Compositions including formulations comprising secreted products obtained from the culture medium of stem cells, such as umbilical cord blood stem cells, or embryonic germ cell derivatives, or embryonic stem cells, are provided for enhancement of wound healing. Further compositions contain components identified in such culture medium to enhance wound healing. Methods for using the compositions and formulations for enhancing wound healing are also provided. Wounds to both soft and bony tissues are encompassed, and include wounds created by surgical procedures.