Healthcare made up almost one-fifth of the US economy in 2020 because of the impact of the Covid-19 pandemic but will likely decline in 2021. In 2020 there was unprecedented demand on the medical system and medical oxygen, but healthcare use and spending precipitously dropped during the pandemic due to cancellations of elective care to increase hospital capacity and social distancing measures to mitigate the coronavirus spread.
However, GDP fell faster during 2020 due to the closure of many parts of the economy, causing healthcare to make up an even higher share of the economy than in 2019. Healthcare spending was estimated to grow 5.2% during 2020 compared to 4.5% during 2019, however that growth may be revised downward once the national health expenditure statistics are updated to reflect the significant impact of the pandemic.
Major industrial gas companies, essential suppliers of oxygen to medical facilities across the nation, prioritised the supply of oxygen and essential medical gases to support hospitals, doctors, nurses, and medical professionals as they cared for patients with Covid-19. They continue to proactively work with hospitals to understand current and projected oxygen supply needs. They are increasing the amount of oxygen production at air separation units (ASUs) where needed to ensure they can meet the rising demand for critical medical oxygen. One of the locations they struggled to support was in Southern California where aging hospital systems and lack of sufficient local supply made serving hospitals in the region most difficult.
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