Romania Veterinary Medicines Market

Romania Veterinary Medicines Market, By Product Type {Drug (Anti-infectives, Anti-inflammatory, Parasiticides), {Vaccine (Inactivated Vaccines, Attenuated Vaccines & Recombinant Vaccines), {Medicated Feed Additives (Amino Acids & Antibiotics)}; By Route of Administration (Oral Route & Parenteral Route & Topical Route); By Animal Type (Companion Animal & Livestock Animals); By Distribution Channel (Veterinary Hospital Pharmacies & Retail Veterinary Pharmacies); Romania Competitive Market Share & Forecast, 2018-2027

  • Published Date: January 2021
  • Report ID: BWC20270
  • Available Format: PDF
  • Page: 164

Report Overview

Romania Veterinary Medicines Market Size – Industry Trends & Forecast Report 2027

Romania veterinary medicines market is estimated to have reached USD 365.7 million in 2020 and is further projected to reach USD 482.3 million by 2027, growing at a CAGR of 4.2% during 2021-2027 (forecast period). Due to the rising incidence of foodborne and zoonotic diseases caused by livestock or companion animals, the demand for veterinary medicine in Romania is growing. The growth of the veterinary medicine market is driven by the rising pet ownership and growing healthcare needs of pets. During the forecast era, the increasing demand for nutrition by pet owners would further increase the market growth. The demand for veterinary medicine is driven by growing government funding for pet care and increasing animal health services in Romania. 


Source: BlueWeave Consulting


Romania Veterinary Medicines Market Overview:

The medical specialty of veterinary medicine, also known as veterinary science, is concerned with the prevention, control, diagnosis, and treatment of diseases affecting the health of domestic and wild animals and preventing the transmission of animal diseases to humans. The application of medical, diagnostic, and therapeutic concepts to a companion, domestic, exotic, wildlife, and animal development in veterinary medicine. Informally, veterinary medicine is as old as the human/animal bond but has proliferated in recent years due to the availability of sophisticated diagnostic and therapeutic techniques for most species. Veterinary medicine has made several significant contributions to animal welfare. Dramatic decreases in human exposure to tuberculosis and brucellosis from animal sources are included. 

 

Romania Veterinary Medicines Market Forecast and Trends

 

Growth Drivers 

 

Increase in Pet adoption and growing technology

The amount of disposable income, pet ownership, and ongoing technological changes also affect animal healthcare. Over the past decade, pet adoption for a companion among the elderly population has significantly expanded. Pets are adopted mainly for companionship by people, and the trend from pet owners to pet parents has shifted considerably. A growing number of pets and the rapidly changing implications of technology. Increasing disposable income in Romania and introducing animal-specific products will also boost the overall demand from the animal healthcare industry. The factors above will thus prove beneficial for the growth of the market.

 

Increasing prevalence of Diabetes and Kidney related disease

The increasing prevalence of diabetes, kidney-related diseases, high blood pressure, and spinal disc problems is further propelling the market for veterinary medicine among companion animals. Due to disorders such as osteoarthritis and other joint diseases, the growing incidence of pet obesity is pushing for better care options. For example, according to a study of DOI, 44% (163/300) of the dogs in Romania, were positive for Hepatozoonspp or piroplasmids. 48% (143/300) were infected with H. canis, and 9.6% (29/300) were B. canis-positive. Babesia spp and H. canis were co-infected by 3 % (9/300) of the dogs. Also, growing owners ‘concerns regarding their pets have increased spending on medicines for pet treatment, further propelling the veterinary medicine industry.

 

Restraints

 

High price of veterinary Drug

Veterinary drugs are highly expensive as the authorization process for a drug is highly regulated. The process of getting a chemical to a saleable product, governmentally supervised, financially exhausting, scientifically accurate, and valid method. In a broad field of science and technology, accounting and finance, all major drug companies employ experts due to which cost rises that is the major restraining factor. Thus, the high prices of veterinary drugs may hamper the Romania veterinary market growth of the animal healthcare market during the forecast period.

 

Increasing Influx of Counterfeit Drugs

The growth of online business for drugs has increased the influx of counterfeit drugs in all nations across the globe. Counterfeit medicines are fake medicines that may contain wrong or no active ingredients or right ingredients at the wrong dose. These types of drugs are mostly distributed through illicit channels, including dodgy websites, social media, e-commerce sites such as Alibaba, and street vendors. Illegal drugs market for veterinary pharmaceuticals creating a huge loss for pharma companies and restraining the growth of the market

 

 

Impact of COVID-19 in the industry

 

Veterinary organizations across the globe and Romania, for instance, have proposed restricting acutely ill animals and emergencies to animal patient care. Besides, the lockdowns have led to annual checkup exams and elective procedures being rescheduled. However, the supply of veterinary medicines has been ensured by various key players, as government institutions across Romania are taking strict measures to sustain supply. Consequently, the overall effect of COVID-19 on the veterinary industry remains relatively negative owing to a decrease in demand as veterinary visits are reduced and the approach of animal healthcare to emergency treatment and critically ill animals is altered. 

