New Delhi: Japanese imaging technologies leader Canon is expanding its product portfolio in India with plans to enter into segments, including medical equipment, security and surveillance cameras expecting the country to be one of its growth drivers in Asia in coming years.
The company, which has acquired Toshiba Medical systems last year, would introduce the brand into the medical devices by next year.
“India as a market has a potential in the future. New medical equipment is something that we could look at,” Canon Inc Executive Vice President Hideki Ozawa told PTI.
Canon is present in the medical imagining X-ray segment here but it has a very small share.
“We have acquired Toshiba Medical to be a part of our medical division. So, we are ready to get into India to cultivate our business in the medical equipments including the new innovated medical product, which would be introduced,” he added.
On being asked if Canon, like other medical equipment makers, would participate in various Public Private Partnership initiatives opportunities by the government-run hospitals, Ozawa said it may consider if it finds a good partner.
“Let us walk into the Indian market then lets see what happens. If we find appropriate counterpart we may work together,” he said.
The company may also choose a local vendor and share its technology with them for the domestic medical healthcare market.
“We are already doing this in China. We are associated with local vendors. Same could happen in India,” Ozawa added.
The company is also planning to establish a third domain “industrial” besides traditional b2b and b2c as part of its expansion.
“This would give more stability over the operations of the company in a long run. The medical system, security camera systems, super industrial domain business, semi conductor business, those would be industrial business. We would start from this year,” Canon India President and CEO Kazutada Kobayashi said.
He further added: “It may not come in the top line this year but in coming 2-3 years we would have a clear picture.”
Canon India had closed 2016 with revenues of Rs 2,348.6 crore and its b2b and b2c business equally contributed.
“For B2B, we focus on corporate and commercial printing and personal printing. We do not intend to give up those. We would extend out stretch to industrial printing, large scale printing like transaction papers, booklets. Medical printing is also quite big,” he added.
In b2c, Canon India sells home segment printers and cameras through its sales network. It also has a network of 233 Canon Image Squares, where a consumers can experience the products before buying them.
Presently, India is contributing around 1.2-1.5 per cent to the Canons global sales and Kobayashi is expecting it to increase in coming years.
“In terms of contribution it is still small…in single digits. By growth ratio India is in the top group,” he added.