Philips has agreed to acquire SpectraWAVE, a Massachusetts-based medical device company focused on technologies to help diagnose and guide treatment for patients with coronary artery disease. SpectraWAVE’s technology specialises in advancing intravascular imaging and physiological assessment with AI. This acquisition positions Philips at the intersection of diagnostic imaging, cardiovascular health, and AI-driven healthcare. This acquisition will strengthen Philips’ presence in the intravascular imaging, physiological assessment, and intravascular ultrasound catheters (IVUS) device market. Leading data and analytics company GlobalData predicts that the global IVUS market will see steady market value growth in the near future, with a compound annual growth rate of 4% over the 2024-2034 period.
Currently Philips leads in market share of the global (North America, Europe, Asia-Pacific, south Central America, and the Middle East and Africa) IVUS market, with 88%. Currently, North America is the largest market for IVUS medical devices, with a market value of $490m. During the 2024-2034 period, GlobalData forecasts the North American IVUS market to grow in value by 6%. Growth in demand for IVUS medical devices stems from the increasing incidence of cardiovascular diseases (CVDs), which are the leading cause of death globally. Factors that exacerbate the prevalence of CVDs, driving the global IVUS market, include ageing populations and a high rate of smoking in some countries. A worldwide increase in healthcare spending, as well as the effects of globalisation, will also drive this market. However, the high cost of imaging techniques and a lack of heart speciality hospitals in some regions will act as barriers to the adoption of IVUS based procedures. Philips’ 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 fractional flow reserve (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. Philips’ acquisition of SpectraWAVE will expand the company’s current intravascular imaging and physiological assessment device portfolio, which includes OmniWire iFR technology and the Eagle Eye Platinum IVUS. The announcement of Philips’ acquisition of SpectraWAVE follows the 2023 501k clearance for SpectraWAVE’s Hypervue Intravascular Imagine System, $50m of Series B funding for SpectraWAVE in September 2024, and SpectraWAVE gaining Food and Drug Administration clearance for X1-FFR in October 2025. 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.
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