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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