The Pharmacy Benefit Manager market is Anticipated to grow at a 6.5% CAGR by 2032
Market for Pharmacy Benefit Managers
The global pharmaceutical benefit management industry is anticipated to increase from its present market size of US$ 558 billion to a trillion-dollar industry by the end of 2032, at a CAGR of 6.5%.
The United States has 66.5% of the market for pharmaceutical benefit managers, dominating the sector. Additionally, retail pharmaceutical services account for 27.6% of the global market.
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The incorporation of the pharmacy benefit manager concept was practiced by large industries over a decade ago. With upgraded benefit plans and cost-effective solutions & services, pharmacy benefit managers have been adopted by small- and medium-sized enterprises as well. Pharmacy benefit managers are widely used by all tier companies to streamline the employee health and pharmacy benefits.
Thus, pharmacy benefit managers are gaining importance in various commerce sectors. Growth in the global pharmacy benefit manager market is driven by demand for advanced prescription products, focus on reduction of drug cost, regulatory guidelines, and to better manage the member’s health conditions. Key regulatory requirements that drive the pharmacy benefit manager market are changes due to Medicare Part-D guidelines, healthcare reforms, and NCPDP regulations.
The demand for innovative programs, such as disease and patient case management programs, advanced drug utilization programs, and pharmacy-medical integrated products have been the drivers for a number of emerging trends in the pharmacy benefit manager market. Additionally, the influence of social media networking is increasing rapidly in the pharmacy benefit manager arena. Almost all pharmacy benefits managers are responding to these drivers in similar yet distinct approaches.
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The pharmacy benefit manager market in North America is estimated to hold the highest market share in the pharmacy benefit manager market, during the forecast period, due to the high adoption rate of pharmacy benefit manager services and solutions in the commercial sector.
The ever-rising mortality and morbidity rates are motivating regional vendors to accelerate their pharmacy benefit manager businesses. Pharmacy benefit management companies are focusing on helping their clientele to manage their health condition more efficiently and effectively. Multiple programs are available in the North American pharmacy benefit manager market that strive to achieve this objective.
The pharmacy benefit manager market has a high potential in Latin America owing to government health programs and health insurance companies combining and utilizing various resources in the market to provide member-healthcare benefits. Thus, the pharmacy benefit manager market in Latin America region will be targeted the most by the pharmacy benefit manager market participants. The need to enhance the effectiveness and efficiency of chronic illness medications is expected to attract the attention of pharmacy benefit manager service providers towards the Latin America region.
According to PMR analysis, long-term contracts with business partners are expected to help increase revenue and new service strategies will enable pharmacy benefit manager vendors to reach new growth markets. Some of the key market participants in the global pharmacy benefit manager market include:
Express Scripts Holding Company
CVS Health Corporation
DST Systems, Inc.
Rite Aid Corp.
ProCare Rx.
UnitedHealth Group
Benecard Services, LLC
BioScrip, Inc.
CaptureRx
Change Healthcare
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Pharmacy Benefit Manager Industry Research Segmentation
By Service:
Retail Pharmacy Services
Specialty Pharmacy Services
Benefit Plan Design and Consultation
Drug Formulary Management
Other Services
By Demand Determinant:
Government Health Programs
Employer-Sponsored Programs
Health Insurance Companies
Other Programs
By Region:
North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East & Africa
About the Electronics, Semiconductors, and ICT Division at Persistence Market Research
Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
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