Camera maker Nikon is looking to expand into smartphones and medical devices, as interest in point-and-shoot camreas wanes, according to a report from Bloomberg. 

Citing flagging sales of point-and-shoot cameras in April and May, Nikon President Makoto Kimura said the company wants to create a product that will "change the concept" of cameras, noting the company can refocus its approach around smartphones.

Nikon forecasts a 12 percent decline in the compact camera market in its current fiscal year but the company hopes to compensate for some of that contraction through sales of its more expensive high-end models. 

The Bloomberg report also mentions that Nikon may consider expanding into medical imaging, hoping to generate revenue from the business within the next three years. 

Nikon faces tough competition from the likes of Samsung and Apple should it decide to move into the smarpthone market. Samsung recently unveiled new cameras based on the Android operating system that allow users to share photos directly from the camera itself.