Pharmacy Benefit Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Pharmacy Benefit Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A3086
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Market Overview:

The global pharmacy benefit management market is expected to exhibit a growth rate (CAGR) of 5.65% during 2023-2028.

Pharmacy benefit management (PBM) refers to a system wherein a third-party administrator manages prescription drug programs on behalf of health insurers, pharmacies, drug manufacturers, etc. This system performs significant operations at various levels in the supply chain of pharmaceutical products, from financing to setting dispensing policies. The PBM companies also conduct generic drug substitution, negotiate drug rebates with manufacturers and pharmacies, and participate in drug formulary development and management. As a result, they provide numerous services, including specialty pharmacy services, retail pharmacy services, drug formulary management, disease management services, benefit plan design and consultation, etc.

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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The global pharmacy benefit management market is primarily driven by the growing need for cost management services due to the increasing prevalence of chronic diseases and rising healthcare expenditures. Several consumers are getting inclined towards PBM systems for wider access to medications across multiple retail pharmacy networks. Additionally, the growing presence of similar drugs in the market with minimal difference in their APIs has resulted in the increasing price sensitivity of these drugs. As a result, there is a growing demand for PBM systems that release drug formularies for all drugs covered under their benefit plans, wherein manufacturers are receptive to offer discounts. Apart from this, the rising integration of PBMs with specialty pharmacies for better expertise and connections with pharmaceutical companies to establish drug contracts is also propelling the market growth. Additionally, the growing number of partnerships and alliances between pharmacy benefit management organizations and health insurance companies for improving affordability and personalization of health insurance plans is further driving the global market for PBMs. Moreover, the introduction of advanced benefit management services, including disease management, drug utilization programs, and pharmacy-medical integrated products, will continue to drive the market growth in the coming years. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global pharmacy benefit management market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on service, business model and end use.

Breakup by Service:

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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  • 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:

 

 
 

 

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  • North America
    • United States
    • Canada
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • South Africa
    • United Arab Emirates
    • Others

Competitive Landscape:

The competitive landscape of the industry has also 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 Coverage:

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)


Key Questions Answered in This Report:

  • How has the global pharmacy benefit management market performed so far and how will it perform in the coming years?
  • What is the impact of COVID-19 on the global pharmacy benefit management market?
  • What are the key regional markets?
  • What is the breakup of the market based on the service?
  • What is the breakup of the market based on the business model?
  • What is the breakup of the market based on the end use?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the market?
  • What is the structure of the global pharmacy benefit management market and who are the key players?
  • What is the degree of competition in the market?

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Pharmacy Benefit Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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