Global Pharmacy Benefit Management Market to Grow at 5.65% During 2023-2028, Propelled by Rising Demand for Cost Management Services

March 09, 2021 | Healthcare IT

According to the latest report by IMARC Group, titled “Pharmacy Benefit Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global pharmacy benefit management market is expected to grow at a CAGR of 5.65% during 2023-2028. Pharmacy benefit management (PBM) is a system involving a third-party administrator that manages the prescription of drugs on behalf of pharmacies, health insurers and drug manufacturers. It assists in performing different operations, ranging from financing to setting dispensing policies. It also helps companies to negotiate drug rebates, conduct generic drug substitution with manufacturers and pharmacies, and participate in drug formulary management and development.

Global Pharmacy Benefit Management Market Trends:

The growing need for cost management services on account of the increasing prevalence of chronic diseases and rising healthcare expenditures represents one of the key factors driving the PBM market. As PBM aids in providing wider access to medications across multiple retail pharmacy networks, its adoption is escalating around the world. Furthermore, the rising integration of specialty pharmacies with PBMs for better connections and expertise with pharmaceutical companies to establish drug contracts is positively influencing the market growth. The increasing number of partnerships and alliances between health insurance companies and PBMs for improving the personalization and affordability of health insurance plans is also strengthening the market growth. Other factors, such as the introduction of advanced benefit management services, including pharmacy-medical integrated products, drug utilization programs and disease management, are anticipated to impel the growth of the market.

Market Summary:

  • Based on the service, the market has been classified into specialty pharmacy services, drug formulary management, retail pharmacy services, benefit plan design and consultation, disease management services, and others.
  • On the basis of the business model, the market has been categorized into health insurance management, standalone PBMs and retail pharmacy.
  • Based on the end use, the market has been divided into federal and commercial applications.
  • Region-wise, the market has been segmented into North America (the United States and Canada); Europe (the United Kingdom, Germany, France, Italy, Spain, and others); Asia Pacific (China, Japan, India, Australia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa (the United Arab Emirates, Saudi Arabia, South Africa, and others).
  • The competitive landscape of the market has been examined, 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 and SS&C Technologies, Inc.

Report Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Service, Business Model, End Use, Region
Region Covered North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, Australia, Brazil, Mexico, Saudi Arabia, South Africa, United Arab Emirates
Companies Covered 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, and SS&c Technologies, Inc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Pharmacy Benefit Management Market to Grow at 5.65% During 2023-2028, Propelled by Rising Demand for Cost Management Services
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