Stem cells have had a large economic impact in America. Although the research is expensive, it has delivered many groundbreaking innovations and therapies. The US spends over $2.7 trillion on healthcare annually, which will probably increase because of rising medical costs, especially regarding the overweight and aging population. In the future, stem cell therapies are expected to save the US billions of dollars in medical treatments and healthcare costs. 

 

Billions of dollars are being invested into stem cell research in the hopes that the money will save lives. The projected market for stem cell therapies is $500 billion by 2020, so many states are funding programs relating to biomedical research. In 2004, Californians voted to grant $3 billion to both public and private stem cell research. Through these generous research grants, thousands of jobs have been created and a bustling market for stem cell therapies has been born. The California Institute for Regenerative Medicine has generated nearly $200 million in revenue for the state. This economic outcome has even attracted many biotechnology companies to California, which economic and research opportunties for citizens. On the other side of the country, the Maryland Stem Cell Research Fund has invested $70 million in research grants since its inception in 2006. The results have been phenomenal; In 2 years, the grants had created over 500 jobs and had an combined economic impact on the businesses and the state of over $70 million, much more than the initial investment.

 

Even though regenerative medicine and stem cells are relatively new to the medical world, they have made an indelible impact already. As of 2010, more than 300,000 patients have received stem cell-related therapies, and that number is only going to grow as research continues and treatments become more advanced.