Sony issued a cheery release on Tuesday saying it has already sold more than 1.2 million PlayStation Vita handhelds worldwide, which is particularly impressive considering the portable entertainment system launched in several major markets just last week.

The PlayStation Vita made its debut in Japan and other Asian nations in mid-December but didn't go on sale in North America, Latin America and Europe until Feb. 22. Sony didn't issue numbers for each particular region but did suggest that demand has been consistent worldwide.

Sony also said that it has sold more than 2 million games or additional pieces of software, whether bought as retail purchases or through its PlayStation Network.

Priced at between $250 and $300 (depending on the wireless connection), the Vita has already beaten initial sales expectations, which were admittedly low due to fear over competition from tablets and smartphones. As a point of comparison, Sony will need to sell around 2 million more units by the end of March to stay on pace with the early success of its chief rival, Nintendo, whose 3DS handheld launched in early 2011.

Nintendo 3DS sales waned soon afterwards though, leading the company to drop the price by around $80 just six months following the launch.

Jia Wu, senior analyst for Connected Home Devices at Strategy Analytics (News - Alert), told Forbes that Sony is better off following the same strategy. He said that Sony could sell as many as 12.4 million units by the end of the year if it dropped the price point to a more moderate range. Wu believes Sony could bank north of $2.2 billion from the handheld if it cut the price.

"We believe that PlayStation Vita will cause Sony’s 2012 portable console software revenue to grow by $800 million compared with 2011," Wu told the news source.

Sony currently only offers around 25 titles for the Vita but said that it has another 70 or so in development.