The iPhone 8 might be more expensive than any of the previous models

The iPhone 7 Plus, left, being compared by with Microsoft Lumia Surface. Photo / 123RF

When Apple released its latest flagship devices last September, it limited the dual-camera set up to the larger iPhone 7 Plus.

Excluding the screen and battery size differences, the iPhone 7 Plus also offered more RAM than the smaller device.

While Apple kept pricing for the iPhone 7 the same as the iPhone 6S or iPhone 6, the "premium features" of the iPhone 7 Plus saw the tech giant slightly increasing the outright cost of the smartphone when compared to its predecessors.

According the Wall Street Journal, financial services firm Cowen & Co claim the price increase has been beneficial for the company.

Cowen & Co estimated the iPhone 7 Plus was responsible for 40 per cent of the 58.5 million units sold in the December quarter - an amount 17 per cent more than iPhone 6s Plus sales.

Financial services firm UBS also suggest the increased sales and price of the iPhone 7 Plus will amount to a two per cent rise in revenue for Apple.

If the estimates hold merit, the financial benefit of having a premium model of the iPhone will likely encourage Apple to follow suit with the release of its iPhone 8 and 8 Plus.

Cowen & Co analyst Tim Arcuri said Apple "pulled that [pricing] lever like never before" with the iPhone 7 Plus, suggesting there's "even more room" for with the forthcoming releases.

"The iPhone base wants a new, cooler iPhone," he said.

"There's a lot of pent-up demand for a product with newer, cooler features."

With the market already indicating they are willing to pay more for new features, an overhauled iPhone might just be what the company needs.