Indocyanine Green Market size was valued at USD 0.15 Billion in 2022 and is projected to reach USD 0.35 Billion by 2030, growing at a CAGR of 11.5% from 2024 to 2030.
The Indocyanine Green (ICG) market is witnessing significant growth due to its wide range of applications in various medical fields. Indocyanine Green is a diagnostic dye that is used in different imaging procedures, particularly in ophthalmology, neurosurgery, liver disease diagnosis, and other specialized treatments. The market for ICG is driven by increasing awareness of early disease detection and advancements in diagnostic imaging technologies. It has also become a vital tool in surgical navigation and intraoperative procedures, contributing to its growing demand. The increasing adoption of ICG in a variety of medical procedures is expected to boost the market further.
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Indocyanine Green Market by Application
The application of Indocyanine Green (ICG) spans across several medical disciplines, each benefiting from the dye's unique properties, particularly its ability to fluoresce in near-infrared light, providing real-time visualization of tissues and blood flow. In ophthalmology, ICG is used extensively for retinal angiography, a diagnostic procedure that helps detect and assess various eye conditions such as diabetic retinopathy, age-related macular degeneration, and retinal vein occlusion. It assists ophthalmologists in visualizing blood vessels in the retina, providing critical information during surgery and treatment planning. The high precision offered by ICG in ophthalmological applications allows for better-targeted treatment and improved patient outcomes. As the global prevalence of eye diseases rises, the demand for ICG in ophthalmology is expected to increase, further accelerating market growth in this segment.
In neurosurgery, Indocyanine Green plays a vital role in ensuring surgical precision, particularly in the visualization of blood vessels, tumor margins, and critical neural structures. Neurosurgeons use ICG during procedures like tumor resections, aneurysm clipping, and other complex brain surgeries to minimize the risk of damage to vital tissues and ensure the complete removal of tumors. ICG enables real-time imaging through near-infrared fluorescence, allowing surgeons to see structures that would otherwise be invisible under traditional lighting conditions. As the focus on minimally invasive and precise surgical techniques grows, the use of ICG in neurosurgery is likely to increase, driving further innovation and market expansion. This application is especially promising due to the increasing incidence of neurological disorders and the ongoing development of advanced surgical technologies.
Ophthalmology
Indocyanine Green's use in ophthalmology has grown over the past few years, particularly in the diagnosis and management of retinal diseases. One of the main applications of ICG in this field is retinal angiography, where it is injected into the bloodstream to assess retinal blood flow and identify pathological changes in the retina. This procedure is critical for diagnosing conditions such as diabetic macular edema, choroidal neovascularization, and retinal vascular occlusions. The fluorescence properties of ICG allow ophthalmologists to visualize the retinal blood vessels more clearly, aiding in early diagnosis and guiding therapeutic decisions, especially in laser therapy and surgical interventions. The increasing number of patients with age-related macular degeneration (AMD) and diabetic retinopathy has amplified the demand for ICG in ophthalmology, making it an essential tool in modern eye care.
Furthermore, ICG has emerged as a critical component in surgical procedures, particularly in vitreoretinal surgeries such as macular hole repair, retinal detachment, and diabetic vitrectomy. During these procedures, ICG helps surgeons to visualize the inner layers of the retina and the choroid more clearly, facilitating precise incisions and minimizing the risk of complications. The ability of ICG to highlight blood flow and identify ischemic areas in the retina also aids in reducing post-operative complications and improving long-term outcomes for patients. As surgical techniques continue to evolve and as the global aging population leads to an increase in retinal diseases, ICG's role in ophthalmology is expected to expand, fostering steady growth in this market segment.
Neurosurgery
Indocyanine Green is increasingly utilized in neurosurgery to enhance the precision and safety of complex brain surgeries. Its ability to provide near-infrared fluorescence imaging enables surgeons to visualize blood flow in real-time, which is crucial during procedures like tumor resections and vascular surgeries. ICG is particularly effective in identifying critical structures, including blood vessels and tumor boundaries, ensuring that the surgery is as minimally invasive as possible while maximizing the complete removal of abnormal tissues. This technique reduces the chances of damaging vital brain structures during surgery, which is essential for improving patient outcomes and minimizing recovery times. The growing prevalence of neurological disorders and the increasing adoption of advanced surgical tools are expected to contribute to the market growth in this segment.
ICG's application in neurosurgery extends beyond just tumor surgery. It is also used in the treatment of brain aneurysms, spinal cord surgeries, and neurovascular procedures, where precise blood flow visualization is critical. The dye's ability to highlight both arteries and veins during surgery assists surgeons in avoiding inadvertent damage to blood vessels and other critical tissues, enhancing surgical safety. Additionally, the use of ICG in neurosurgery has been associated with a reduction in the need for repeat surgeries and post-operative complications. As medical advancements continue to improve, the demand for ICG in neurosurgery is expected to rise, driven by the ongoing shift towards minimally invasive and more precise surgical techniques.
