Handheld Imaging Devices Market Size, Share, Growth, Trends, Consumption, Revenue, Company Analysis, Regional Insights and Forecast 2021-2028

Published Date : Nov 2020 | No. of Pages : 200 Pages | Category : Healthcare

Global handheld imaging devices market size surpassed at US$ 970 Mn in 2020 and growing at a CAGR of 15% from 2021 to 2028.

The handheld imaging devices market size is projected to surpass around US$ 3 billion by 2028.

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 2020. 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 2020. 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.

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 2020. 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 2020. 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 2020. 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 2020. 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.

Intelligent Devices Steer Innovation in Dermatology

Clinicians operating in the field of dermatology are eyeing alternatives that offer cost-efficiency and enhance the workflow at clinics. With the introduction of new handheld imaging devices, dermatologists are increasingly relying on smarter ways to perform skin examinations. For instance, Barco, a Belgian technology company specializing in digital image projection is increasing awareness about its product Demetra that provides intelligent and augmented insights.

Innovations in handheld imaging devices are serving as affordable and accessible solutions in skin lesion screening. As such, dermatology application segment of the handheld imaging devices market is anticipated to reach a value of US$ 600 Mn by 2028. Hence, companies are gaining expertise in multispectral digital imaging technology to improve efficiency in skin examinations.

The uptake of handheld imaging devices in dermatology is soaring, since dermatologists chart lesions on mannequins or through clinical overview photographs. Thus, companies in the handheld imaging devices market are helping dermatologists to boost their professional credibility by increasing the availability of technologically sound devices.

Researchers Develop Handheld Portable Scanners Whole-brain MRI

There is a growing demand for lightweight and portable scanners that perform whole-brain MRI scan for patients with mobility challenges in the handheld imaging devices market. For instance, researchers at the Massachusetts Institute of Technology, Cambridge, developed a cost-effective portable helmet-like scanner that offers promising abilities than conventional MRI systems.

Optical imaging devices product segment of the handheld imaging devices market is projected to reach a value of ~US$ 800 Mn by 2027. Hence, companies in the market for handheld imaging devices are exploring opportunities in optical imaging devices to cater to specific needs of patients.

Innovations in these devices are likely to offer diagnostic-quality images that improve patient quality of life. However, challenges in imaging artefacts during the development of uniform magnetic field for image coding poses as restraint for researchers and manufacturers. Hence, companies in the market for handheld imaging devices should collaborate with researchers to use more flexible image coding approach to generate images with fewer artefacts.

High Prevalence Rate of Oral Cancer in India Drives Innovation in Handheld Imaging Devices

According to Engineering for Change, an online platform that solves global development problems, suggests that oral cancer is among the top three cancers diagnosed in India. High prevalence of oral cancer in India led companies in the handheld imaging devices market to develop innovative equipment. For instance, Sascan Meditech-a Bengaluru-based optical imaging technology company, revealed that the company’s device OralScan built with multi-modal imaging camera is undergoing clinical trials.

Healthcare companies in the market for handheld imaging devices are tapping opportunities in software and data analytics to improve patient outcomes. Medical device startups are participating in innovation trade fairs to bolster their credibility credentials in the global handheld imaging devices market. They are augmenting the advantages of cloud to help circulate the captured data among clinicians. Machine learning is also gaining prominence in the global market landscape, since algorithms provide feed on ratio values to assess differences between the types of cancer in patients.

Competition Landscape

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

Market Segmentation

By Product

    • X-ray/Fluoroscopy Scanners
    • Optical Imaging Devices
    • Ultrasound Scanners
    • Near Infrared(NIR) Spectroscopy Scanners
    • Optical Coherence Tomography (OCT) Scanners

By Component

    • Devices
    • Apps & Software
    • Accessories

By Application

    • In Ophthalmology
    • Endocrinology
    • Urology
    • Gynecology & Obstetrics
    • Dermatology
    • Dentistry
    • Cardiology & Vascular
    • Orthopedic
    • Others

By End User

    • Hospitals
    • Diagnostic Imaging Centers
    • Specialty Clinics
    • Others

By Region

    • North America
      • U.S.
      • Canada
    • Europe
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
      • Rest of Europe
    • Asia Pacific          
      • China
      • India
      • Japan
      • Australia & New Zealand
      • Rest of Asia Pacific
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
    • Middle East & Africa
      • GCC Countries
      • South Africa
      • Rest of Middle East & Africa

Report Scope

The Handheld imaging devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Handheld imaging devices market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Handheld imaging devices market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Handheld imaging devices market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Handheld imaging devices market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Handheld imaging devices capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Handheld imaging devices by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Handheld imaging devices market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Handheld imaging devices market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Handheld imaging devices market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Handheld imaging devices industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Handheld imaging devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Handheld imaging devices market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Handheld imaging devices market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Handheld imaging devices market. These factors have benefited the growth of the global market for Handheld imaging devices. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Handheld imaging devices. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Handheld imaging devices are as follows:

  • History Year: 2017-2020
  • Base Year: 2020
  • Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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