Summary

The global market for Indocyanine Green was estimated to be worth US$ 83.3 million in 2024 and is forecast to a readjusted size of US$ 121 million by 2031 with a CAGR of 5.0% during the forecast period 2025-2031.
Indocyanine green (ICG) (CAS 3599-32-4), a cyanine dye used in medical diagnostics to determine cardiac output, hepatic function, and liver blood flow, and for ophthalmic angiography. It is a sterile, lyophilized green powder with a peak spectral absorption at 800 nm. These infrared frequencies penetrate retinal layers, allowing ICG angiography to image deeper patterns of circulation than fluorescein angiography.
Europe is the largest Indocyanine Green (CAS 3599-32-4) market with about 52% market share. USA is follower, accounting for about 22% market share.The key manufacturers are Pulsion Medical Systems AG,Dandong Yichuang Pharmaceutical, Diagnostic Green, SERB, Daiichi Sankyo Company, Santen Pharmaceutical, Aurolab, Eisai, etc. Top 3 companies occupied about 60% market share.

Market drivers
Increasing demand for precision medicine
The popularization of fluorescence navigation technology in tumor surgery (such as da Vinci robotic surgery) has made ICG a key reagent for intraoperative imaging. High-incidence tumors such as liver cancer and breast cancer have driven demand (China has more than 400,000 new cases of liver cancer each year).
Technology upgrade and expansion of indications
ICG combined with near-infrared imaging (NIR) technology has been expanded to new scenarios such as lymphangiography and gastrointestinal anastomosis. Nanocarrier technology improves ICG stability and prolongs imaging time (such as tumor-targeted ICG nanoformulations).

Popularization of minimally invasive surgery
The proportion of minimally invasive surgeries such as laparoscopy and thoracoscopy has increased, and the demand for ICG imaging has surged.
This report aims to provide a comprehensive presentation of the global market for Indocyanine Green, focusing on the total sales volume, sales revenue, price, key companies market share and ranking, together with an analysis of Indocyanine Green by region & country, by Type, and by Application.
The Indocyanine Green market size, estimations, and forecasts are provided in terms of sales volume (K NOS) and sales revenue ($ millions), considering 2024 as the base year, with history and forecast data for the period from 2020 to 2031. With both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Indocyanine Green.

Market Segmentation
By Company
Pulsion Medical Systems AG
Dandong Yichuang Pharmaceutical
Daiichi Sankyo Company
SERB
Santen Pharmaceutical
Diagnostic Green
McKesson Corp
OriFarm
Jeil Pharmaceutical
Aurolab
Cellbion
Eisai
Segment by Type
25mg
50mg
Segment by Application
Ophthalmology
Neurosurgery
Liver Diseases
Others
By Region
North America
United States
Canada
Asia-Pacific
China
Japan
South Korea
Southeast Asia
India
Australia
Rest of Asia-Pacific
Europe
Germany
France
U.K.
Italy
Netherlands
Nordic Countries
Rest of Europe
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of MEA
Chapter Outline
Chapter 1: Introduces the report scope of the report, global total market size (value, volume and price). This chapter also provides the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 2: Detailed analysis of Indocyanine Green manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 3: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 4: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 5: Sales, revenue of Indocyanine Green in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the market development, future development prospects, market space, and market size of each country in the world.
Chapter 6: Sales, revenue of Indocyanine Green in country level. It provides sigmate data by Type, and by Application for each country/region.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 9: Conclusion.

