The Nobel prize for Physiology to two stem cell research scientists in 2012 has firmly put the spotlight on this promising field of biotechnology. Sir John Gurdon and Dr Shinya Yamanaka shared the prestigious award for their work on reprogramming adult stem cells that has opened new vistas in stem cell research.

Many countries in the Asia Pacific region are taking big strides in this field. According to GBI Research, the stem cell therapy market in APAC, which includes China, India, Japan, Singapore and South Korea, was valued at $545 million in 2012. It is projected to grow at a compound annual growth rate (CAGR) of 10 percent from 2012 to 2018, to reach $972 million in 2018.

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Mr Vasant S Gaikwad, analyst with GBI Research, says India, with close to 78 percent of market share by value, dominated the stem cell therapy market in 2012 followed by China (20 percent) and South-Korea (two percent). "India, South Korea and China would dominate the APAC stem cell therapy market in the future," he adds.

The US FDA, which largely remains a benchmark for regulatory bodies in other countries, until now has only one approved stem cell product, Hemacord. It is a cord blood-derived product manufactured by the New York Blood Center and used for specified indications in patients with disorders affecting the body's blood-forming system.