Global Indocyanine Green (ICG) Market Research Report 2026-2031

The global indocyanine green market is expected to grow at a CAGR of 13.26% from 2025 to 2031.

Applications of IC Green

Indocyanine green has diverse clinical applications spanning diagnostics, surgery, and therapeutic monitoring. Its ability to provide real-time visualization of vascular structures and tissue perfusion has made it an indispensable tool in modern healthcare.

Fluorescence-Guided Surgery - ICG is extensively used in fluorescence-guided surgeries to improve intraoperative visualization and surgical accuracy.

Applications include:

• Tumor localization and margin identification
• Sentinel lymph node mapping
• Hepatobiliary surgeries
• Colorectal surgeries
• Cardiovascular procedures
• Plastic and reconstructive surgeries

These applications help surgeons differentiate healthy tissues from diseased tissues, reducing the risk of incomplete resections and postoperative complications.

KEY TAKEAWAYS

• Form Type: The solid segment accounted for the largest market share of around 69%.
• Procedure Type: The diagnostic procedures segment accounted for the largest share of the market in 2025.
• End-Users: The specialty clinics segment shows significant growth, with the fastest CAGR of 14.17% from 2026 to 2031.
• Application: The ophthalmic angiography segment dominates the IC Green market.
• Geography: North America dominates the ICG market with a share of around 37% in 2025.

INDOCYANINE GREEN MARKET TRENDS

Fluorescence-Guided Surgery is Transforming Precision Surgical Procedures

Fluorescence-guided surgery is becoming one of the biggest growth drivers in the Global Indocyanine Green (ICG) Market as hospitals increasingly adopt real-time visualization technologies to improve surgical outcomes. ICG enables surgeons to accurately identify blood vessels, lymph nodes, tumors, and tissue perfusion during minimally invasive procedures. The five key dimensions of this trend, with examples, are as follows:

• Expansion into Colorectal Surgery: ICG is increasingly used to assess bowel perfusion and reduce anastomotic leakage risks. Example: Humanitas Research Hospital and international researchers published a 2026 meta-analysis supporting ICG use in colorectal surgery.
• Increasing adoption in oncology surgeries: ICG is used to identify tumor margins and sentinel lymph nodes during cancer surgeries. Example: Stryker integrates ICG-compatible fluorescence imaging in its 1688 AIM 4K visualization platform.
• Improved Tissue Perfusion Assessment: Surgeons use ICG to evaluate blood supply in reconstructive and gastrointestinal surgeries, minimizing anastomotic leakage risks.
• Increasing use in hepatobiliary surgeries: ICG enables visualization of bile ducts and liver anatomy. Example: Diagnostic Green Verdye supports fluorescence-guided hepatobiliary procedures.

Rising Demand for Advanced Ophthalmic Diagnostics is Expanding Applications

The increasing prevalence of retinal disorders is driving the use of ICG angiography in ophthalmology. The five key dimensions of this trend with detailed examples are as follows:

• Early diagnosis of retinal diseases - ICG angiography enables physicians to detect retinal and choroidal abnormalities at earlier stages. Example: Aurolab provides ophthalmic diagnostic solutions used for retinal imaging procedures.
• Improved visualization of deep ocular vessels - ICG can image deeper blood vessels than conventional fluorescein angiography. Example: Ophthalmologists use ICG to diagnose polypoidal choroidal vasculopathy (PCV).
• Growing elderly population - An aging population is increasing the prevalence of age-related macular degeneration. Example: Japan and Europe are witnessing increasing ophthalmic diagnostic procedure volumes.
• Expansion in emerging economies - Affordable diagnostic technologies are improving access to advanced eye care. Example: Aurolab supplies ophthalmic products to hospitals across India, Southeast Asia, and Africa.
• Enhanced disease monitoring: Physicians can better monitor disease progression and treatment effectiveness. Example: Patients with diabetic retinopathy undergo periodic ICG angiography assessments.

INDOCYANINE GREEN MARKET ENABLERS

Rising Adoption of Minimally Invasive and Fluorescence-Guided Surgeries

The shift toward minimally invasive surgery (MIS) is one of the strongest structural enablers of the ICG market in 2026. Hospitals are actively replacing open surgeries with laparoscopic and robotic procedures where visualization is limited, and ICG fills that gap by providing real-time fluorescence imaging of vessels, bile ducts, lymph nodes, and tissue perfusion. This directly improves surgical accuracy, reduces intraoperative uncertainty, and lowers postoperative complications.

