Stem cells are already used as last resort when people have bone cancer – they receive a bone marrow transplant of stem cells, though this is still quite a dangerous procedure.
The hope is that in the future stem cells will be used to treat diseases like Alzheimer’s, diabetes, and loads more – there’s a list here: http://www.stemcellresearchnews.net/diseases_treated.aspx. As for how close these are to reality, most of these treatments are still at the very early stages of development, so it could take years, if not decades, before we see any of these treatments.
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