Growth Drivers

• Rising Crime and Terror Attacks Worldwide - It was observed that nearly 10,170 terrorist attacks were reported around the world in 2020, a rise from 2017 when about 7000 terrorist attacks were recorded. The major reason that is expected to drive the growth of the market consists of rising terror attacks and criminal activities globally. The 9/11 attack has significantly affected handheld imagers demand. The handheld imager is capable of locating, tracking, and capturing criminals in adverse weather conditions. As a result of this technology, a virtual display is created displaying the thermal signatures of things in the field of view.
• Rapid Growth in The Security Industry - For instance, in the United States, the security industry has already grown to be a market worth approximately USD 340 billion with USD 280 billion invested by private companies and USD 68 billion invested by the government.
• Increasing Exports of Handheld Imagers Worldwide - According to the statistics by the International Trade Center (Trademap), the global value of exports of handheld imagers in the year 2021 was recorded to be USD 11,490,832 thousands, which was an increase from USD 10,102,125 thousands in the previous year.
• Globally Increasing Prevalence of Rheumatoid Arthritis (RA) - It was observed that 70 people are diagnosed with RA every year out of every 100,000 people. Approximately 1.5 million Americans suffer from RA. Women have a lifetime risk of developing RA of 3.5 %, and men have a lifetime risk of 1.3%. The chronic autoimmune disease, rheumatoid arthritis affects the shoulders, hands, wrists, feet, and knees. Physicians use thermography to evaluate and monitor inflammation caused by the early stages of arthritis by examining the temperature of arthritic joints. For instance, the FLIR E60bx thermal scanning camera was used at an academic institution to analyze images and reveal statistically significant differences between inflamed and healthy tissue. Physicians could potentially use the results to assess the severity of inflammation in patients with rheumatoid arthritis.
• Growing Demand for Diagnosing Tungiasis, a Skin Disease - In a study, it was found that IRT is effective at diagnosing tungiasis. A FLIR T660bx camera was used to capture thermographic images of a person with tungiasis. Results showed that this technique can be used to detect hidden and atypical symptoms of infections such as tungiasis and other diseases of the skin.

Challenges

• Inability to Perform Efficiently in High Temperatures
• Availability of Non Branded Handheld Imagers
• High Cost Associated with The Product

The global handheld imagers market is segmented and analyzed for demand and supply by product into IR scanners, stud finders, millimeter wave scanners, and microbolometers. Among these segments, the stud finders segment is anticipated to capture the largest market size in the global handheld imagers market owing to the increasing demand for finding the right base and strength for houses. Stud Finder is a portable device used to find studs by detecting variations in the density of the wall, such as drywall on wood structures. Moreover, product developments and advancements are further expected to drive segment growth. For instance, a stud finder manufacturer, Zircon Corporation, launched the SuperScan K2, K4, and ExitPoint XL500 Through-Hole Drill Guides at the International Hardware Fair 2022 in Köln.