Global Medical Waste Management Market Anticipated to Reach $8.68 Billion by 2025

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Jan 25, 2022, 09:15 ET

PALM BEACH, Fla., Jan. 25, 2022 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - Medical waste is a waste that contains infectious material. Medical waste generally generated by healthcare organizations like hospitals, laboratories, research institutes, and others. Medical waste is typically infectious, contain toxic chemicals, and pose contamination risks to both people and the environment. Medical waste management refers to the particular processing of waste materials generated by the healthcare industry. The growing population across the globe is expanding the number of patients, resulting in the rising volume of medicinal waste. Besides, the increasing prevalence of diseases such as cancer & other chronic disorders and increasing geriatric population result in higher demand for these propelled medical solutions. According to a report from Report Ocean projected that the global Medical Waste Management Market anticipated to reach USD 8,681 Million by 2025 with a significant CAGR of 5.3% in the forecast period of 2015-2025. The report said that: "…owing to increasing investments trend by public and private organizations. The prominent trends, such as rising technological innovations and awareness among people regarding the disposal of medical waste and safety from harmful medical trash, are the major trend driving the market growth. The expanding number of initiatives by the government authorities is driving the medical waste management market. Commercial accessibility of advanced medical solutions integration with expanding patient pool is producing a large amount of waste and byproducts. Growth of the overall medical and healthcare industry is triggering the demand for medical waste management systems in the coming years." Active companies in the markets today include: Viking Energy Group, Inc. (OTCQB: VKIN), Stericycle, Inc. (NASDAQ: SRCL), Tetra Tech, Inc. (NASDAQ: TTEK), Waste Management, Inc. (NYSE: WM), Republic Services, Inc. (NYSE: RSG).

Report Ocean concluded: "It Incineration is the most widely and highly preferred method used for medical waste management. Incineration converts the waste material into the flue gas, heat and ash. The ash contains inorganic waste component can be in the shape of solid lumps, and the heat produced is used for electricity production, which is one of the lucrative advantages of incineration method. Additionally, the expansion in technological advancements and the rising generation of excess medical waste over the globe are anticipated to propel the growth of the medical waste management market through 2025."

Viking Energy Group, Inc. (OTCQB: VKIN) BREAKING NEWS: Viking Closes Joint Venture Re: Medical & Bio-Hazard Waste Treatment Technology - Viking Energy Group, Inc. ("Viking" or the "Company") is pleased to announce it acquired on January 18, 2022 a 51% interest in an entity that owns the intellectual property rights to a fully developed, patent pending, ready-for-market proprietary Medical & Bio-Hazard Waste Treatment system using Ozone Technology (the "Ozone System"). The purchase price for the acquired interest was $5,000,000 worth of shares of Viking common stock payable as follows: (i) $2,000,000 at closing; (ii) $2,000,000 after product revenues reach $10,000,000[1]; and (iii) $1,000,000 after product revenues reach $20,000,000[2].

James Doris, President and Chief Executive Officer of Viking, commented, "We are extremely pleased to continue our strategy to acquire ready-to-market products that demonstrate our commitment to innovation, sustainable technologies and carbon footprint reduction. The medical waste treatment industry is more than $20 billion annually and growing rapidly. Proper treatment and disposal, however, of medical and bio-hazard waste has come under heightened scrutiny during these globally trying times. The industry has had limited innovation for decades. Treating biohazardous waste using ozone is the safest, most environmentally sustainable and cost-effective technology for medical waste compared to all existing alternatives. Ozone has been in use as a sterilizing agent for over 100 years with a proven operational safety and efficacy record. And finally, we are in discussions with customers in the United States and abroad with regarding the potential utilization of the technology at several locations".

This advancement in waste treatment technology is a sustainable alternative to incineration, chemical, autoclave and heat treatment of bio-hazardous waste. The OZONE technology fine shreds the raw waste in a controlled ozone environment as the first step in the waste processing treatment. The waste is reduced in volume by up to 90% and is no longer recognizable or retrievable, eliminating HIPPA violations. The treated waste is classified as renewable fuel for waste-to-energy (WTE) facilities in many locations around the world. OZONE is effective to kill all known pathogens including bacteria, fungi, and viruses.

The OZONE biohazardous waste treatment technology extracts oxygen from the ambient air and converts it to ozone using plasma ozone generators. This ozone is used to treat biohazardous waste in a very safe and controlled manner. The processing and treatment of the waste is done at room temperature, no steam or heat is required, and no by-products are produced from this system. After the treatment, any residual ozone is automatically converted back into oxygen, resulting in "zero" emissions. CONTINUED… Read the Viking Energy full press release by going to: https://www.vikingenergygroup.com/news-media/press-releases

In other news and developments of note in the markets this week:

Stericycle, Inc. (NASDAQ: SRCL), a leading provider of medical waste management, secure information destruction and patient engagement solutions, recently released its inaugural Healthcare Workplace Safety Trend Report revealing crucial insights into healthcare workers' perspectives on their work environments. On the heels of immense change brought on by modernization, new technology, changing expectations—and of course, the COVID-19 pandemic—the study aimed to better understand healthcare providers and administrators' perspectives on the safety and standards needed to provide a quality care environment.

Key findings from the survey reveal a desire for more training, tools and resources around regulated and pharmaceutical waste management from healthcare providers and administrators alike (nearly 60%). Both audiences also see a clear connection between the health and safety of the care environment and the impact on quality of care and job satisfaction—especially in the home setting. More than 70% of healthcare providers and administrators believe improper medical waste disposal greatly impacts patient health and safety and puts the physical safety of providers at risk.

Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services, recently announced that it has been awarded a place on Crown Commercial Service's Construction Professional Services framework.

Crown Commercial Service (CCS) supports the United Kingdom's public sector to achieve maximum commercial value when procuring common goods and services. In 2020/21 CCS helped the public sector to achieve commercial benefits equal to £2.04 billion—supporting world-class public services that offer best value for taxpayers.

The framework, which has a potential spend of £1.7 billion, will cover multi-discipline environmental, civil and structural engineering, building services engineering, architectural, cost management, and project management services.

WM Organic Growth, a wholly-owned subsidiary of Waste Management, Inc. (NYSE: WM), and Tailwater Capital LLC recently announced the closing of a joint venture that provides financial, commercial, and operational support to Continuus Materials to assist the company with scaling production facilities within the waste-to-product industry. Financial terms of the joint venture were not disclosed.

Continuus Materials develops and operates manufacturing facilities that upcycle plastic and fiber materials from municipal solid waste into Everboard^™, a proprietary, high-performance, low-slope roof cover board. Continuus Materials' process reduces landfill waste and will generate significantly lower life-cycle greenhouse gas emissions than competing products made from traditional materials.

Republic Services, Inc. (NYSE: RSG) recently announced the opening of the Sacramento area's first organics pre-processing facility, which will help local communities divert food waste from landfills and turn it into renewable energy. A new California state law, SB 1383, aimed at combating climate change takes effect Jan. 1, 2022, and will require the majority of California homes and business to recycle food and yard waste at facilities such as this one.

"Republic Services is proud to offer solutions to support California's climate goals and the effort to recycle food waste," said Mike Caprio, area president. "As one of the largest recyclers and composters in the state, we continue to invest in infrastructure that will help our customers reduce their impact and provide a circular solution."

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