Global Indocyanine Green Market to Reach USD 380 Million by 2031, Growing at a 13.26% CAGR

The global indocyanine green (ICG) market was valued at USD 180 million in 2025 and is projected to reach USD 380 million by 2031, growing at a 13.26% CAGR. Growth is driven by fluorescence-guided surgery, minimally invasive procedures, ophthalmic angiography and advanced diagnostics. Solid ICG held a 69% share, while diagnostic procedures led the market. Specialty clinics are forecast to grow fastest at 14.17% CAGR. North America dominated with a 37% share in 2025. Key players include Diagnostic Green, SERB Pharmaceuticals, EISAI, Stryker and Aurolab.

Dublin, Aug. 31, 2026 (GLOBE NEWSWIRE) -- The "Global Indocyanine Green (ICG) Market Research Report 2026-2031" has been added to ResearchAndMarkets.com's offering.

The global indocyanine green market was valued at USD 180 million in 2025 and is projected to reach USD 380 million by 2031, expanding at a compound annual growth rate of 13.26%. Market growth is being driven by rising adoption of fluorescence-guided surgery, advanced ophthalmic diagnostics, minimally invasive procedures, and near-infrared imaging technologies.

Indocyanine green is widely used across diagnostic and surgical procedures, including ophthalmic angiography, cardiovascular diagnostics, hepatic function assessment, tissue perfusion evaluation, sentinel lymph node mapping, and fluorescence-guided surgery. Growing integration with laparoscopic, endoscopic, and robotic-assisted surgical platforms is expanding its role in precision medicine and intraoperative imaging.

Key Indocyanine Green Market Findings

• The solid-form segment accounted for approximately 69% of the global market, supported by product stability, extended shelf life, transportation efficiency, and broad clinical acceptance.
• Diagnostic procedures represented the largest procedure segment in 2025 due to extensive use in ophthalmology, hepatic assessment, cardiovascular imaging, and perfusion monitoring.
• Specialty clinics are forecast to record the fastest CAGR of 14.17% from 2026 to 2031.
• Ophthalmic angiography remained the leading application segment.
• North America held approximately 37% of global revenue in 2025.

Fluorescence-Guided Surgery Accelerates Market Expansion

Fluorescence-guided surgery is a major growth driver for the indocyanine green market as healthcare providers adopt real-time imaging to improve surgical accuracy and patient outcomes. ICG-assisted visualization supports tumor localization, margin assessment, lymph node mapping, vascular imaging, bile duct identification, and tissue perfusion analysis.

Adoption is increasing across colorectal, oncology, hepatobiliary, cardiovascular, plastic, and reconstructive procedures. In colorectal surgery, ICG is used to assess blood supply at anastomosis sites. Hepatobiliary surgeons use fluorescence imaging to visualize biliary anatomy, while reconstructive surgeons apply perfusion assessment to evaluate flap viability. Technology providers such as Stryker are integrating ICG-compatible imaging into advanced surgical visualization platforms, including the 1688 AIM 4K system.

Ophthalmic Diagnostics Maintain Application Leadership

Ophthalmic angiography dominates the global indocyanine green market, supported by increasing diagnoses of age-related macular degeneration, diabetic retinopathy, polypoidal choroidal vasculopathy, central serous chorioretinopathy, and other retinal and choroidal disorders. ICG angiography provides high-resolution visualization of deeper ocular vascular structures, supporting disease detection, treatment planning, and ongoing monitoring.

Demand is also benefiting from aging populations in developed markets and improving access to advanced eye care across India, Southeast Asia, Africa, and other emerging regions. Ophthalmic product suppliers and specialty clinics are expanding diagnostic capacity to address rising retinal disease volumes.

Segment and Regional Outlook

Solid ICG formulations lead the market because they maintain chemical stability during storage and distribution and can be prepared immediately before administration. Hospitals, specialty clinics, diagnostic facilities, and ambulatory surgical centers remain the principal end users. Specialty clinics are expected to post the strongest growth as demand increases for targeted diagnostics, same-day procedures, and specialty care in ophthalmology, oncology, hepatology, and vascular medicine.

North America leads the global indocyanine green market due to advanced healthcare infrastructure, high procedural volumes, early adoption of fluorescence imaging, and extensive use of minimally invasive and robotic-assisted surgery. Europe is also experiencing sustained growth, with Germany emerging as a major market for fluorescence-guided and precision surgical technologies. Asia-Pacific presents additional opportunities through expanding healthcare access, investment in diagnostic infrastructure, and rising demand for ophthalmic and surgical imaging.

Competitive Landscape

Competition centers on product purity, safety, regulatory compliance, supply reliability, clinical evidence, and compatibility with advanced imaging systems. Pharmaceutical manufacturers are strengthening distribution and regulatory capabilities, while medical technology companies are integrating fluorescence imaging into robotic, laparoscopic, endoscopic, and intraoperative visualization platforms.

Key companies operating in the indocyanine green market include 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., and Macsen Laboratories. Other participants include Guerbet Group, Merck KGaA KGaA, Luye Pharma Group, Biotium, Inc., Chem-Impex International, Inc., Cohance Lifesciences, and Dishman Carbogen Amcis Ltd.

Market Scope

• Form: Solid and liquid
• Procedure: Diagnostic and surgical procedures
• Application: Ophthalmic angiography, cardiovascular diagnostics, hepatic function assessment, fluorescence-guided surgery, and other applications
• End user: Hospitals, specialty clinics, ambulatory surgical centers, and other healthcare facilities
• Geography: North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa

The global indocyanine green market is expected to maintain strong momentum through 2031 as healthcare systems prioritize precision diagnostics, minimally invasive surgery, real-time perfusion assessment, and technology-enabled clinical workflows.

Key Attributes:

Key Topics Covered:

Overview

• Market Derivation
• Market Definition
• Segment Coverage & Definition

Market Dynamics

• Introduction
  • Introduction
  • Value Chain Analysis
  • Market Landscape
• Market Opportunities and Trends
  • Opportunities & Trends
• Growth Enablers
  • Market Enablers
• Market Restraints
  • Market Restraints

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• Global Indocyanine Green (ICG) Market

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