"He had a lot of blood on his face when we arrived," Mr Hanvey said.
"Three other cyclists stopped who were doctors or nurses or specialists."
He said paramedics arrived quickly in an ambulance.
"The paramedics didn't say anything to us, they were just trying to keep him alive."
Mr Hanvey said he had competed in other Ironman events and triathlons and had seen bike crashes, but never something as serious as this.
A competitor, who wanted to remain anonymous, said he stopped to assist the fallen man.
He said CPR was required for a period of time.
St John paramedics and bystanders did an "outstanding job", he said.
"I think this man was very lucky."
The gruelling half-ironman event, part of a worldwide series, involved a 90km bike ride, a 1.9km swim and a 21.1km run.