According to the latest report by IMARC Group, titled “Pharmacy Benefit Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global pharmacy benefit management market size reached US$ 382.2 Billion in 2020. 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.
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 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. Looking forward, the market value is projected to reach US$ 538.3 Billion by 2026, expanding at a CAGR of 6.0% during the forecast period (2021-2026).
- 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.
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