Examples:

• Stryker's 1688 AIM 4K Platform is widely used in hospitals for fluorescence-guided surgery, enabling surgeons to switch between white light and ICG imaging during procedures for real-time perfusion assessment.
• Diagnostic Green's Verdye(R) (ICG injection) is extensively used in hepatobiliary surgeries such as laparoscopic cholecystectomy to clearly identify bile ducts and avoid accidental injury.
• In colorectal surgery, surgeons use ICG to verify blood supply at anastomosis sites, significantly reducing leakage risk and revision surgeries.
• Plastic and reconstructive surgeons use ICG to assess flap viability before final tissue placement, reducing necrosis rates.

INDOCYANINE GREEN MARKET SEGMENTATION INSIGHTS

INSIGHT BY FORM TYPE

The global indocyanine green market by form type is segmented into solid and liquid. The solid segment accounted for the largest market share of around 69% due to its superior product stability, longer shelf life, ease of transportation, and widespread clinical acceptance. The dominance of the solid formulation is primarily attributed to its ability to maintain chemical stability during storage and distribution, allowing healthcare providers to prepare fresh solutions immediately before administration. This minimizes degradation of the fluorescent dye, ensures consistent fluorescence intensity, and supports accurate visualization during critical diagnostic and surgical procedures. As a result, hospitals, specialty surgical centers, and diagnostic facilities overwhelmingly prefer lyophilized or powdered ICG formulations over pre-mixed alternatives.

INSIGHT BY PROCEDURE TYPE

Based on the procedure type, the diagnostic procedures segment accounted for the largest indocyanine green market share in 2025. The segment is driven by the widespread clinical adoption of ICG-based fluorescence imaging for the early detection, assessment, and monitoring of a broad range of medical conditions.

The segment's leadership is primarily attributed to the increasing utilization of ICG in ophthalmic angiography, hepatic function assessment, cardiovascular diagnostics, lymphatic imaging, and tissue perfusion evaluation, where it enables high-contrast, real-time visualization with an excellent safety profile. Compared with conventional imaging contrast agents, ICG offers rapid plasma clearance, minimal toxicity, and superior near-infrared (NIR) fluorescence characteristics, making it a preferred diagnostic agent across multiple medical specialties.

INSIGHT BY END-USERS

Based on end-users, specialty clinics show significant growth with the fastest-growing CAGR of 14.17% during the forecast period. The segment is primarily driven by increasing demand for disease-specific diagnostics, minimally invasive procedures, and precision medicine approaches. Unlike large hospitals that handle multiple disciplines simultaneously, specialty clinics focus on targeted therapeutic areas such as ophthalmology, oncology, hepatology, vascular medicine, dermatology, and fertility care, where ICG provides significant clinical advantages.

Specialty clinics utilize ICG to improve diagnostic accuracy, reduce procedure times, enhance patient safety, and minimize the need for invasive exploratory procedures. These facilities are increasingly prioritizing same-day procedures and personalized treatment strategies that improve patient outcomes while lowering overall healthcare costs.

INSIGHT BY APPLICATION

The ophthalmic angiography segment dominates the global indocyanine green (ICG) market, owing to the extensive use of ICG fluorescence imaging in the diagnosis and management of retinal and choroidal vascular disorders. The segment's dominance is primarily driven by the increasing prevalence of age-related macular degeneration (AMD), diabetic retinopathy, polypoidal choroidal vasculopathy (PCV), central serous chorioretinopathy (CSC), and other retinal diseases that require high-resolution visualization of the choroidal vasculature for accurate diagnosis and treatment planning. Compared with conventional fluorescein angiography, ICG angiography offers superior penetration through retinal pigment epithelium, hemorrhages, and ocular pigments, enabling clearer visualization of deeper vascular structures and improving diagnostic accuracy.

INDOCYANINE GREEN MARKET GEOGRAPHICAL ANALYSIS

North America dominates the global indocyanine green (ICG) market with a share of around 37% in 2025, driven by its highly developed healthcare infrastructure, early adoption of advanced fluorescence imaging technologies, and widespread implementation of minimally invasive and image-guided surgical procedures.

The region's leadership is supported by the strong presence of leading medical device manufacturers, pharmaceutical companies, and healthcare institutions that actively integrate indocyanine green with advanced near-infrared (NIR) imaging systems, robotic-assisted surgical platforms, and high-resolution visualization technologies across multiple clinical specialties.

The region also benefits from a high procedural volume in oncology, cardiovascular surgery, hepatobiliary surgery, ophthalmology, plastic and reconstructive surgery, and organ transplantation, where ICG plays a critical role in tissue perfusion assessment, vascular imaging, lymphatic mapping, and fluorescence-guided surgery. Rising incidences of cancer, cardiovascular diseases, retinal disorders, and chronic liver diseases have further increased the demand for ICG-assisted diagnostics and surgical interventions.

