Fujio Mitarai, Chairman and CEO of Canon Inc.
Canon Inc.
From imaging and healthcare to advanced semiconductor manufacturing equipment and space, Canon’s CEO outlines a playbook built on constant transformation and a clear target for what comes next.
As Canon Inc. approaches its 90th anniversary in 2027, its trajectory stands as a clear case study in sustained reinvention. Under the leadership of Chairman and CEO Fujio Mitarai, the company has continued to evolve in response to technological disruption, geopolitical instability and shifting global demand while maintaining strong financial performance.
Mitarai attributes Canon’s longevity to disciplined commitment to continuous evolution. From its origins in precision optical technology, the group has expanded into fields such as medical systems, semiconductor manufacturing equipment and space. Throughout these changes, Mitarai says, Canon’s strategy has followed a consistent principle: “evolve in step with society.”
What follows is a structured account of Canon’s past, present and near future, based directly on the company’s own strategic framework and Mitarai’s observations.
Evolving With Technology
Canon’s history began with the ambition of developing a globally competitive camera using its own technology. “At the time, most cameras used in Japan were imported,” Mitarai says. By refining and advancing its optical technologies, Canon established a strong position in the global camera market. As its technological capabilities advanced, the company expanded into office equipment, growing its global share in that field and broadening its presence beyond its original focus on optical technologies.
To further expand its business, Canon pursued an active M&A strategy, bringing companies involved in commercial printing, medical devices, network cameras and industrial equipment into the Canon Group. In this way, Canon has continued to take on new challenges without fear of change.
Mitarai describes this approach succinctly: “Change is evolution, transformation is progress,” reflecting Canon’s long-standing emphasis on responding to technological shifts while expanding into new business domains.
Steady Growth Under Pressure
Since 1996, Canon has introduced five-year medium- to long-term management plans. Phase VI covered the period from 2021 to 2025, which was marked by various disruptions: the COVID-19 pandemic, geopolitical conflicts including wars in Europe and the Middle East, semiconductor shortages, logistics breakdowns and shifting U.S. trade policies.
Despite these conditions, Canon sustained growth by strengthening its core businesses while continuing to invest in product development. Mitarai points to progress across each of the group’s major businesses. “Printing regained double-digit operating profit margins by 2024,” he says, adding that in healthcare, “medical business achieved annual average sales growth exceeding 5% after the pandemic.” He adds that imaging has “returned to a growth trajectory,” with network camera sales “more than doubled compared with 2021,” and notes that industrial operations have capitalized on rising AI demand, “doubling the number of semiconductor lithography systems sold.”
Nanoimprint lithography enables miniaturization with low power consumption and at low cost.
Canon Inc.
These operational gains translated into consistent financial performance. From 2021 onward, Canon recorded year-on-year increases in revenue. It reached its Phase VI target of 4.5 trillion yen (US$28.2 billion) in net sales ahead of schedule in 2024, and in 2025 achieved a record 4.62 trillion yen (US$29 billion).
Reflecting on this period, Mitarai points to the cumulative impact of strategic decisions made in the years prior to the pandemic. “From 2021, we really wanted to make sure we were able to obtain tangible results from all these strategies we implemented,” he says. “Since then, we’ve been enjoying growth in sales every year. We’ve fully returned to a growth trajectory.”
Scaling Toward A “Truly Global” Canon
With Phase VII beginning in 2026, Canon is setting more ambitious financial and structural targets. Under the guiding theme, “Achieve new growth through innovations in productivity,” the company aims for 5.6 trillion yen (US$35.2 billion) in net sales, a 15% operating profit margin and 15% return on equity.
Canon plans to build on recent momentum, targeting a third consecutive year of record-high net sales. It will also prioritize efforts to strengthen its operational foundations in the near term, laying the groundwork for accelerated growth.
A key focus is strengthening the medical business. In April 2026, the development, manufacturing and management operations of Canon Medical Systems Corporation were integrated directly into Canon Inc. Canon Medical Systems will continue to operate sales and service functions in Japan. This restructuring is intended to improve operational efficiency and profitability, and position the business for further growth in the global medical market. As Mitarai puts it, this move creates “a stronger platform for future growth.”
Product innovation is expected to play a key role in the medical business, particularly in advanced medical imaging systems. Multi-position CT system enables scanning in supine, standing and seated positions, expanding the ways in which diagnostic imaging can be conducted. Photon counting CT technology, meanwhile, enables more precise imaging while reducing patient radiation exposure. Together, these technologies are expected to support the growth of the medical business over the longer term.
Canon’s multi-position CT system supports supine, standing and seated imaging.
Canon Inc.
Beyond organic growth, Canon plans to pursue strategic acquisitions in healthcare IT, in vitro diagnostics and therapeutic fields—extending its reach deeper into the medical ecosystem.
In the semiconductor field, Canon is expanding the application of its nanoimprint lithography technology to enable further miniaturization in next-generation chip manufacturing. It is also advancing the use of i-line lithography systems to support heterogeneous integration and advanced packaging processes. Through these efforts, Canon aims to respond to growing AI-related and the expansion of high-performance computing.
Canon is expanding into space, drawing on its strengths in optical and manufacturing. *Image is for illustration purposes only*
Canon Inc.
At the same time, the company is entering entirely new territory: space. Canon Electronics Inc., which had already been engaged in space-related business such as micro-satellite development, was made a wholly owned subsidiary in 2026 to accelerate the expansion of this business. Mitarai sees this as a natural extension of Canon’s optical imaging and manufacturing capabilities. “We’re about to shift gears in the semiconductor, medical and space industries where we can deliver higher added value,” he says.
The emphasis across all initiatives is clear: higher-value businesses, stronger integration and faster execution.
Toward Canon’s Next Stage Of Growth
Canon’s long-term ambition is to become a truly excellent global group that continues to deliver meaningful value to society by evolving in step with changing industries and demand.
Mitarai puts it this way: “What I want Canon to be is a global company that stands shoulder to shoulder with top-tier U.S. blue-chip companies—a Japan-based group that consistently delivers added value to the global community.”
For Canon, the years ahead represent a continuation of that trajectory. “Canon has always advanced and grown through evolving in response to the needs of the times,” Mitarai says. “We will continue to grow toward our 100th anniversary and beyond.”
As new technologies reshape industries—from semiconductors to healthcare and space—the company is positioning itself to take on new challenges and drive its next phase of growth.