1 Global Indocyanine Green Market Size (Value) and CAGR (2024-2033)
In 2024, the global Indocyanine Green market was valued at USD 167.73 million, with a CAGR of 5.2% from 2024 to 2033.
Indocyanine green (ICG) is a negatively charged polymethine fuel that can bind to proteins to form non-covalent fluorescent complexes. After intravenous injection, indocyanine green is closely combined with cytoplasmic proteins, mainly albumin, and is quickly absorbed by the liver, and then secreted into bile unchanged. Therefore, indocyanine green can be used as an indicator dye to evaluate cardiac output, liver function, etc.
Figure Global Indocyanine Green Market Size (M USD) and CAGR 2024-2033
2 Indocyanine Green Market Drivers
The rapid advancement of medical technology has significantly enhanced the use of ICG in various diagnostic procedures. ICG’s unique properties, such as its ability to bind with plasma proteins and its specific light absorption peak, make it an invaluable tool for real-time imaging and monitoring. This has led to its widespread adoption in fields such as cardiovascular disease, ophthalmology, and neurosurgery, where precise visualization of blood vessels and tissue perfusion is crucial.
The increasing prevalence of chronic diseases and the growing demand for minimally invasive surgical procedures have further fueled the market’s growth. ICG’s role in these areas is critical, as it allows for accurate diagnosis and effective surgical navigation. For instance, in ophthalmology, ICG is used for angiography, helping to diagnose and treat various eye disorders with minimal invasiveness.
The expanding scope of ICG’s clinical applications is another significant driver. Beyond its traditional uses in liver function tests and cardiovascular diagnostics, ICG is now being explored for photodynamic therapy (PDT) in cancer treatment. This innovative application has the potential to revolutionize cancer treatment, offering a non-invasive and targeted approach to cancer therapy.
3 Indocyanine Green Market Restraints
The pharmaceutical industry, including the ICG market, is characterized by high entry barriers. The development and production of ICG require substantial financial investment and extensive research and development (R&D) efforts. Additionally, regulatory approval processes are rigorous and time-consuming, often taking several years to complete. This not only deters new entrants but also increases the overall cost of bringing a product to market.
Environmental concerns pose a significant challenge to ICG manufacturers. The production process generates wastewater, waste gas, and solid waste, which, if not managed properly, can have adverse effects on the environment. Manufacturers must invest in advanced pollution control technologies and adhere to stringent environmental regulations to minimize their ecological footprint. This adds to the production costs and operational complexities.
ICG has certain limitations in its application. It is not suitable for patients with allergies or those in certain physiological states, such as fasting or supine positions. Additionally, improper handling or preparation of the dye can lead to measurement errors or adverse reactions in patients. These limitations can affect the safety and accuracy of ICG-based diagnostic procedures, thereby limiting its widespread adoption.
4 Global Indocyanine Green Market Sales and Share by Type in 2024
In 2024, the 25mg type is expected to account for 4,368.9 thousand units of the total market sales, representing a market share of 90.02%. This type is favored for its convenience and effectiveness in a wide range of medical procedures. The 25mg specification is typically supplied as a lyophilized powder in sterile vials, making it easy to handle and administer. It is widely used in cardiovascular disease diagnostics, ophthalmology, neurosurgery, liver disease management, and lymphatic mapping. The versatility and reliability of the 25mg type make it a preferred choice for medical professionals across various specialties.
The Others category, which includes different dosages and packaging configurations, is projected to account for 484.2 thousand units in 2024, representing a market share of 9.98%. This segment caters to specialized applications and niche markets that require unique properties or configurations not available in the standard 25mg form. These specialized types of ICG are used in research and specific medical procedures where tailored solutions are necessary.
