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Synthetic Biology: The $3.6 Trillion Science Changing Life As We Know It Synthetic Biology: The $3.6 Trillion Science Changing Life As We Know It Synthetic biology (synbio) is a field of science that redesigns organisms in an effort to enhance and support human life. According to one projection, this rapidly growing field of science is expected to reach $28.8 billion in global revenue by 2026. As Visual Capitalist's Carmen Ang details below, although it has the potential to transform many aspects of society, things could go horribly wrong if synbio is used for malicious or unethical reasons. This infographic explores the opportunities and potential risks that this budding field of science has to offer.
What is Synthetic Biology?We’ve covered the basics of synbio in previous work, but as a refresher, here’s a quick explanation of what synbio is and how it works. Synbio is an area of scientific research that involves editing and redesigning different biological components and systems in various organisms. It’s like genetic engineering but done at a more granular level—while genetic engineering transfers ready-made genetic material between organisms, synbio can build new genetic material from scratch. The Opportunities of SynbioThis field of science has a plethora of real-world applications that could transform our everyday lives. A study by McKinsey found over 400 potential uses for synbio, which were broken down into four main categories:
If those potential uses become reality in the coming years, they could have a direct economic impact of up to $3.6 trillion per year by 2030-2040. 1. Human Health and PerformanceThe medical and health sector is predicted to be significantly influenced by synbio, with an economic impact of up to $1.3 trillion each year by 2030-2040. Synbio has a wide range of medical applications. For instance, it can be used to manipulate biological pathways in yeast to produce an anti-malaria treatment. It could also enhance gene therapy. Using synbio techniques, the British biotech company Touchlight Genetics is working on a way to build synthetic DNA without the use of bacteria, which would be a game-changer for the field of gene therapy. 2. Agriculture and FoodSynbio has the potential to make a big splash in the agricultural sector as well—up to $1.2 trillion per year by as early as 2030. One example of this is synbio’s role in cellular agriculture, which is when meat is created from cells directly. The cost of creating lab-grown meat has decreased significantly in recent years, and because of this, various startups around the world are beginning to develop a variety of cell-based meat products. 3. Consumer Products and ServicesUsing synthetic biology, products could be tailored to suit an individual’s unique needs. This would be useful in fields such as genetic ancestry testing, gene therapy, and age-related skin procedures. By 2030-2040, synthetic biology could have an economic impact on consumer products and services to the tune of up to $800 billion per year. 4. Materials and Energy ProductionSynbio could also be used to boost efficiency in clean energy and biofuel production. For instance, microalgae are currently being “reprogrammed” to produce clean energy in an economically feasible way. This, along with other material and energy improvements through synbio methods, could have a direct economic impact of up to $300 billion each year. The Potential Risks of SynbioWhile the potential economic and societal benefits of synthetic biology are vast, there are a number of risks to be aware of as well:
According to a group of scientists at the University of Edinburgh, communication between the public, synthetic biologists, and political decision-makers is crucial so that these societal and environmental risks can be mitigated. Balancing Risk and RewardDespite the risks involved, innovation in synbio is happening at a rapid pace. By 2030, most people will have likely eaten, worn, or been treated by a product created by synthetic biology, according to synthetic biologist Christopher A. Voigt. Our choices today will dictate the future of synbio, and how we navigate through this space will have a massive impact on our future—for better, or for worse. Tyler Durden Fri, 05/13/2022 - 23:20 Author: Tyler Durden Posted: May 14, 2022, 3:20 am These Are The American Cities Where Rents Rose The Most These Are The American Cities Where Rents Rose The Most Amid a historic stretch of inflation over the last year, the cost of housing (especially rent) has been one of the most significant pressures on household finances. Renters in many markets are seeing increases of 20% or more as they sign new leases, and, with the nationwide rental vacancy rate at just 5.6%, renters have few alternatives to find more affordable housing.
The current state of the rental market is a product of both supply and demand, with issues compiling over time and being exacerbated since the pandemic began.
Source: Stessa On the supply side, the US has an estimated shortage of nearly 4 million housing units. Zoning and density restrictions have made it more difficult to add housing stock in many locations, both for rentals and owner-occupied units. With rising real estate prices, 70% of the growth of the rental market since 2009 has come from higher-income earners who might otherwise have bought a home.
Source: Stessa And as more high earners enter or stay in the rental market, builders and developers are incentivized to provide more luxury units, which means less new stock to meet the needs of low- and middle-income earners.
Source: Stessa The pandemic-era economy has made all of these issues worse. Meanwhile, these are the small and midsize cities where rents have risen the most (and the least).
The spike in home values and rising interest rates are putting homeownership further out of reach for many would-be buyers, keeping more people in the rental market. Builders and developers are also struggling to keep up with heightened demand while managing costs. Ongoing supply chain challenges have made it more time-consuming and expensive to obtain building materials, while the tight labor market has left hundreds of thousands of construction positions unfilled. Tyler Durden Fri, 05/13/2022 - 22:40 Author: Tyler Durden Posted: May 14, 2022, 2:40 am |
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