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GE HealthCare Technologies Inc. GEHC recently announced its plans to feature its latest breast cancer detection technology during the recently concluded Society of Breast Imaging Symposium in Montreal, Canada. The showcase was to feature the Mobile Mammography Screening Truck, the recently released MyBreastAI Suite and Pristina Bright offering to demonstrate the company’s personalized approach to transforming breast cancer imaging.

The latest breast cancer detection technology is expected to strengthen GE HealthCare’s capabilities in advancing its portfolio of Women’s Health products and boost its Imaging business.

Significance of the Showcase

Per GE HealthCare’s estimates, breast cancer is the most commonly diagnosed cancer among women, with one in eight facing a diagnosis in their lifetime. Regular mammograms are critical, but their effectiveness is reduced in women with dense breast tissue, who are four to six times more likely to develop breast cancer. As a result, clinicians are turning to supplemental screening options and artificial intelligence (AI) technologies to help enhance the detection and diagnosis of breast cancer, improve patient outcomes and help with radiology workflow so more patients can benefit from sophisticated mammography tools.

Per management, the latest showcase is expected to reflect GE HealthCare’s continued exploration to leverage the power of AI in mammography to support the early detection of breast cancer.

Industry Prospects

Per a report by Precedence Research, the global AI in the healthcare market was estimated at $15.1 billion in 2022 and is anticipated to surpass $187.95 billion by 2030 at a CAGR of 37%. Factors like the growing adoption of digital technologies in the healthcare sector and the increased patient pool at hospitals are likely to drive the market.

Given the market potential, the latest display of its mobile mammography screening truck, along with the latest AI platform, is expected to provide a significant boost to GE HealthCare’s business globally.

Recent Developments in AI

This month, GE HealthCare announced the launch of AI-driven software for rapid cardiac assessments at the point of care on Vscan Air SL, Caption AI. The company will showcase the Vscan Air SL with Caption AI at the upcoming American College of Cardiology Annual Scientific Session & Expo.

Last month, GE HealthCare announced the launch of the Prostate Volume Assist urology-based AI software feature. The AI-based software feature is designed to support clinicians in prostate imaging, biopsies and guiding treatment.

The same month, GE HealthCare used NVIDIA’s technology to develop its recent research model, SonoSAMTrack, which builds upon its long-term AI collaboration with the latter.

Shares of GE HealthCare have gained 4.7% in the past year against the industry’s 18.2% decline. The S&P 500 has witnessed 24.2% growth in the said time frame.

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Zacks Rank & Stocks to Consider

Currently, GE HealthCare carries a Zacks Rank #4 (Sell).

Some better-ranked stocks in the broader medical space are DaVita Inc. DVA, Cardinal Health, Inc. CAH and Cencora, Inc. COR.

DaVita, flaunting a Zacks Rank #1 (Strong Buy) at present, has an estimated long-term growth rate of 12.1%. DVA’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 35.6%. You can see the complete list of today’s Zacks #1 Rank stocks here.

DaVita’s shares have gained 57.5% compared with the industry’s 13.2% rise in the past year.

Cardinal Health, carrying a Zacks Rank of 2 (Buy) at present, has an estimated long-term growth rate of 14.2%. CAH’s earnings surpassed estimates in each of the trailing four quarters, with the average being 15.6%.

Cardinal Health has gained 34.8% compared with the industry’s 4.9% rise in the past year.

Cencora, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 9.8%. COR’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 6.7%.

Cencora’s shares have rallied 40.8% against the industry’s 1.6% decline in the past year.

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