The Pharmacy Benefit Management Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Pharmacy Benefit Management Global Market Report 2024, The pharmacy benefit management market size has grown strongly in recent years. It will grow from $597.17 billion in 2023 to $644.58 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to increased focus on preventative care, pharmacy network expansion, partnerships with healthcare providers, focus on patient outcomes, advancements in pharmaceutical therapies.
The pharmacy benefit management market size is expected to see strong growth in the next few years. It will grow to $878.37 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to healthcare cost control demands, rise in prescription drug usage, health insurance expansion, adherence to regulatory changes, patient-centric healthcare. Major trends in the forecast period include value-based healthcare models, specialty medications management, data analytics and AI integration, telemedicine integration, rise in personalized medicine.
The rise in the number of people availing insurance significantly contributes to the growth of the pharmacy benefit management market. Insurance provides a solution to deal with the increased medical costs by covering the expenses related to treatment, hospitalization, health check-ups, and hospitalization expenses. Similarly, pharmacy benefit management (PBM) supports end-to-end healthcare products by combining medical as well as pharmaceutical products. This enables the insurers to have extensive information regarding the patients that helps the insurers provide efficient programs to patients. For instance, according to the India Brand Equity Foundation (IBEF), new premiums of life insurers registered 22.2% growth in September 2021, up 2.9% from September 2020. Therefore, the rise in the number of people availing of insurance is driving the growth of the pharmacy benefit management market.
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The pharmacy benefit management (PBM) market covered in this report is segmented –
1) By Services: Mail-Delivery, Specialty Pharmacy, Preferred Network Pharmacy
2) By Type: Commercial Health Plans, Self-Insured Employer Plans, Medicare Part D Plans, Federal Employees Health Benefits Program
3) By End User: Pharmacy Benefit Management Organization, Mail Order Pharmacies, Retail Pharmacies, Inpatient Pharmacies, Outpatient Pharmacies
Major companies operating in the pharmacy benefit management market are increasing their focus on introducing digital prescription technology platforms to gain a competitive edge in the market. Digital prescription technology refers to the use of electronic systems and software to create, transmit, store, and manage prescriptions for medications. For instance, in October 2021, Prescryptive Health, a US-based healthcare technology company, launched a Platform as a Service (PaaS) for Pharmacy Benefit Managers (PBMs), which runs on the Prescryptive health intelligence platform. This offering allows PBMs to provide their members with transparent prices for prescription drugs, thereby enhancing prescription drug price transparency and consumer choice. The service also enables PBM sponsors to achieve up to 40% savings from lower drug prices, smarter plan design, and increased employee engagement.
The pharmacy benefit management market report table of contents includes:
- Executive Summary
- Pharmacy Benefit Management Market Characteristics
- Pharmacy Benefit Management Market Trends And Strategies
- Pharmacy Benefit Management Market – Macro Economic Scenario
- Global Pharmacy Benefit Management Market Size and Growth
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- Global Pharmacy Benefit Management Market Competitive Benchmarking
- Global Pharmacy Benefit Management Market Competitive Dashboard
- Key Mergers And Acquisitions In Pharmacy Benefit Management Market
- Pharmacy Benefit Management Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- CVS Health Corporation
- Cigna Corporation
- Centene Corporation
- Anthem Inc.
- OptumRx Inc.
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