Liver Diseases
Indocyanine Green has a prominent role in the diagnosis and management of liver diseases, particularly in the assessment of hepatic function and perfusion. ICG is commonly used in hepatobiliary imaging, where it helps to evaluate liver function during pre-surgical assessments or when monitoring liver transplant patients. The dye is utilized in the assessment of liver perfusion and to estimate hepatic clearance, which is crucial for determining the severity of liver conditions such as cirrhosis, hepatitis, and liver cancer. Its ability to fluoresce under infrared light allows for non-invasive visualization of liver blood flow, enabling clinicians to make informed decisions regarding treatment planning and prognosis. As the prevalence of liver diseases, particularly non-alcoholic fatty liver disease (NAFLD), rises globally, the demand for ICG in liver disease applications is expected to increase.
In addition to diagnostic use, ICG is employed in intraoperative liver surgery to assess liver function during procedures such as liver resection and transplantation. The real-time imaging provided by ICG helps surgeons evaluate the viability of liver tissue and avoid unnecessary removal of healthy tissue. ICG’s ability to highlight perfusion and ischemic regions aids in the planning and execution of these delicate surgeries. Moreover, its role in liver transplantation is critical in monitoring liver function during the procedure and detecting potential complications early. As liver disease burdens continue to grow worldwide, the market for ICG in liver disease applications is poised for steady expansion, driven by advancements in both diagnostic and surgical practices.
Others
In addition to its primary uses in ophthalmology, neurosurgery, and liver disease management, Indocyanine Green has several other emerging applications in various medical fields. It is increasingly being explored in oncology for imaging purposes, helping to detect and map tumor tissues during surgery. ICG's ability to provide fluorescence imaging has been utilized in detecting tumor margins, ensuring complete removal during cancer surgeries, especially in breast cancer, gastrointestinal cancer, and colorectal surgery. As the demand for precision in cancer treatment grows, ICG’s role in tumor imaging is expected to expand, providing surgeons with real-time data to guide their surgical decisions. This application highlights the versatility of ICG across different specialties, opening up new avenues for its use in other emerging therapeutic areas.
ICG is also being explored for use in other non-oncological surgical procedures, such as in plastic and reconstructive surgery, where it can assist in assessing tissue viability and perfusion during reconstructive surgeries. It has potential applications in monitoring organ transplantation, wound healing, and assessing surgical outcomes in various medical disciplines. The increasing trend toward personalized and minimally invasive surgeries presents a growing opportunity for ICG to enhance patient care and optimize surgical results across different fields. As innovations in medical imaging and surgical techniques continue to progress, ICG's diverse applicability in emerging medical fields will likely contribute to its growth in these "other" segments.
Key Trends in the Indocyanine Green Market
One of the key trends in the Indocyanine Green market is the increasing shift towards minimally invasive surgeries. As the demand for safer, less invasive procedures grows, the use of advanced imaging technologies like ICG is becoming more widespread. Real-time visualization of blood flow, tissue perfusion, and tumor margins provides surgeons with a powerful tool to make precise, informed decisions during complex surgeries. This trend is coupled with growing advancements in medical imaging technology, including near-infrared fluorescence, which is expanding ICG's potential applications across different medical fields.
Another notable trend is the growing prevalence of chronic diseases, particularly in aging populations, which is driving the demand for early diagnosis and precision treatments. Conditions such as diabetic retinopathy, age-related macular degeneration, liver diseases, and neurological disorders are on the rise, prompting the increased use of ICG for diagnostic purposes. Additionally, innovations in personalized medicine and surgical techniques are likely to expand ICG's role in various therapeutic applications, further boosting its market presence in the coming years.
Opportunities in the Market
The Indocyanine Green market holds significant opportunities for growth, particularly in emerging economies where healthcare infrastructure is rapidly improving. As hospitals and medical facilities in these regions adopt advanced diagnostic and imaging technologies, the demand for ICG in clinical and surgical applications is expected to rise. The expansion of ICG’s use in oncology, liver diseases, and neurosurgery presents further opportunities for growth
Top Indocyanine Green Market Companies
Akorn
PULSION Medical Systems AG
Diagnostic Green
SERB
Daiichi Sankyo Company
Santen Pharmaceutical Co.
Ltd.
Aurolab
Yichuang
Eisai
Regional Analysis of Indocyanine Green Market
North America (United States, Canada, and Mexico, etc.)
Asia-Pacific (China, India, Japan, South Korea, and Australia, etc.)
Europe (Germany, United Kingdom, France, Italy, and Spain, etc.)
Latin America (Brazil, Argentina, and Colombia, etc.)
Middle East & Africa (Saudi Arabia, UAE, South Africa, and Egypt, etc.)
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Indocyanine Green Market Insights Size And Forecast