The size of the medical waste management market is projected to grow at a CAGR of 5.8% from 2021 to 2030. Medical waste management is becoming more important for a number of reasons, such as a growing population, better healthcare infrastructure, and stricter rules about how to deal with potentially dangerous waste in an environmentally friendly way. The COVID-19 outbreak is also likely to be good for the growth of the market for managing medical waste.
Investors should take an interest in the waste management market, as it is predicted to grow at a fast rate over the next ten years. The current options on the market are also outdated and have many drawbacks. The current solutions on the market are microwaves, autoclaves, and incineration; however, there are many drawbacks, leaving a gap in the market for new technology to come in. These drawbacks include:
- The use of highly toxic and hazardous chemicals poses a threat to both labor, and the environment.
- Even after waste has been ‘treated’, there is significant post-treatment before the waste can be discharged back into the environment.
- Processing waste at a high temperature emits various gasses, including dioxins, furans and VOCs into the atmosphere
- The gasses that get released during the process, while also being environmentally damaging, are extremely unpleasantly odorous.
- Current solutions have a very high operating cost
The waste management market is predicted to grow from a size of 7.224 million in 2020 to 12.835 million by 2030. Investors looking to cash in on this emerging and growing market should focus on companies offering game-changing technology. One such company is Viking Energy Group Inc. (OTC:VKIN), with their revolutionary advancement in the world of waste treatment, the VKIN-6000.
Simson-Maxwell, Ltd. ("SM"), which is majority-owned by Viking Energy Group, Inc., is the only company that makes the VKIN-6000 system. Current solutions for dealing with medical waste include autoclave, microwave, and incineration. When compared to these current alternatives, the VKIN-6000 is an upgrade in almost every single way. Some of the benefits of the VKIN-6000 include
- Treating waste with the VKIN-6000 is essentially a zero-emissions process.
- The operating costs are significantly lower than industry alternatives.
- Because the waste is treated at room temperatures, there is no heat produced in the process.
- The VKIN-6000 was developed with the operator's safety in mind, as opposed to the alternative processes which can be dangerous.
- The VKIN-6000 has the ability to process bio-hazardous waste, into a valuable renewable resource.
Medical waste and biohazardous waste are an ongoing problem that society has to face head on. With an increase in sickness, advancements in healthcare infrastructure, and a growing population, medical waste, and biohazardous waste are not going to disappear. Savvy investors should pay attention to the medical waste management market, as the current methods are outdated, leaving an opportunity for new technology to take over. Investors should look to companies with an environmentally friendly and long-lasting method to get rid of hazardous waste instead of using obsolescent methods. Viking Energy Group Inc. (OTC:VKIN) has created that solution with their ozone technology, the VKIN-6000.
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