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Monday, February 9th, 2026
Market Updates

Ultragreen: Global ICG Market Leader with 23% Earnings CAGR and Strong Competitive Moat to 2027 1

Posted on January 26, 2026 at 4:23 pm (GMT+8)

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Broker Name: DBS

Date of Report: 2024 (inferred from market data cited)

Excerpt from DBS report.

Report Summary

  • Ultragreen dominates the global indocyanine green (ICG) market with over 60% share, leveraging regulatory barriers and strong product positioning to sustain high margins and growth.
  • The ICG market is expected to grow at 11.7% CAGR to 2030, with Ultragreen’s earnings projected to rise at 23% CAGR from FY24-27, driven by increasing adoption, international expansion, and robust pricing power.

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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