Europe's indocyanine green (ICG) market is experiencing significant growth, driven by increasing adoption of fluorescence-guided surgery, robotic-assisted procedures, and precision medicine technologies. Healthcare systems across the region are integrating ICG into oncology, hepatobiliary, colorectal, cardiovascular, and reconstructive surgeries to improve surgical accuracy, reduce complications, and enhance patient outcomes.

With aging populations, rising cancer incidence, and growing demand for minimally invasive procedures, Europe is increasingly leveraging near-infrared (NIR) imaging systems and advanced operating room technologies to modernize surgical care.

Germany is one of the most advanced and mature markets in Europe, driven by strong healthcare infrastructure, high adoption of fluorescence-guided surgery, increasing investments in robotic-assisted procedures, and a growing emphasis on precision medicine. The country is transitioning ICG from a specialized imaging agent to a standard tool integrated into routine surgical workflows.

INDOCYANINE GREEN MARKET COMPETITIVE LANDSCAPE

The Global Indocyanine Green (ICG) Market is characterized by competition among pharmaceutical manufacturers, diagnostic imaging solution providers, and medical technology companies focused on fluorescence-guided imaging applications. Market participants are strengthening their positions through product quality, regulatory approvals, supply chain reliability, clinical validation, and integration of ICG-based imaging into surgical and diagnostic workflows.

Competition is primarily driven by three key dimensions:

• Product purity, safety, and regulatory compliance
• Integration with advanced fluorescence imaging and surgical visualization systems
• Geographic reach, manufacturing capabilities, and hospital partnerships.

Established pharmaceutical manufacturers maintain a competitive advantage through extensive regulatory approvals, strong distribution networks, and long-standing relationships with hospitals and diagnostic centers. These companies focus on ensuring consistent product quality and compliance with stringent healthcare regulations while expanding access across developed and emerging markets.

Medical imaging and surgical technology companies are increasingly influencing market dynamics by integrating ICG fluorescence capabilities into robotic surgery platforms, endoscopic systems, laparoscopic visualization devices, and intraoperative imaging solutions. The growing adoption of fluorescence-guided surgery in oncology, cardiovascular procedures, hepatobiliary surgery, and ophthalmology has intensified competition among technology providers seeking to enhance visualization accuracy and clinical outcomes.

Leading participants compete through product differentiation, clinical evidence generation, regulatory expertise, and strategic partnerships with healthcare institutions. As fluorescence-guided surgery continues to gain acceptance globally, market competition is expected to intensify, with companies emphasizing technological innovation, expanded clinical indications, and broader market penetration to strengthen their positions.

Key Company Profiles

• Diagnostic Green GmbH
• SERB Pharmaceuticals
• EISAI Co., Ltd
• Daiichi Sankyo Company, Limited
• Aurolab
• Jiangsu Hengrui Pharmaceuticals Co., Ltd.
• Livzon Pharmaceutical Group Inc
• Stryker Corporation
• Biophore India Pharmaceuticals Pvt. Ltd.
• Macsen Laboratories

Other Prominent Company Profiles

• Adooq Bioscience LLC
• Anant Laboratories
• Biotium, Inc
• Chem-Impex International, Inc.
• Chemwerth Inc.
• UltraGreen.ai
• Guerbet Group
• Luye Pharma Group
• Dishman Carbogen Amcis Ltd.
• Manus Aktteva Biopharma
• Cohance Lifesciences
• Nuray Chemicals Pvt. Ltd.
• Merck Kgaa
• Targetmol Chemicals Inc.
• Boc Sciences
• Gihi Chemicals Co
• Shanghai Acmec Biochemical Technology Co., Ltd.
• Iris Biotech GmbH

Segmentation by Form Type

• Solid
• Liquid

Segmentation by Procedure Type

• Diagnostic Procedures
• Surgical Procedures

Segmentation by Application

• Ophthalmic Angiography
• Cardiovascular Diagnostics
• Hepatic Function Assessment
• Fluorescence-Guided Surgery
• Others

Segmentation by End-Users

• Hospitals
• Specialty Clinics
• Ambulatory Surgical Centers
• Others

Segmentation by Geography

North America

• U.S.
• CANADA

Europe

• Germany
• United Kingdom
• France
• Italy
• Spain
• Netherlands
• Switzerland
• Sweden

APAC

• China
• Japan
• India
• South Korea
• Australia
• Singapore
• Thailand

Latin America

• Brazil
• Mexico
• Argentina
• Chile
• Colombia

Middle East Africa

• Saudi Arabia
• UAE
• South Africa
• Egypt

KEY QUESTIONS ANSWERED:

1. How big is the global indocyanine green market?

2. What is the growth rate of the global indocyanine green market?

3. What are the key trends in the global indocyanine green market?

4. Which region dominates the global indocyanine green market?

5. Who are the major players in the global indocyanine green market?