Romania Veterinary Medicines Market is Expected to Reach USD 482.3 Million by 2027
Published | January 2021
According to BlueWeave Consulting, 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).
The increasing cases of zoonotic and chronic diseases is the key factor driving
the market for veterinary medicine. Moreover, rising R&D and procedural
advancements, pet adoption rates, and increasing consumption of meat and
mandatory vaccination are anticipated to boost demand for veterinary pharmaceuticals
and vaccines for animals shortly. Additionally, the growing consumption of meat
is fueling the demand for mandatory vaccination for animals, which results in
the growth of the market for veterinary medicine.
Strategic collaborations
and partnerships to drive innovations
To drive product
advances, companies in the veterinary pharmaceutical industry are gradually
cooperating and collaborating with other players. Veterinary pharmaceutical
companies are entering new geographies and creating innovative products by
exchanging skills and experience with other players to compete in the highly
competitive veterinary pharmaceutical industry. In April 2019, Bayer AG, a
German pharmaceutical, and life sciences firm, partnered to create therapeutic
antibodies for veterinary medicine with Adivo GmbH, a biotech company that
develops therapeutic antibodies for companion animals.
Development of chewable
tablets
Chewable tablets are
increasingly being used to prevent ticks, worms, fleas, and others from hurting
animals. These tablets are typically chewed soft and are available in various
flavors, such as tablets with beef taste. Treatments are simpler to administer
with these tablets than with regular tablets since they can be quickly added to
animals' regular meals. Many manufacturers of veterinary drugs are actively
working to develop successful and easy-to-give drugs to compete in the highly
consolidated market for veterinary pharmaceuticals.
Veterinary hospital
pharmacies occupy the major share of the Romania veterinary medicines market
Based on the distribution
channel, the Romania veterinary medicines market is segregated into veterinary
hospital pharmacies & retail veterinary pharmacies. The largest market
share in 2019 was held by veterinary hospital pharmacies, owing to these
pharmacies' high accessibility. Due to the rise in the prevalence of epidemics
and chronic diseases, the Veterinary Hospital Pharmacies is projected to grow
steadily over the forecast period. Advanced care products, which are expected
to contribute to the overall growth of the Veterinary Hospital's pharmacy
division. Certain vaccines are available only in approved veterinary hospital
pharmacies, which shortly, will be responsible for raising the market share of
this segment.
Romania Veterinary
Medicines: Country insights
Key contributing factors
attributing to dominance are the increasing prevalence of zoonotic diseases and
favorable reimbursement programs. Moreover, the increasing adoption of pet
health insurance in Romania is also expected to contribute to the growth of the
market for veterinary medicines. Factors such as higher adoption of companion
animals and increasing health concerns in animals have promoted the market in
the country. Also, growing expenditure on animal health and veterinary services
and cattle population are factors that are driving the market for veterinary
medicine.
The
leading players” in the 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. The companies
are focusing on bringing innovative and environmentally friendly products to
hold their dominance in the veterinary medicines market across the globe.
The in-depth analysis of
the report provides information about growth potential, upcoming trends, and
statistics of Romania veterinary medicines market size & forecast. The
report promises to provide recent technology trends in the veterinary medicines
market and industry insights that help decision-makers to make sound strategic
decisions. Furthermore, the report also analyzes the growth drivers, challenges,
and competitive dynamics of the market.
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