General Electric’s (GE) healthcare division is highly profitable. In 2017, it accounted for 43.2% of the otherwise-struggling conglomerate’s operating profit. And, to some market watchers, former GE CEO John Flannery’s plan to spin the unit off into an independent entity under Kieran Murphy seemed counterintuitive.

But Flannery was unexpectedly and abruptly removed by the company’s board earlier this month, replaced by former Danaher CEO Lawrence Culp. As yet, GE says that it still intends to divest its healthcare unit. Some aren’t so sure it will.

CNBC’s Berkeley Lovelace, Jr., reported that one analyst he spoke with — Jim Corridore, a research equity analyst at CFRA, said that Culp, “could decide that the multibillion-dollar health division would be better off staying within the company.”

And even should the divestment proceed as planned, the medical imaging and diagnostics market isn’t without strong challenges.

GE Healthcare is, “a dominant player in hospital and lab equipment and is a growing force in medical records, health-care software and is expanding its mark on gene therapy research,” Lovelace wrote, “but growth in developed markets is fairly stagnant.”

“Murphy will have to grow through acquisition and enter more untested, less-regulated markets in underdeveloped nations to ensure its future growth and stay ahead of the company’s main competitors: Siemens, Philips and Canon Medical Systems,” he observed.

Read the full profile piece here, on CNBC.