CALIFORNIA (REUTERS) - Don't expect mind-blowing features on Apple's 10th anniversary iPhone.

Many anticipated new features, like high-resolution displays, wireless charging and 3-D sensors, have been available in rival phone models such as those from Samsung and Blackberry for several years. Apple's latest model, the iPhone7, was criticised for its lack of differentiation from its predecessor. As a result, customers are holding on to their phones longer. Cowen & Co. estimates that upwards of 40 per cent of iPhones on the market are more than two years old.

This suggests that Apple's product strategy is driven more by consumer upgrade cycles and its own marketing needs than by technological innovation.

"When a market gets saturated, the growth is all about refresh," said TECHnalysis Research president Bob O'Donnell. "This is exactly what happened to PCs. It's exactly what happened to tablets. It's starting to happen to smartphones."

So why are Apple's shares soaring trading at an all-time high? There's pent-up demand.