The amount of medical waste needing to be managed is growing. An increase in the prevalence of illnesses such as COVID-19, a growing medical infrastructure, and an increasing population are all factors contributing to the growing amount of medical waste.
These three factors combine to create a growing market for companies that deal with treating medical waste. According to industry analyst Grand View Research, the global medical waste management market was valued at $21.0 billion in 2016 and is predicted to grow at a CAGR of 5.4% through 2025.
According to the World Health Organization, managing healthcare waste requires increased attention and diligence to avoid negative health and environmental outcomes.
Key elements of improving the management of medical waste, according to the WHO, involve favoring the safety of workers involved and putting an emphasis on being environmentally sound.
In this article, we will focus on Camber Energy Inc's (NYSEAmerican: CEI) majority-controlled subsidiary, Viking Energy Group Inc., and how their game-changing technology seeks to alter the medical waste market.
Viking Energy Group Inc. (OTC: VKIN) is a growth-oriented, diversified energy company, majority controlled by Camber Energy Inc. Through various majority-owned subsidiaries, Viking provides custom energy and power solutions to commercial and industrial clients in North America and owns interests in oil and natural gas assets in the United States. The company also holds an exclusive license in Canada for a patented carbon capture system.
Through its majority-owned subsidiary, Viking Ozone Technology, LLC, VKIN offers its revolutionary VKIN-6000, a waste treatment system utilizing ozone. By combining their technology with the use of ozone, VKIN is able to offer an environmentally sustainable and cost-effective solution.
Current medical and biohazardous waste management solutions that VKIN targets to replace include incineration, chemical treatment, autoclaves, and heat treatments. Each of these current methods has multiple drawbacks. These methods for treating medical waste tend to be dangerous for workers, involve the burning of harmful and odorous gasses, and result in the release of harmful chemicals into the environment.
The VKIN-6000 eliminates the heating element of treating medical waste. This means VKIN’s solution dramatically reduces the amount of energy used during the process, lowering costs, conserving resources, and eliminating greenhouse gases. This results in a cheaper process that is safer and more environmentally friendly.
Waste that has been treated by the VKIN-6000 is able to be turned into a renewable resource, further proving its environmentally friendly capabilities.
Recently, VKIN received a Notice of Allowance from the United States Patent & Trademark Office ("USPTO") for patent application No. 17/576,801 titled "Multi-Chamber Medical Waste Ozone-Based Treatment Systems and Methods". A Notice of Allowance means that the USPTO has made the determination that a patent will be granted from an application. This means their game-changing medical waste technology should receive a patent in the coming months.
The need for a solution that treats medical waste in a way that is safe for the environment and for the workers involved in the process is clear. VKIN offers that with their groundbreaking ozone treatment technology. With the amount of medical and biohazardous waste growing with the population, look to solutions like the VKIN-6000 to be the way of the future.
Keep VKIN on your radar for stocks in the medical waste sector to watch.
For more information investors should visit: https://ir.vikingenergygroup.com/
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