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Table of Contents

1 Market Overview
1.1 Indocyanine Green Product Introduction
1.2 Global Indocyanine Green Market Size Forecast
1.2.1 Global Indocyanine Green Sales Value (2020-2031)
1.2.2 Global Indocyanine Green Sales Volume (2020-2031)
1.2.3 Global Indocyanine Green Sales Price (2020-2031)
1.3 Indocyanine Green Market Trends & Drivers
1.3.1 Indocyanine Green Industry Trends
1.3.2 Indocyanine Green Market Drivers & Opportunity
1.3.3 Indocyanine Green Market Challenges
1.3.4 Indocyanine Green Market Restraints
1.4 Assumptions and Limitations
1.5 Study Objectives
1.6 Years Considered
2 Competitive Analysis by Company
2.1 Global Indocyanine Green Players Revenue Ranking (2024)
2.2 Global Indocyanine Green Revenue by Company (2020-2025)
2.3 Global Indocyanine Green Players Sales Volume Ranking (2024)
2.4 Global Indocyanine Green Sales Volume by Company Players (2020-2025)
2.5 Global Indocyanine Green Average Price by Company (2020-2025)
2.6 Key Manufacturers Indocyanine Green Manufacturing Base and Headquarters
2.7 Key Manufacturers Indocyanine Green Product Offered
2.8 Key Manufacturers Time to Begin Mass Production of Indocyanine Green
2.9 Indocyanine Green Market Competitive Analysis
2.9.1 Indocyanine Green Market Concentration Rate (2020-2025)
2.9.2 Global 5 and 10 Largest Manufacturers by Indocyanine Green Revenue in 2024
2.9.3 Global Top Manufacturers by Company Type (Tier 1, Tier 2, and Tier 3) & (based on the Revenue in Indocyanine Green as of 2024)
2.10 Mergers & Acquisitions, Expansion
3 Segmentation by Type
3.1 Introduction by Type
3.1.1 25mg
3.1.2 50mg
3.2 Global Indocyanine Green Sales Value by Type
3.2.1 Global Indocyanine Green Sales Value by Type (2020 VS 2024 VS 2031)
3.2.2 Global Indocyanine Green Sales Value, by Type (2020-2031)
3.2.3 Global Indocyanine Green Sales Value, by Type (%) (2020-2031)
3.3 Global Indocyanine Green Sales Volume by Type
3.3.1 Global Indocyanine Green Sales Volume by Type (2020 VS 2024 VS 2031)
3.3.2 Global Indocyanine Green Sales Volume, by Type (2020-2031)
3.3.3 Global Indocyanine Green Sales Volume, by Type (%) (2020-2031)
3.4 Global Indocyanine Green Average Price by Type (2020-2031)
4 Segmentation by Application
4.1 Introduction by Application
4.1.1 Ophthalmology
4.1.2 Neurosurgery
4.1.3 Liver Diseases
4.1.4 Others
4.2 Global Indocyanine Green Sales Value by Application
4.2.1 Global Indocyanine Green Sales Value by Application (2020 VS 2024 VS 2031)
4.2.2 Global Indocyanine Green Sales Value, by Application (2020-2031)
4.2.3 Global Indocyanine Green Sales Value, by Application (%) (2020-2031)
4.3 Global Indocyanine Green Sales Volume by Application
4.3.1 Global Indocyanine Green Sales Volume by Application (2020 VS 2024 VS 2031)
4.3.2 Global Indocyanine Green Sales Volume, by Application (2020-2031)
4.3.3 Global Indocyanine Green Sales Volume, by Application (%) (2020-2031)
4.4 Global Indocyanine Green Average Price by Application (2020-2031)
5 Segmentation by Region
5.1 Global Indocyanine Green Sales Value by Region
5.1.1 Global Indocyanine Green Sales Value by Region: 2020 VS 2024 VS 2031
5.1.2 Global Indocyanine Green Sales Value by Region (2020-2025)
5.1.3 Global Indocyanine Green Sales Value by Region (2026-2031)
5.1.4 Global Indocyanine Green Sales Value by Region (%), (2020-2031)
5.2 Global Indocyanine Green Sales Volume by Region
5.2.1 Global Indocyanine Green Sales Volume by Region: 2020 VS 2024 VS 2031
5.2.2 Global Indocyanine Green Sales Volume by Region (2020-2025)
5.2.3 Global Indocyanine Green Sales Volume by Region (2026-2031)
