Indocyanine Green Market Size, Share, Growth, and Industry Analysis by Type (Type I and Type II) By Application (Ophthalmology, Neurosurgery, Liver Diseases and Others), Regional Insights and Forecast From 2025 To 2033

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Indocyanine Green Market Overview

The global indocyanine green market size was USD 0.06 billion in 2024 and is projected to grow to USD 0.09 billion by 2033, at a CAGR of 4.8% during the forecast period.

The indocyanine green market refers to the market for the dye known as indocyanine green (ICG). Indocyanine green is a near-infrared fluorescent dye used in medical imaging, diagnostics, and various other applications. Indocyanine green is primarily used in the field of ophthalmology for angiography, where it is injected intravenously to visualize blood vessels in the retina and choroid. It helps in diagnosing and monitoring conditions such as macular degeneration, diabetic retinopathy, and other retinal disorders.

In addition to ophthalmology, indocyanine green finds applications in other medical specialties such as cardiology, neurosurgery, and plastic surgery. It is used in cardiac output monitoring, sentinel lymph node mapping, liver function assessment, and various other procedures where fluorescent imaging is beneficial. The indocyanine green market has been witnessing growth due to the increasing prevalence of ophthalmic diseases, the rising aging population, and advancements in medical technology. The demand for indocyanine green is also driven by its non-toxic nature, short half-life, and its ability to provide real-time imaging during surgical procedures.

COVID-19 Impact: Supply Chain Disruptions to Limit the Market Demands

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre- pandemic levels once the pandemic is over.

The pandemic has disrupted global supply chains due to lockdown measures, travel restrictions, and reduced manufacturing activities. This disruption may have impacted the production and distribution of indocyanine green, potentially leading to supply shortages or delays in availability. During the peak of the pandemic, many healthcare facilities postponed or canceled non-essential or elective procedures to prioritize resources for COVID-19 patients. Since indocyanine green is commonly used in various medical imaging procedures, such as angiography and fluorescence-guided surgery, the reduction in these procedures could have resulted in a decline in the demand for indocyanine green. The pandemic has placed a significant financial burden on healthcare systems worldwide. The reallocation of resources and budgets towards pandemic response and critical care might have led to reduced spending on non-essential medical supplies and procedures, potentially affecting the demand for indocyanine green.

LATEST TRENDS

Surgical Guidance and Fluorescence Imaging to Augment the Market Growth

Indocyanine green has been widely used in medical imaging, particularly in ophthalmology and vascular imaging. It is used for angiography, assessing blood flow, and identifying abnormalities in blood vessels. Additionally, indocyanine green has found applications in other medical fields, including cardiology, neurology, and oncology. Indocyanine green has gained popularity as a contrast agent for intraoperative fluorescence imaging. Surgeons use indocyanine green to visualize blood flow, lymphatic system, and tissue perfusion during surgical procedures. It assists in identifying and differentiating healthy tissue from abnormal tissue, aiding in more precise surgeries. With the increasing demand for minimally invasive surgeries, the use of indocyanine green in laparoscopic and robotic-assisted surgeries has risen. Indocyanine green provides real-time visualization of blood flow and tissue perfusion, assisting surgeons in making critical decisions during these procedures.

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Indocyanine Green Market Segmentation

• By Type Analysis

By type, market is segmented into type I and type II. The type I type segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into ophthalmology, neurosurgery, liver diseases and others. The ophthalmology segment will lead the global share through 2028.

DRIVING FACTORS

Advancements in Medical Imaging Technologies to Push the Market

Indocyanine green is extensively used in various medical applications, such as ophthalmology, neurosurgery, cardiology, and organ imaging. Its ability to be rapidly cleared from the body, combined with its fluorescence properties, makes it a valuable tool for diagnostic and surgical procedures. The increasing prevalence of chronic diseases and the growing demand for minimally invasive surgeries have fueled the adoption of indocyanine green in the medical field. With the advancements in medical imaging technologies, such as near-infrared imaging and fluorescence-guided imaging, the demand for contrast agents like indocyanine green has increased. These imaging modalities allow for improved visualization of tissues and organs during surgeries, leading to better patient outcomes. The development of innovative imaging systems and the integration of indocyanine green with these technologies have propelled the market growth.

Growing Demand for Minimally Invasive Surgeries to Boost the Market Demands

Minimally invasive surgeries offer several advantages over traditional open surgeries, including reduced trauma, shorter hospital stays, and quicker recovery. Indocyanine green is often used in laparoscopic and robotic-assisted surgeries to visualize blood flow, identify lymph nodes, and assess tissue perfusion. The increasing preference for minimally invasive procedures is driving the demand for indocyanine green. Ongoing research and development activities in the field of medical imaging and the expansion of the applications of indocyanine green have contributed to market growth. Researchers are exploring new ways to utilize indocyanine green in areas such as cancer detection, lymphatic mapping, and intraoperative imaging. The continuous efforts to discover innovative uses for indocyanine green are expected to fuel market expansion.

RESTRAINING FACTORS

Alternative Imaging Technologies to Slow the Market Growth

While Indocyanine Green is widely used in medical imaging, there are alternative technologies and contrast agents available in the market. For example, advances in imaging modalities such as magnetic resonance imaging (MRI) and positron emission tomography (PET) have provided non-invasive alternatives to certain applications of indocyanine green. The availability of alternative technologies and contrast agents can present competition to indocyanine green and limit its market potential. Although Indocyanine Green is generally considered safe when used as directed, there may be potential safety concerns associated with its use. Adverse reactions or side effects, although rare, can occur, including anaphylactic reactions, hypersensitivity, and local tissue reactions. These safety concerns can impact the confidence and adoption of indocyanine green by healthcare providers and patients.

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Indocyanine Green Market Regional Insights

North American Market to Grow Exponentially with the Forecasted Period

North America, particularly the United States, has been a significant market for indocyanine green due to its advanced healthcare infrastructure, high healthcare expenditure, and strong R&D activities. The region has witnessed widespread adoption of indocyanine green in various medical procedures, including optical imaging and minimally invasive surgeries. The presence of key market players and academic research institutions has contributed to the growth of the indocyanine green market in this region.

KEY INDUSTRY PLAYERS

Key Players Focus on Partnerships to Gain a Competitive Advantage

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

LIST OF TOP INDOCYANINE GREEN COMPANIES

• Akorn (U.S.)
• PULSION Medical Systems AG (Germany)
• Diagnostic Green (France)
• SERB (Belgium)
• Daiichi Sankyo Company (Japan)
• Santen Pharmaceutical Co., Ltd. (Japan)
• Aurolab (India)
• Eisai (Japan)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.