Rising demand for precision coronary diagnostics is driving the adoption of artificial intelligence (AI)-driven intravascular imaging. In line with this, the announcement of the acquisition of SpectraWAVE by Philips signals a strategic push to deepen clinical decision-making capabilities, expand procedural adoption, and reinforce leadership in a market shaped by cardiovascular disease prevalence, aging populations, and the growing imperative for data-driven intervention accuracy, says GlobalData, a leading data and analytics company.
The technology SpectraWAVE develops specializes in advanced intravascular imaging and physiological assessment to diagnose and guide treatment for patients with coronary artery disease (CAD).
GlobalData forecasts the global intravascular ultrasound catheters (IVUS) market to see a steady market value growth at a compound annual growth rate (CAGR) of 4% during the 2024-2034.
Philips currently accounts for 88% of the global market share for IVUS devices. North America is the largest market for IVUS medical devices, with a market value of $490 million. GlobalData predicts the North American IVUS market to grow at a compound annual growth rate of 6% during the forecast period.
Thomas Fleming, Medical Analyst at GlobalData, comments: “The demand for IVUS medical devices stems from the increased incidence of cardiovascular diseases (CVDs) due to aging populations and a high rate of smoking in some countries. A worldwide increase in healthcare spending will also drive the market. However, the high cost of imaging techniques and a lack of heart specialty hospitals in some regions will act as barriers to the adoption of IVUS based procedures.”
The acquisition of SpectraWAVE will include the HyperVue Imaging System with AI-supported imaging inside the coronary arteries and X1-FFR, an AI-enabled angio-based FFR technology. X1-FFR provides a direct feed from angiography systems, which can be used by clinicians in finding the correct location for stent placements and other intervention. The acquisition will expand Philips’ current intravascular imaging and physiological assessment device portfolio, which includes OmniWire iFR technology and Eagle Eye Platinum IVUS.
The announcement of Philip’s acquisition of SpectraWAVE follows the earlier development of 501k clearance for SpectraWAVE’s Hypervue Intravascular Imagine System in 2023, $50 million of Series B funding for SpectraWAVE in September d2024, and SpectraWAVE gaining FDA clearance for X1-FFR in October 2025.
Fleming concludes: “The coupling of SpectraWAVE’s new technologies with Philips’ existing catalogue of products and market influence will potentially increase the adoption rates of IVUS based procedures. The burgeoning application of AI in medical technology will provide new innovations for IVUS technology as well as for the cardiovascular and diagnostic imaging sectors in general.”
