Venture capital investments increasingly shaping innovation in radiology

WASHINGTON (July 16, 2026) – A new research study published in the Journal of the American College of Radiology (JACR) suggests that venture capital (VC) is playing a significant and growing role in driving innovation in radiology.

The study, Venture Capital Investments in Radiology from 2000-2023, found a total of $11.4 billion was invested across 646 companies, with funding especially concentrated in medical devices, artificial intelligence health care software, and biotechnology and drug discovery.

Data from the study show that VC investment totals peaked in 2021. Study author Denys Shay, MD, PhD, MS, Department of Epidemiology at Harvard T.H. Chan School of Public Health, says this reflects radiology’s growing role as a hub for new technologies that can change how imaging is performed, interpreted, and integrated into patient care.

“Radiology sits at the intersection of medicine, technology, and patient care, so understanding where investment is flowing gives us a window into the future of the field,” Shay said. “Our findings show that venture capital is increasingly shaping radiology innovation, particularly in medical devices and artificial intelligence.”

Shay says many investments were also associated with patent and clinical-trial activity, suggesting that private investment played an important role in moving radiology innovations from concept toward clinical use.

“The key question now is how we ensure these investments translate into technologies that meaningfully improve care for patients and support the clinicians who use them.”

For a copy of the JACR article or focus issue, or to arrange an interview with a JACR spokesperson, contact Abby Faulkner at afaulkner@acr.org or Nicole Racadag at nracadag@acr.org.

About the JACR

The official journal of the American College of Radiology, The Journal of the American College of Radiology (JACR) informs its readers of timely, pertinent, and important topics affecting the practice of diagnostic radiologists, interventional radiologists, medical physicists, and radiation oncologists. The goals of the JACR are to improve patient care, support the practice of radiology and imaging, and move the science forward in health services research and policy, clinical practice management, data science, training and education, and leadership. www.jacr.org