Potential therapeutic applications of stem cells include treating many diseases. Stem cells can differentiate into other cell types and can self-renew. Embryonic stem cells are pluripotent and can differentiate into all germ layers but have ethical issues. Adult stem cells are multipotent and are found in tissues but are limited in differentiation. Stem cell therapies show promise for diseases like Parkinson's, diabetes, and heart disease. Challenges include controlling differentiation and reducing tumor risks. The stem cell market is growing rapidly with applications in regenerative medicine and drug development.