According to the latest report by IMARC Group, titled “Pharmacy Benefit Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global pharmacy benefit management market is expected to exhibit a CAGR of 5.8% during 2022-2027.
Pharmacy benefit management (PBM) refers to a third-party organization providing flexible and diverse prescription drug programs monitoring all the issues related to healthcare. In addition, it offers medical services and prescription medications at reduced costs to the employers, as it releases the list of prescription drugs that include all drugs covered under its benefit plans.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Pharmacy Benefit Management Trends:
The global pharmacy benefit management market is majorly driven by the rapid regionalization of pharmacies significant growth in the pharmaceutical sector. In addition to this, the increasing e in awareness about regarding the cost reduction measures and the services provided by this program is expected to offer lucrative opportunities for market expansion. Also, the rise in the growing geriatric population across the globe has led to the increasing demand for prescription drugs worldwide, thereby creating providing a positive outlook for the market. Other factors, such as the increasing rising prevalence of respiratory diseases worldwide due to the ongoing pandemic, the introduction of smart medication systems and , telemedicine programs, and extensive research and development activities, are also providing an impetus to the market growth on the global level.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Aetna, Inc.
- Centene Corporation
- Cigna Corporation
- CVS Health Corporation
- Express Scripts Holding Company
- Magellan Health, Inc.
- Medimpact Healthcare Systems, Inc.
- Optumrx, Inc.
- Prime Therapeutics LLC
- ProCare Rx
- SS&c Technologies, Inc
Pharmacy Benefit Management Market 2022-2027 Analysis and Segmentation:
Our report has categorized the market based on Region, Service, Business Model and End Use.
Breakup by Service:
- Specialty Pharmacy Services
- Drug Formulary Management
- Retail Pharmacy Services
- Benefit Plan Design and Consultation
- Disease Management Services
- Others
Breakup by Business Model:
- Health Insurance Management
- Standalone PBMs
- Retail Pharmacy
Breakup by End Use:
- Federal
- Commercial
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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