 

Romania Veterinary Medicines Market: By Product Type

 

Based on product type, the market is categorized as drug (anti-infectives, anti-inflammatory, parasiticides), vaccine (inactivated vaccines, attenuated vaccines & recombinant vaccines), medicated feed additives (amino acids & antibiotics) Amidst this category, the medicinal feed additives segment is also expected to witness a significant growth rate owing to their increasing usage in maintaining animal health. Furthermore, the rising country’s population is increasing the demand for meat as well as dairy, which also drives the growth of the medicinal feed additives segment.


Source: BlueWeave Consulting


Romania Veterinary Medicines Market: By Route of Administration

Based on the route of administration, the Romania veterinary medicines market is segmented into an oral route, parenteral route & topical route. Amidst this category, the veterinary medicine industry's largest segment is the oral route administration market, accounting for a market share of 46.37% in 2019. With a market share of 28.23% in 2020, the parental administration route is booming in the market. This segment's growth is due to the large number of parenteral formulations offered in the market by key players. Moreover, as the main players have increased their attention to launching new topical products for parasite treatment, the topical segment witnessed the fastest growth. 

 

Romania Veterinary Medicines Market: By Animal Type 

 

Based on animal type, the Romania veterinary medicines market is segregated into companion animals and livestock animals based on the animal type. Amidst the segmentation Livestock animals segment held around USD 242.09 Million revenue in 2019. The market's growth would be adequate for the increasing number of pets by individuals and fast-changing technological implications. Besides, the launch of animal-specific products and increasing disposable income in the region are boosting the region's market development. Followed by livestock animals, companion animals, are expected to experience lucrative growth in the coming years with a market share of 37 % in 2027 at a CAGR of 4.5% over the forecast period. 

 

Romania Veterinary Medicines Market: Country insights

 

The factors that adversely affected growth in the historical period were veterinary shortages, low levels of animal health awareness, a lack of awareness of the animal healthcare sector in Romania in general, and insufficient use of medicines. Factors that could impede the growth of the veterinary medicine market in Romania during the forecast period include the increasing threat of animal antibiotic resistance, the consolidation of consumers and distributors. The aforementioned factors lead to a decrease in the prices of veterinary medicinal products and a decrease in free trade, affecting end-users of the demand for animal medicinal products.

 

Recent Development

 

  • In Sept 2020: Boehringer Ingelheim and Fraunhofer IME launch collaboration - Boehringer Ingelheim and Fraunhofer Institute for Molecular Biology and Applied Ecology IME announce their newly formed collaboration that aims to provide novel, microbial-based natural products for the development of next-generation animal health products fighting parasitic diseases.

 

  • In April 2019: Boehringer Ingelheim acquires stake in SoundTalks NV, begins pilot program - Boehringer Ingelheim has acquired a minority stake in SoundTalks NV, a Belgian company. SoundTalks NV has developed a digital monitoring tool that seeks to improve the healthcare of pigs and helps farmers operate more efficiently.

 

Competitive landscape

 

Key players for Romania veterinary medicines market include Delos Medica, Boehringer Ingelheim International GmbH, Virbac SA, Archer Daniels Midland Company, Evonik Industries AG, Merck Sharp & Dohme Corp, Vanelli VET, CevaSanteAnimale, Elanco Animal Health Inc &Dechra Pharmaceuticals PLC & other prominent players. These key players are focusing mainly on vertical integration activities and to gain competitive advantage players are also investing heavily in research & development activities to generate innovative technologies for novel drug discovery.

 

Scope of the Report

Attribute

Details

Years Considered

Historical data – 2018-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Million

Market Coverage

Romania

 

Product/Service Segmentation

By product type, animal type, route of administration, distribution channel

Key Players

Key players for Romania veterinary medicines market include:Delos Medica, Boehringer Ingelheim International GmbH, Virbac SA, Archer Daniels Midland Company, Evonik Industries AG, Merck Sharp & Dohme Corp, Vanelli VET, CevaSanteAnimale,Elanco Animal Health Inc &Dechra Pharmaceuticals PLC& other prominent players.

 

Scope of the Report

By Product Type

Ø  Drug

·         Anti-infectives

·         Anti-inflammatory

·         Parasiticides

Ø  Vaccine

·         Inactivated Vaccines

·         Attenuated Vaccines

·         Recombinant Vaccines

Ø  Medicated Feed Additives

·         Amino Acids

·         Antibiotics

By Route of Administration

Ø  Oral Route              

Ø  Parenteral Route               

Ø  Topical Route          

By Animal Type

Ø  Companion Animal             

Ø  Livestock Animals    

By Distribution Channel

Ø  Veterinary Hospital Pharmacies               

Ø  Retail Veterinary Pharmacies