Healthcare makes up more than one-sixth of the US economy and will rise in 2020, and potentially beyond because of the Covid-19 pandemic, with the unprecedented demand on the medical system and medical oxygen.
The major industrial gas companies, essential suppliers of oxygen to medical facilities across the nation are prioritizing the supply of oxygen and essential medical gases in order to support hospitals, doctors, nurses and medical professionals as they care for patients with Covid-19. They are proactively working with hospitals to understand current and projected oxygen supply needs, and are increasing the amount of oxygen production at air separation units, where needed to ensure they can meet the rising demand for critical medical oxygen.
The healthcare market for industrial gases continued to grow at a moderate pace last year. The US, which spends more on healthcare as a percentage of real gross domestic product than any other country, has managed to lower 2018 and 2019 healthcare expenses compared to 2016 and 2017, but is predicted to spend at a faster rate going forward driven by new healthcare legislation providing healthcare for all and the Covid-19 pandemic. By working strategically and tactically within medical market segments, the industrial gas industry has been able to tap into this growing market with expanded product and service offerings, even in recessionary years. A look at the industrial gas industry’s past year of activities in medical markets reveals continued growth in the healthcare segment.
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