5.2.4 Global Indocyanine Green Sales Volume by Region (%), (2020-2031)
5.3 Global Indocyanine Green Average Price by Region (2020-2031)
5.4 North America
5.4.1 North America Indocyanine Green Sales Value, 2020-2031
5.4.2 North America Indocyanine Green Sales Value by Country (%), 2024 VS 2031
5.5 Europe
5.5.1 Europe Indocyanine Green Sales Value, 2020-2031
5.5.2 Europe Indocyanine Green Sales Value by Country (%), 2024 VS 2031
5.6 Asia Pacific
5.6.1 Asia Pacific Indocyanine Green Sales Value, 2020-2031
5.6.2 Asia Pacific Indocyanine Green Sales Value by Region (%), 2024 VS 2031
5.7 South America
5.7.1 South America Indocyanine Green Sales Value, 2020-2031
5.7.2 South America Indocyanine Green Sales Value by Country (%), 2024 VS 2031
5.8 Middle East & Africa
5.8.1 Middle East & Africa Indocyanine Green Sales Value, 2020-2031
5.8.2 Middle East & Africa Indocyanine Green Sales Value by Country (%), 2024 VS 2031
6 Segmentation by Key Countries/Regions
6.1 Key Countries/Regions Indocyanine Green Sales Value Growth Trends, 2020 VS 2024 VS 2031
6.2 Key Countries/Regions Indocyanine Green Sales Value and Sales Volume
6.2.1 Key Countries/Regions Indocyanine Green Sales Value, 2020-2031
6.2.2 Key Countries/Regions Indocyanine Green Sales Volume, 2020-2031
6.3 United States
6.3.1 United States Indocyanine Green Sales Value, 2020-2031
6.3.2 United States Indocyanine Green Sales Value by Type (%), 2024 VS 2031
6.3.3 United States Indocyanine Green Sales Value by Application, 2024 VS 2031
6.4 Europe
6.4.1 Europe Indocyanine Green Sales Value, 2020-2031
6.4.2 Europe Indocyanine Green Sales Value by Type (%), 2024 VS 2031
6.4.3 Europe Indocyanine Green Sales Value by Application, 2024 VS 2031
6.5 China
6.5.1 China Indocyanine Green Sales Value, 2020-2031
6.5.2 China Indocyanine Green Sales Value by Type (%), 2024 VS 2031
6.5.3 China Indocyanine Green Sales Value by Application, 2024 VS 2031
6.6 Japan
6.6.1 Japan Indocyanine Green Sales Value, 2020-2031
6.6.2 Japan Indocyanine Green Sales Value by Type (%), 2024 VS 2031
6.6.3 Japan Indocyanine Green Sales Value by Application, 2024 VS 2031
6.7 South Korea
6.7.1 South Korea Indocyanine Green Sales Value, 2020-2031
6.7.2 South Korea Indocyanine Green Sales Value by Type (%), 2024 VS 2031
6.7.3 South Korea Indocyanine Green Sales Value by Application, 2024 VS 2031
6.8 Southeast Asia
6.8.1 Southeast Asia Indocyanine Green Sales Value, 2020-2031
6.8.2 Southeast Asia Indocyanine Green Sales Value by Type (%), 2024 VS 2031
6.8.3 Southeast Asia Indocyanine Green Sales Value by Application, 2024 VS 2031
6.9 India
6.9.1 India Indocyanine Green Sales Value, 2020-2031
6.9.2 India Indocyanine Green Sales Value by Type (%), 2024 VS 2031
6.9.3 India Indocyanine Green Sales Value by Application, 2024 VS 2031
7 Company Profiles
7.1 Pulsion Medical Systems AG
7.1.1 Pulsion Medical Systems AG Company Information
7.1.2 Pulsion Medical Systems AG Introduction and Business Overview
7.1.3 Pulsion Medical Systems AG Indocyanine Green Sales, Revenue, Price and Gross Margin (2020-2025)
7.1.4 Pulsion Medical Systems AG Indocyanine Green Product Offerings
7.1.5 Pulsion Medical Systems AG Recent Development
7.2 Dandong Yichuang Pharmaceutical
7.2.1 Dandong Yichuang Pharmaceutical Company Information
7.2.2 Dandong Yichuang Pharmaceutical Introduction and Business Overview
7.2.3 Dandong Yichuang Pharmaceutical Indocyanine Green Sales, Revenue, Price and Gross Margin (2020-2025)
7.2.4 Dandong Yichuang Pharmaceutical Indocyanine Green Product Offerings
7.2.5 Dandong Yichuang Pharmaceutical Recent Development
7.3 Daiichi Sankyo Company
