GE HealthCare has entered into an agreement to acquire medical imaging firm MIM Software.

GE HealthCare will take over MIM Software’s suite of diagnostic imaging technologies complete with artificial intelligence (AI) powered solutions to expand its diagnostic arm.

MIM’s software allows for services such as the integration of diagnostic images from multiple modalities into treatment plans as well as greater automation as to reduce manual interventions. The move helps to expand GE Healthcare’s grasp on the diagnostic imaging market.

GE HealthCare said it also hopes to integrate with MIM Software’s advanced visualisation offerings to facilitate AI-based segmentation and contouring as well as dosimetry analysis for patients.

Peter Arduini, president & CEO of GE HealthCare said: “We expect our efforts to bring these two complementary organisations and innovative product portfolios together to strengthen our capabilities as a leading provider of integrated imaging systems, analytics, and advanced digital workflows across several care areas and pathways – including Theranostics, radiation oncology, urology, neurology and cardiology.”

Following the announcement of the acquisition, GE Healthcare’s stock value briefly dropped, from $77.17 per share down to $74.46, before rising again to $76. Neither party disclosed the deal sum.

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Andrew Nelson, CEO of MIM Software added: “Over the past two decades, we have worked to develop innovative vendor agnostic products and deliver quality services to earn the trust of our customers – this will not change. As a part of GE HealthCare, we anticipate developing new and increasingly integrated digital solutions to meet our customers’ most complex and pressing needs, today and into the future. Together, we will build upon our shared legacies of enhancing patient care.”

The deal will be subject to customary closing conditions, including regulatory approvals in the United States, as well as potentially in China and Belgium where MIM Software owns offices.

Data published by GlobalData’s Medical Intelligence Center details how within the healthcare sector, the AI market was worth $81.3bn in 2022, with that figure expected to grow to $908.7bn by the end of 2030.