Indocyanine Green Market Size, Share, and Industry Analysis, By Form (Solid and Liquid), By Application (Ophthalmology, Cardiology, Oncology, and Others), By End User (Hospitals & Clinics, Diagnostic Laboratories, and Others), and Regional Forecast, 2026-2034

Last Updated: January 01, 1970 | Report ID: FBI114772

Indocyanine Green Market Overview

The global indocyanine green market is witnessing significant growth due to increasing usage of this dye in various medical fields, including diagnostics and medical imaging. Indocyanine green is a negatively charged polymethine dye that forms noncovalent fluorescent complexes with proteins. This dye is used by healthcare providers in guiding treatment procedures. Indocyanine green is proven to be safe, effective, and feasible in both elective and emergency scenarios.

For example, according to an article published in the National Center for Biotechnology Information (NCBI) in March 2024, indocyanine green’s fluorescent properties have a significant potential as a transformative tool in the medical field, especially in surgeries.

Indocyanine Green Market Driver

Growing Adoption of Indocyanine Green Dye in Oncology to Propel Market Growth

In recent years, the incidence of various types of cancers has been exponentially growing. This requires the use of advanced & effective tools in disease diagnostics. Indocyanine green (ICG) has a significant potential in the detection and treatment of tumors. It plays an important role in enhancing tumor visualization, tumor margin assessment, and sentinel lymph node mapping. ICG has applications in various types of cancers, including breast cancer, melanoma, endometrial cancer, and others.

For instance, a study published in the National Center for Biotechnology Information (NCBI) in February 2023 stated that ICG has promising applications in clinical practices, especially in surgical oncology.

Number of New Cases of Different Cancer Types, 2022

According to the data provided by the GLOBOCAN in April 2024, the total number of new cancer cases across the world was around 20 million, with lung cancer at the top of the list.

Indocyanine Green Market Restraint

Availability of Alternate Imaging Methods to Hinder Market Growth

Even though indocyanine green has promising applications in medical imaging, the wide availability of alternative imaging techniques, along with the different contrast agents, is limiting the market growth for ICG. The advancements in imaging techniques result in their increasing adoption, in turn hindering the demand for indocyanine green.

For example, advanced imaging techniques such as positron emission tomography (PET) and magnetic resonance imaging (MRI) provide a non-invasive alternative to ICG.

Indocyanine Green Market Opportunity

Expanding Applications of Indocyanine Green to Create Lucrative Growth Opportunities for the Market Players

With the constantly increasing burden of chronic diseases across the globe, the demand for effective and advanced diagnostic tools is also increasing. This resulted in further clinical studies of ICG to explore the emerging uses of this dye in various applications, in turn creating a lucrative growth opportunity for the operating players.

For instance, according to a study published in the Frontiers Journal in February 2023, the applications of ICG are expanding and are in the preliminary stages.

Key Insights

The report covers the following key insights:

New Product Launches, By Key Players
Key Industry Developments (Merger, Acquisition, Collaboration, etc.)
Impact of COVID-19 on the Market

Segmentation

By Form	By Application	By End User	By Region
Solid Liquid	Ophthalmology Cardiology Oncology Others	Hospitals & Clinics Diagnostic Laboratories Others	North America (U.S. and Canada) Europe (U.K., Germany, France, Spain, Italy, Scandinavia, and Rest of Europe) Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific) Latin America (Brazil, Mexico, and Rest of Latin America) Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Analysis by Form

Based on the form, the global market is categorized into solid & liquid.

The solid segment held a substantial share of the global market in 2024. Factors such as the wide availability of powder forms, coupled with high preference due to longer shelf life and versatility, have supported the segment growth during the study period.

For example, Tokyo Chemical Industry (India) Pvt. Ltd. is one of the operating players in the market that offers ICG in solid form.

Analysis by Application

On the basis of application, the global market is segmented into ophthalmology, cardiology, oncology, and others.

The oncology segment is projected to capture a notable share throughout the forecast period. The key factors driving the segment growth include increasing usage of indocyanine green in cancer detection and treatment planning. ICG allows efficient and rapid detection of tumors, in turn accelerating the overall treatment process.

For instance, according to an article published by Aster Hospitals, Inc. in February 2025, Indocyanine Green (ICG) has shown remarkable adaptability and versatility and has become a crucial component in a wider array of oncological interventions.

Analysis by End User

In terms of end user, the market is segmented into hospitals & clinics, diagnostic laboratories, and others.

The hospitals & clinics segment is anticipated to capture a significant market share in 2024. Increasing utilization of indocyanine green dye in diagnostics has boosted the segment growth.

For instance, Anand Hospitals, India, is one of the healthcare providers in the country that performs laparoscopic cholecystectomy using indocyanine green cholangiography (ICG).

Regional Analysis

By region, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

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North America held a significant market share in 2024. The factors contributing to the region’s high share include a strong presence of the research community and growing demand for indocyanine green from healthcare providers. Additionally, the strong presence of well-established players in the region also supports the regional growth.

For instance, Diagnostic Green LLC is one of the prominent players offering ICG is based in the U.S.

In 2024, the European region is also projected to gain a noteworthy market share. This is owing to the factors such as growing demand for ICG, coupled with the wide availability of products by the operating players.

For instance, SERB is one of the prominent players offering ICG is based in Belgium.

On the other hand, the market in the Asia Pacific region is likely to witness the fastest growth in the near future. Factors such as rapidly developing healthcare infrastructure in countries such as India, China, and increasing usage by healthcare providers have propelled the regional market growth.

Key Players Covered

The marketspace for the global indocyanine green shows a fragmented structure with the presence of several companies offering products for medical applications. Some of the prominent companies operating in the market include Akorn Inc., Diagnostic Green LLC, SERB, and Aurolab, among others.

The report contains the profiles of the following key players:

Akorn Inc. (U.S.)
Diagnostic Green LLC (U.S.)
SERB (Belgium)
DAIICHI SANKYO COMPANY, LIMITED (Japan)
Santen Pharmaceutical Co., Ltd. (Japan)
Aurolab (India)

Key Industry Developments

In August 2024, Diagnostic Green LLC published results from a study: Prospective, Phase III, Multi-centre Randomised Controlled Trial, which used Indocyanine Green.