Handheld Imaging Devices Market: Introduction
According to the report, the global handheld imaging devices market was valued at approximately ~US$ 950 Mn in 2018. It is expected to expand at a CAGR of ~13% from 2019 to 2027. Handheld imaging devices are mobile or portable imaging devices or scanners that are used to visualize internal organs or scan body parts for diagnosis of different diseases and determine an action plan for further treatment. Handheld imaging devices are utilized in various applications to scan body parts for the diagnosis of different diseases. They are portable and convenient to use both for patients and physicians for early screening of diseases. Expansion of the global handheld imaging devices market can be ascribed to rising prevalence of chronic diseases across the world. Asia Pacific is a highly lucrative market for handheld imaging devices owing to an increase in the geriatric population, which is more prone to chronic diseases, and rise in awareness about early diagnosis of diseases. North America dominated the global handheld imaging devices market in 2018. It is projected to maintain its dominance during the forecast period due to higher prevalence of diseases and recently approved products such as handheld ultrasound and X-ray scanners.
Increase in Geriatric Population and Incidence of Chronic Diseases to Drive Handheld Imaging Devices Market
The global population is aging rapidly, especially in developed countries. This geriatric population is prone to various chronic diseases such as cardiovascular diseases, cancer, and diabetes. Incidence and prevalence of chronic diseases fuels the demand for access to early diagnosis using efficient and easily available imaging devices. This drives the global handheld imaging devices market. For instance, according to the WHO, 2,129,118 new cancer cases were reported in the U.S. in 2018.Technological advancements in terms of portability, apps, and software for diagnostic imaging is a major factor driving the global handheld imaging devices market. Moreover, increase in number of approved handheld imaging devices by different regulatory authorities across the world and a surge in inclination toward point-of-care diagnostic tools are major factors propelling the global handheld imaging devices market.
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High Demand for X-ray/Fluoroscopy Scanners
Based on product, the handheld imaging devices market has been segmented into X-ray/fluoroscopy scanners, optical imaging devices, ultrasound scanners, near infrared (NIR) spectroscopy scanners, and optical coherence tomography (OCT) scanners. The X-ray/fluoroscopy scanners segment dominated the handheld imaging devices market in 2018. Dominance of the segment can be attributed to a rise in applications of X-ray devices in the dental and orthopedic fields, increase in the demand for handheld devices, and ease of scanning for both physicians and patients. Ultrasound scanners is projected to be a highly lucrative segment of the market during the forecast period due to a rise in the demand for handheld ultrasound scanners in specialty clinics for initial screening due to quick examination and price revision in recent years done by several major companies operating in the handheld imaging devices market.
Advancements in Devices to Drive Global Market
In terms of component, the handheld imaging devices market has been divided into devices, apps & software, and accessories. The devices segment dominated the global market in 2018. It is also estimated to expand at a higher CAGR during the forecast period owing to the launch of advanced versions of devices with additional features and affordability of devices in specialty clinics for early examination.
Demand for Intraoral X-ray Procedures to Fuel Market Growth
In terms of application, the global handheld imaging devices market has been classified into ophthalmology, endocrinology, urology, gynecology & obstetrics, dermatology, dentistry, cardiology and vascular, orthopedics, and others. The dentistry segment dominated the global handheld imaging devices market in 2018. It is projected to maintain its dominance during the forecast period owing to an increase in the demand for intraoral X-ray procedures across the world and a rise in the prevalence of dental diseases. Orthopedics segment is anticipated to be a highly lucrative segment of the global handheld imaging devices market during the forecast period. Rise in geriatric population prone to orthopedic complications and an increase in emergency care cases due to accidents and injuries are major factors that are likely to drive the segment.
Specialty Clinics to Offer Lucrative Opportunities
Based on end user, the global handheld imaging devices market has been segmented into hospitals, diagnostic imaging centers, specialty clinics, and others. Specialty clinics is projected to be a highly lucrative segment during the forecast period. It is estimated to expand at a notable CAGR for the same period. Cost-effectiveness of handheld imaging devices and training initiatives to operate handheld imaging devices by major companies are key factors driving the specialty clinics segment.
North America to Dominate Global Market
Based on region, the global handheld imaging devices market has been divided into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for a major share of the global handheld imaging devices market in 2018. The region is expected to maintain its dominance during the forecast period. Rise in prevalence of different chronic diseases in the region associated with aging population and recent approval of products in this market are major factors propelling the market in the region. Asia Pacific is a lucrative market for handheld imaging devices. The market in Asia Pacific is projected to expand at a significant CAGR during the forecast period, due to an increase in the geriatric population coupled with a rise in patient pool affected by different diseases and availability of affordable products in the region.
GE Healthcare (GE Electric Company), Koninklijke Philips N.V., and Siemens Healthineers are some of the leading players in the global Handheld Imaging Devices market. The global handheld imaging devices market is fragmented in terms of number of players. Key players in the global market include GE Healthcare (GE Electric Company), Koninklijke Philips N.V., Siemens Healthineers, FUJIFILM Corporation, Micro C, LLC, Butterfly Network, Inc., Clarius Mobile Health, InfraScan, Inc., KaVo Dental, and MolecuLight, Inc. New product approvals for specific applications, higher R&D investment, collaborations, strategic partnerships, and price revision for products are key strategies adopted by major players operating in the market