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.
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.
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.
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.
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.
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.
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.
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.
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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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