Table Global Indocyanine Green Market Sales and Share by Type in 2024
Type | Market Sales (K Units) 2024 | Market Share 2024 |
25mg | 4368.9 | 90.02% |
Others | 484.2 | 9.98% |
5 Global Indocyanine Green Market Sales and Share by Application in 2024
In 2024, the global ICG market is projected to reach significant sales volumes, with diverse applications contributing to its demand. Cardiovascular disease diagnosis is a key application, with sales expected to reach 721.2 thousand units. This application benefits from ICG’s ability to visualize blood vessels clearly, aiding in the diagnosis and treatment of conditions like heart disease. Ophthalmology is another major field, where ICG is used for retinal angiography, helping to diagnose eye disorders. Sales in this segment are projected at 1,222.0 thousand units in 2024.
Neurosurgery also utilizes ICG for its fluorescence properties, with sales anticipated at 364.3 thousand units. Liver disease diagnosis, which leverages ICG’s hepatic excretion dynamics, is expected to see sales of 1,440.3 thousand units. Lymphatic mapping, used in cancer surgeries to identify sentinel lymph nodes, is projected to have sales of 510.3 thousand units.
Table Global Indocyanine Green Market Sales and Share by Application in 2024
Application | Market Sales (K Units) 2024 | Market Share 2024 |
Cardiovascular Disease | 721.2 | 14.86% |
Ophthalmology | 1222.0 | 25.18% |
Neurosurgery | 364.3 | 7.51% |
Liver Diseases | 1440.3 | 29.68% |
Lymphatic Mapping | 510.3 | 10.52% |
Others | 594.9 | 12.26% |
6 Global Indocyanine Green Market Sales by Region in 2024
North America is a significant market, with sales projected at 779.8 thousand units in 2024. The region benefits from advanced healthcare infrastructure and high demand for precision medical diagnostics. The Asia-Pacific region is the largest market, driven by growing healthcare needs and expanding medical capabilities. Sales are expected to reach 3,264.6 thousand units in 2024.
Europe, with its strong healthcare systems and research focus, is projected to have sales of 557.4 thousand units. South America, while smaller, is growing, with sales estimated at 141.8 thousand units. The Middle East and Africa region is also emerging, with sales projected at 109.5 thousand units.
Figure Global Indocyanine Green Market Size by Region in 2024
7 Major Players in Global Indocyanine Green Market
7.1 Diagnostic Green
Diagnostic Green is a leading provider of high-quality fluorescence products for medical use, with its headquarters in Germany. Established in 1991, the company has a strong market distribution across America, Europe, South America, and Southeast Asia. Diagnostic Green’s flagship product, Indocyanine Green for Injection, USP, is widely trusted by physicians for its reliability and safety.
The company’s product portfolio includes a 25 mg vial of lyophilized powder, which is used for various medical procedures, including cardiovascular and liver function assessments. In the most recent year, Diagnostic Green reported a revenue of USD 62.08 million and a gross margin of 39.84%.
7.2 AKORN
AKORN is a specialty pharmaceutical company based in the USA, known for its diverse range of products, including Indocyanine Green. Established in 1971, AKORN has a strong presence in the US market, offering a variety of pharmaceutical products, including injectables and ophthalmic solutions. The company’s Indocyanine Green product is used for determining cardiac output, hepatic function, and ophthalmic angiography.
AKORN’s product portfolio includes a 25 mg vial of sterile Indocyanine Green Injection, USP. However, the company faced significant challenges in recent years, including bankruptcy and closure of its US operations. Despite these setbacks, AKORN’s historical performance shows a revenue of USD 3.15 million and a gross margin of 38.46% in the most recent year.
7.3 Dandong Yichuang Pharmaceutical Co., Ltd.
Dandong Yichuang Pharmaceutical Co., Ltd. is a prominent player in the ICG market, with its headquarters in China. Established in 1954, the company has a strong manufacturing base and a comprehensive product portfolio. Dandong Yichuang’s Indocyanine Green for Injection is available in a 10 mg vial, used for various medical applications, including cardiovascular and liver function assessments.
The company has a significant market share in China and has expanded its reach to other regions. In the most recent year, Dandong Yichuang reported a revenue of USD 24.67 million and a gross margin of 32.60%.