7.3.1 Daiichi Sankyo Company Company Information
7.3.2 Daiichi Sankyo Company Introduction and Business Overview
7.3.3 Daiichi Sankyo Company Indocyanine Green Sales, Revenue, Price and Gross Margin (2020-2025)
7.3.4 Daiichi Sankyo Company Indocyanine Green Product Offerings
7.3.5 Daiichi Sankyo Company Recent Development
7.4 SERB
7.4.1 SERB Company Information
7.4.2 SERB Introduction and Business Overview
7.4.3 SERB Indocyanine Green Sales, Revenue, Price and Gross Margin (2020-2025)
7.4.4 SERB Indocyanine Green Product Offerings
7.4.5 SERB Recent Development
7.5 Santen Pharmaceutical
7.5.1 Santen Pharmaceutical Company Information
7.5.2 Santen Pharmaceutical Introduction and Business Overview
7.5.3 Santen Pharmaceutical Indocyanine Green Sales, Revenue, Price and Gross Margin (2020-2025)
7.5.4 Santen Pharmaceutical Indocyanine Green Product Offerings
7.5.5 Santen Pharmaceutical Recent Development
7.6 Diagnostic Green
7.6.1 Diagnostic Green Company Information
7.6.2 Diagnostic Green Introduction and Business Overview
7.6.3 Diagnostic Green Indocyanine Green Sales, Revenue, Price and Gross Margin (2020-2025)
7.6.4 Diagnostic Green Indocyanine Green Product Offerings
7.6.5 Diagnostic Green Recent Development
7.7 McKesson Corp
7.7.1 McKesson Corp Company Information
7.7.2 McKesson Corp Introduction and Business Overview
7.7.3 McKesson Corp Indocyanine Green Sales, Revenue, Price and Gross Margin (2020-2025)
7.7.4 McKesson Corp Indocyanine Green Product Offerings
7.7.5 McKesson Corp Recent Development
7.8 OriFarm
7.8.1 OriFarm Company Information
7.8.2 OriFarm Introduction and Business Overview
7.8.3 OriFarm Indocyanine Green Sales, Revenue, Price and Gross Margin (2020-2025)
7.8.4 OriFarm Indocyanine Green Product Offerings
7.8.5 OriFarm Recent Development
7.9 Jeil Pharmaceutical
7.9.1 Jeil Pharmaceutical Company Information
7.9.2 Jeil Pharmaceutical Introduction and Business Overview
7.9.3 Jeil Pharmaceutical Indocyanine Green Sales, Revenue, Price and Gross Margin (2020-2025)
7.9.4 Jeil Pharmaceutical Indocyanine Green Product Offerings
7.9.5 Jeil Pharmaceutical Recent Development
7.10 Aurolab
7.10.1 Aurolab Company Information
7.10.2 Aurolab Introduction and Business Overview
7.10.3 Aurolab Indocyanine Green Sales, Revenue, Price and Gross Margin (2020-2025)
7.10.4 Aurolab Indocyanine Green Product Offerings
7.10.5 Aurolab Recent Development
7.11 Cellbion
7.11.1 Cellbion Company Information
7.11.2 Cellbion Introduction and Business Overview
7.11.3 Cellbion Indocyanine Green Sales, Revenue, Price and Gross Margin (2020-2025)
7.11.4 Cellbion Indocyanine Green Product Offerings
7.11.5 Cellbion Recent Development
7.12 Eisai
7.12.1 Eisai Company Information
7.12.2 Eisai Introduction and Business Overview
7.12.3 Eisai Indocyanine Green Sales, Revenue, Price and Gross Margin (2020-2025)
7.12.4 Eisai Indocyanine Green Product Offerings
7.12.5 Eisai Recent Development
8 Industry Chain Analysis
8.1 Indocyanine Green Industrial Chain
8.2 Indocyanine Green Upstream Analysis
8.2.1 Key Raw Materials
8.2.2 Raw Materials Key Suppliers
8.2.3 Manufacturing Cost Structure
8.3 Midstream Analysis
8.4 Downstream Analysis (Customers Analysis)
8.5 Sales Model and Sales Channels
8.5.1 Indocyanine Green Sales Model
8.5.2 Sales Channel
8.5.3 Indocyanine Green Distributors
9 Research Findings and Conclusion
10 Appendix
10.1 Research Methodology
10.1.1 Methodology/Research Approach
10.1.1.1 Research Programs/Design
10.1.1.2 Market Size Estimation
10.1.1.3 Market Breakdown and Data Triangulation
10.1.2 Data Source
10.1.2.1 Secondary Sources
10.1.2.2 Primary Sources
10.2 Author Details
10.3 Disclaimer