Mumbai: Backed by new launches, Japanese photography and imaging company Fujifilm has set a target to increase its market share to 40 percent this year in the digital radiography segment, a top company official has said.
The domestic digital radiography market is around Rs 162 crore annually and the company enjoys around 30 percent of this now.
“We are trying to increase our share in the digital radiography segment from the present 30 percent. We have a target of touching 40 percent market share this year,” Fujifilm India senior vice-president medical division Chandershekhar Sibal told.
A leading player in the Rs 300-crore computed radiography segment, it has 50 percent market share.
In the medical equipment space, the company is present in categories such as computed radiography, digital radiography, imagers and dry films, mammography, flat panels, endoscopy, dry chemistry analyser and healthcare IT, and Sibal said they are trying to increase its share in each vertical.
The total medical equipment industry is estimated to be around USD 1.5 billion in the country.
The Japanese company, which had clocked a revenue of Rs 1,000 crore here last fiscal year, is expecting a growth of 10 percent this fiscal year.
Medical healthcare products, which are a growth driver for the firm, forms half of its Rs 1,000 crore turnover, while photo imaging, image capturing, graphic arts, recording, media and industrial products contribute the remaining 50 percent.
Buoyed by the demand from small towns, it is aiming to clock a 20 percent growth in its medical systems business this fiscal.
“The healthcare industry is growing by 10 percent. We are expecting a growth of 20 percent this fiscal and also next fiscal.
“The demand is now coming from small towns and cities and over 50 percent of sales come from these cities,” Sibal said, adding they are also actively engaged in various public-private partnership projects which has helped it to reach even the smallest of the villages.
Last fiscal year, the medical business vertical had posted a growth of only 7 percent, impacted due to demonetisation against a normal growth of 10-12 percent.
India contributes to around 2 percent of Fujifilm’s global revenue, but Sibal said, “there is a lot of focus on this and we are looking at it as a high growth market.”