Technology Innovation Has Made Bio-Hazardous Waste Treatment Sustainable

Food and Beverages | Monday, February 28, 2022

The Medical Waste Management market has been growing significantly over the past few years and is projected to continue.

FREMONT, CA: Since the late 1990s, the worldwide medical waste management industry has grown at a phenomenal rate. Some of the fundamental constraints limiting the expansion of the medical waste treatment sector include high initial investment and a lack of industrial recycling facilities, particularly in developing nations. According to a report published by Market Watch, the worldwide medical waste management market is expected to reach USD 8,681 million by 2025, with a strong CAGR of 5.3 percent. According to the report, the United States presently controls the worldwide medical waste management industry. The market is split into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. In the coming years, the medical waste management market dominated by North America is likely to be driven by its policy and reforms for medical waste management. This in turn produces a number of by-products and residues to propel the medical waste management market globally.

Since the late 1990s, the worldwide medical waste management industry has grown at a phenomenal rate. Some of the fundamental constraints limiting the expansion of the medical waste treatment sector include high initial investment and a lack of industrial recycling facilities, particularly in developing nations. According to a report published by Market Watch, the worldwide medical waste management market is expected to reach USD 8,681 million by 2025, with a strong CAGR of 5.3 percent. According to the report, the United States presently controls the worldwide medical waste management industry. The market is split into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. In the coming years, the medical waste management market dominated by North America is likely to be driven by its policy and reforms for medical waste management. This in turn produces a number of by-products and residues to propel the medical waste management market globally.

The medical waste management market is expected to be dominated by the incineration segment. For medical waste disposal, incineration is the most extensively used and desired approach. Incineration is the process of converting trash into flue gas, heat, and ash. One of the economic advantages of the incineration process is that the ash comprises inorganic waste components in the form of solid lumps, and the heat produced is utilised for electricity production. Additionally, through 2025, the medical waste management market is expected to develop due to technological advancements and the rising generation of surplus medical waste around the world. Viking Energy Group, Inc. announced the completion of a joint venture to acquire 51 percent of Viking Ozone Technology, LLC, which owns the intellectual property rights to a fully developed, patent-pending, ready-for-market proprietary Medical & Bio-Hazard Waste Treatment system based on Ozone Technology.

 

 

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