GE Healthcare Enters Partnership to Boost MRI Technology

GE Healthcare Technologies, Inc. GEHC, in collaboration with the University of Cincinnati (UC), UC Health, and Cincinnati Children's, has announced a cutting-edge initiative to accelerate MRI innovation. This collaboration will provide a well-established MRI Research and Development (R&D) center of excellence on UC's medical campus, enabling direct interaction between clinical investigators and GE HealthCare scientists. The initiative is supported by an R&D grant from JobsOhio, aimed at boosting engineering and manufacturing job growth at GE HealthCare's Aurora, OH, MRI facility and creating new clinical and scientific roles at the Cincinnati R&D center.

Significance of the Collaboration

Per GE HealthCare, this collaboration represents a significant advancement in MRI technology, combining the technical expertise of GE HealthCare with the clinical perception of UC, UC Health and Cincinnati Children's. The research center will enable Ohio-based healthcare innovators to develop next-generation MRI technology, enhancing the accessibility, productivity, precision and personalization of MRI exams. With the involvement of leading research institutions and support from JobsOhio, this initiative unveils Ohio's leadership in healthcare innovation and its commitment to improving patient care and helping doctors on a global scale.

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The UC campus research center will feature GE HealthCare's most powerful 3.0T wide-bore MRI scanner, the SIGNA Premier. This MRI platform highlights GE's innovative AIR Coils and the latest AI software technologies, such as AIR Recon DL and Sonic DL, to enhance image quality and reduce scan times. Its advanced imaging capabilities have made it popular at many academic sites for neurology, oncology, cardiovascular and musculoskeletal studies in both adults and children.

The research facility will conduct studies to develop and validate next-generation MRI technology. These studies aim to increase MRI scanner accessibility and productivity, as well as improve the precision and personalization of MRI exams. Many projects will be built on Ohio-designed and manufactured AIR Coil technology.

Industry Prospects

Per a report by MARKETSANDMARKETS, the global MRI system market was estimated to be valued at $5.2 billion in 2023. It is anticipated to reach $6.6 billion in 2028 at a CAGR of 5%.

The major factors responsible for the growth of this segment are advanced AI features and the rising use of novel equipment that allows precise targeting of internal organs supporting real-time imaging.

Recent Developments

In the previous month,Heart Hospital of New Mexico at Lovelace Medical Center (HHNM) became the first U.S. site to install GE HealthCare's Allia IGS Pulse system, enhancing image quality and workflow for cardiovascular disease diagnosis and treatment. This advanced system supports various cardiology procedures, improving precision and patient outcomes. HHNM's adoption reflects its commitment to innovative heart care, bolstered by GE HealthCare's partnership and technological advancements

In the same month,GE HealthCare and MediView XR Inc. announced the first installation and clinical use of the OmnifyXR Interventional Suite at North Star Vascular and Interventional in Minneapolis. This augmented reality-based suite enhances image-guided therapy by improving workflow efficiency, visualization and remote collaboration. Clinicians successfully performed two embolization procedures using the system's innovative holographic heads-up display and 3D anatomy models, marking a significant advancement in interventional radiology.

Price Performance

Shares of GE Healthcare have risen 0.8% so far this year against the industry's 20.9% decline. The S&P 500 has witnessed a 14.7% rise in the same time frame.

Image Source: Zacks Investment Research

Zacks Rank & Key Picks

Currently, GE Healthcare carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader medical space are DaVita Inc. DVA, Universal Health Services UHS and Ecolab Inc. ECL.

DaVita, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 13.6%. DVA's earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 29.4%. 

DaVita's shares have gained 43.4% compared with the industry's 15.2% rise in the past year.

Universal Health Services, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 14.80%. UHS's earnings surpassed estimates in each of the trailing four quarters, with the average being 8.12%.

Universal Health Services has gained 21.3% against the industry's 20.4% decline in the past year.

Ecolab, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 14.3%. ECL's earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 1.3%.

Ecolab's shares have rallied 31.3% against the industry's 12.9% decline in the past year.

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