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Wednesday, January 28th, 2026
Market Updates

Ultragreen: Global ICG Market Leader Driving 23% Earnings CAGR & High Margins Through Surgical Innovation 1

Posted on January 26, 2026 at 2:54 pm (GMT+8)

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Broker Name: DBS

Date of Report: 2024

Excerpt from DBS report.

Report Summary

  • Ultragreen is the global leader in indocyanine green (ICG) with over 60% market share, benefitting from high entry barriers and strong regulatory protection.
  • The ICG market is expected to grow rapidly, at an 11.7% CAGR from 2024-2030, driven by increasing adoption of fluorescence guided surgery and international expansion.
  • Ultragreen is forecasted to deliver a 23% earnings CAGR from FY24-27, with growth supported by rising ICG penetration, robust margins, and new regulatory approvals.
  • DBS initiates coverage with a BUY rating and a target price of USD2.05, valuing the company at a premium based on solid growth prospects and defensible market position.

Above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website: https://www.dbs.com

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