Nikon India Expands Healthcare Business Amidst Growing Market Potential

Nikon India sees significant potential in expanding its healthcare vertical, driven by increasing government investments in the healthcare sector.

Nikon India is set to expand its healthcare business, focusing on opportunities in the Indian market, where it already operates in segments such as microscope solutions.

According to Sajjan Kumar, MD, Nikon India, this vertical currently contributes about 5% of Nikon India's revenue.

Kumar highlighted that Nikon India sees significant potential in expanding its healthcare vertical, which is driven by increasing government investments in the healthcare sector.

"The way our government is focusing on the healthcare sector, we are hopeful that we will have much faster growth in that segment," Kumar noted.

In addition to its existing operations in life sciences solutions, Nikon India is exploring entry into the eye care solutions market, which includes ophthalmic lenses and eye diagnostics.

However, Kumar indicated that the company is waiting for the right moment to launch these products. "For ophthalmic and eye care business, wait for the right moment," he said, without specifying a timeline.

Global & Local Growth Ambitions

Globally, Nikon's healthcare business spans life sciences solutions, eye care solutions, and contract cell development.

Keizo Fujii, MD, Nikon Singapore, emphasized the importance of the Indian market, suggesting that it has the potential to become one of Nikon's top three markets in the coming years. This growth is expected to be bolstered by India's expanding economy and a large, youthful population.

Nikon India is also projecting double-digit growth for the current fiscal year, driven by efforts to strengthen its imaging business through new product launches and market expansion.

Kumar revealed that India contributes approximately 6% of Nikon's global imaging business revenue. "Currently, India is the fourth-largest market for imaging products after the US, China, and Japan," he said.

Financial Projections & Market Position

Nikon India reported revenue of INR 965 Cr for the fiscal year 2024. Kumar expressed confidence in achieving a revenue target of INR 1,060 Cr for the current fiscal year, reflecting an anticipated 10% growth.

"We are aiming for around INR 1,060 Cr revenue, with a 10% growth," he stated.

Nikon India holds a significant position in the global market, particularly in the imaging sector. "When it comes to imaging, we are contributing almost 6% of the worldwide turnover," Kumar said.

He further noted that Nikon ranks third globally for full-frame cameras and fourth overall in the imaging market.

The company's strategic focus on healthcare and imaging underscores its commitment to expanding its footprint in India, leveraging the country's growing demand for advanced healthcare solutions and imaging technology.

In a similar development, just days ago, Japan-based imaging technology leader Canon revealed its strategy to expand its healthcare business in India. Canon Medical Systems India, a subsidiary of Canon Medical Systems Corporation, plans to offer advanced diagnostic imaging systems and healthcare IT solutions.