylketonuria, cystic fibrosis, and others. According to World Health Organization (WHO), chronic diseases cause 41 million mortalities every year, equivalent to 71% of all mortalities globally. Traditional therapies and pharmaceuticals have proven ineffective in addressing various ailments, thereby, people are increasingly turning to advanced stem cell therapies, which will boost industry numbers. Furthermore, developments in stem cell therapies that improve the pace of recovery in cancer patients are projected to increase their demand. Significant government funding and initiatives for regenerative medicine research and development activities in the developed region will further stimulate market growth. For instance, the Medical Research Future Fund (MRFF) announced the Stem Cell Therapies Mission as part of the 2019-20 budget. Nearly US$ 150 million was allocated by the Australian government to research and development of safe and effective medicines for all afflicted people.