Japanese electronics major Canon is looking to diversify into new areas such as medical printing and surveillance cameras in India by 2021. The company is already undertaking feasibility studies for the new products.

The company’s current business includes digital imaging and personal and commercial printing equipment. It is looking at a double-digit growth rate from the existing business in 2019 after growing at 16 per cent in 2018.

“Having sustained current businesses, new areas for us are health and safety. We are trying to come into medical printing. Today most of the X-Rays and MRI are printed on films that are clumsy. The hospital often needs prints for second and third diagnosis. So, we are looking to print these on papers so that they can be easily filed,” said Kevin Kobayashi, president and CEO, Canon India.

The company is doing a pilot across six hospitals and a commercial launch is expected in 6-12 months.

The other new business is surveillance camera and software to control images. Kobayashi said the pilot for this has already taken off and a launch is expected in six months.

Canon is also into semiconductor manufacturing but is on a wait-and-watch mode for the ecosystem to develop in the country. “After 2022, these new areas are expected to contribute to our business. Till then the existing businesses are expected to grow,” said Kobayashi.

The diversification comes at a time the rise in sales of smartphones has dented the market of point-and-shoot cameras and there is a limited scope for product expansion in the office and personal printing space.

The company, however, has no immediate plans to set up a manufacturing base in India even as volatile currency remains a concern.