Although known more for its mirrorless and instant cameras, more than half of Fujifilm’s revenue in India come from its medical systems business which includes full-field digital mammography system, and computed radiography and imagers, among others.

“We expect Fujifilm India sales to hit Rs 1,200 core this year from 1,100 crore last year,” Iwata said, adding that India is an important market for all business verticals of the company, including the camera segment. Fujifilm’s global revenue stood at $23 billion (Rs 165,800 crore) in 2017.

The company, which reinvented its product range after witnessing a dramatic decline of its core initial offering - photographic films – at the start of the 21st century, is planning to launch its next mirrorless camera in the popular X series, the X-T3, on September 19.

The company holds 15 per cent share in the global mirrorless camera segment. While in Japan, China, the US, and several European countries, the share of mirrorless cameras is already equivalent to that of DSLRs, in the overall camera market in India, their share is just 10 per cent, Iwata said, adding that Fujifilm’s share in the mirrorless camera market in India currently stands at four per cent.

“With Cannon and Nikon now venturing into the mirrorless camera market, the demand for such cameras is set to surge in India,” Iwata said. Fujifilm, hopes to lead the India mirrorless camera market by riding on its still image and 4K movie quality, and a line-up of 27 interchangeable lens.

In the global camera market, mirrorless cameras will capture greater market share than digital single-lens reflex (DSLR) cameras in the next year, he said, adding that in India, the demand for mirrorless cameras will surpass that of DSLRs in the next five years.

More photography enthusiasts the world over are now opting for mirrorless cameras as they are more compact, lighter, and easier to operate, as compared to the DSLRs, Iwata said. “We are focusing on high-end mirrorless camera, although we have products for entry-level market too, including the X-T100 and X-A5,” he said.

He believes smartphones will not be able to take the place of a good mirrorless or DSLR camera in the hands of a photography enthusiast as smartphone camera technology has been found lacking when it comes to auto-focus accuracy and zoom quality.