The invention relates to a system for estimation of Arterial Blood Gas (ABG). The system of the invention comprises an ultrasound element to provide doppler signal to identify the artery having blood flow, from which ABG is to be estimated. The system further comprises an Infra-Red (IR) element to provide IR signal having IR data required for estimation of ABG, and a signal unit for transmitting the doppler signal and the IR signal, and receiving the reflected doppler signal and the reflected IR signal. The system has a processing unit to perform localization of the artery and to provide a model for estimation of ABG based on the IR data. The invention also relates to method for estimation of Arterial Blood Gas (ABG) by the system of the invention.