Pharmacy Benefit Management (PBM) Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Description
Pharmacy Benefit Management (PBM) Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Pharmacy Benefit Management Market
The pharmacy benefit management market size was valued at USD 540.32 billion in 2023, and the market is now projected to grow from USD 573.27 billion in 2024 to USD 897.63 billion by 2032, exhibiting a CAGR of 5.8% during the forecast period of 2024-2032.
The COVID-19 pandemic initially boosted the worldwide pharmacy gain control marketplace due to elevated call for vaccines and uniqueness tablets. Major gamers saw large sales increase all through this period. However, as vaccination drives finished and medicinal drug prices stabilized publish-pandemic, marketplace revenues for key agencies again to pre-pandemic degrees by 2021 and 2022. This cyclical pattern highlights the marketplace's responsiveness to public fitness needs and pharmaceutical pricing dynamics.
The growing prevalence of continual diseases globally is driving call for pharmaceutical remedies, especially high-cost branded medicines. Major pharmaceutical groups are that specialize in developing such drugs, main to an extensive upward thrust in pharmaceutical prices. This trend is anticipated to maintain driving marketplace growth as healthcare priorities shift closer to handling persistent conditions correctly.
The adoption of pharmacy gain management services is growing amongst various healthcare stakeholders, driving a shift closer to advanced workflows using system studying. This transition permits streamlined supply chains and quicker mail order deliveries for businesses. Service carriers leveraging device studying can effectively manipulate multiple coverage and retail pharmacy chains, improving operational efficiency and marketplace competitiveness. This trend is contributing to the overall growth and modernization of the pharmacy benefit control market.
Comprehensive Analysis of Pharmacy Benefit Management Market
The pharmacy benefit management market growth is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the industry. These segmentations are methodically segregated by service analysis and by service provider analysis. By service analysis include, specialty pharmacy service, benefit plan design & administration, pharmacy claims processing, formulary management, and others. By service provider analysis include, insurance companies, retail pharmacies, and standalone PBMs.
The U.S. region lead the pharmacy benefit management market share by benefitting a market size of USD 498.47 billion in 2022 due to increasing disposable income of the populace.
The top players in the market play a crucial role in the industry assuring market growth and setting market standards. These players include, CVS Health, Cigna, OptumRx, Anthem, Centene Corporation, Abarca Health LLC, Medimpact, these market players provide a level-playing competitive landscape.
In July 2023, CVS Caremark and GoodRx partnered to reduce out-of-pocket prescription expenses.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 5.8% from 2024-2032
Unit Value (USD Billion)
Segmentation By Service
- Specialty Pharmacy Services
- Benefit Plan Design & Administration
- Pharmacy Claims Processing
- Formulary Management
- Others
By Service Provider
- Insurance Companies
- Retail Pharmacies
- Standalone PBMs
By Country/Region
- U.S.
- Canada
- Rest of World
Table of Contents
98 Pages
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 3.4. Market Trends
- 4. Key Insights
- 4.1. Strategies Adopted by Leading Market Players
- 4.2. Impact of COVID-19 Outbreak on the Pharmaceutical Market
- 4.3. Impact of COVID-19 on the PBM Market
- 4.4. Snapshot of the Regulatory Scenario in the PBM Market
- 4.5. Key Industry Developments – Mergers, Acquisitions, and Partnerships
- 5. Global Pharmacy Benefit Management Market Analysis, Insights and Forecast, 2019-2030
- 5.1. Market Analysis, Insights and Forecast – By Service
- 5.1.1. Specialty Pharmacy Services
- 5.1.2. Benefit Plan Design & Administration
- 5.1.3. Pharmacy Claims Processing
- 5.1.4. Formulary Management
- 5.1.5. Others
- 5.2. Market Analysis, Insights and Forecast – By Service Providers
- 5.2.1. Insurance Companies
- 5.2.2. Retail Pharmacies
- 5.2.3. Standalone PBMs
- 5.3. Market Analysis, Insights and Forecast – By Country/Region
- 5.3.1. U.S.
- 5.3.2. Canada
- 5.3.3. Rest of the World
- 6. U.S. Pharmacy Benefit Management Market Analysis, Insights and Forecast, 2019-2030
- 6.1. Market Analysis, Insights and Forecast – By Service
- 6.1.1. Specialty Pharmacy Services
- 6.1.2. Benefit Plan Design & Administration
- 6.1.3. Pharmacy Claims Processing
- 6.1.4. Formulary Management
- 6.1.5. Others
- 6.2. Market Analysis, Insights and Forecast – By Service Providers
- 6.2.1. Insurance Companies
- 6.2.2. Retail Pharmacies
- 6.2.3. Standalone PBMs
- 7. Canada Pharmacy Benefit Management Market Analysis, Insights and Forecast, 2019-2030
- 7.1. Market Analysis, Insights and Forecast – By Service
- 7.1.1. Specialty Pharmacy Services
- 7.1.2. Benefit Plan Design & Administration
- 7.1.3. Pharmacy Claims Processing
- 7.1.4. Formulary Management
- 7.1.5. Others
- 7.2. Market Analysis, Insights and Forecast – By Service Providers
- 7.2.1. Insurance Companies
- 7.2.2. Retail Pharmacies
- 7.2.3. Standalone PBMs
- 8. Rest of the World Pharmacy Benefit Management Market Analysis, Insights and Forecast, 2019-2030
- 8.1. Market Analysis, Insights and Forecast – By Service
- 8.1.1. Specialty Pharmacy Services
- 8.1.2. Benefit Plan Design & Administration
- 8.1.3. Pharmacy Claims Processing
- 8.1.4. Formulary Management
- 8.1.5. Others
- 8.2. Market Analysis, Insights and Forecast – By Service Providers
- 8.2.1. Insurance Companies
- 8.2.2. Retail Pharmacies
- 8.2.3. Standalone PBMs
- 9. Competitive Analysis
- 9.1. Global Market Share Analysis (2022)
- 9.2. Company Profiles
- 9.2.1. CVS HEALTH
- 9.2.1.1. Overview
- 9.2.1.2. Services
- 9.2.1.3. SWOT Analysis
- 9.2.1.4. Recent Developments
- 9.2.1.5. Strategies
- 9.2.1.6. Financials (Based on Availability)
- 9.2.2. CIGNA
- 9.2.2.1. Overview
- 9.2.2.2. Services
- 9.2.2.3. SWOT Analysis
- 9.2.2.4. Recent Developments
- 9.2.2.5. Strategies
- 9.2.2.6. Financials (Based on Availability)
- 9.2.3. OptumRx, Inc.
- 9.2.3.1. Overview
- 9.2.3.2. Services
- 9.2.3.3. SWOT Analysis
- 9.2.3.4. Recent Developments
- 9.2.3.5. Strategies
- 9.2.3.6. Financials (Based on Availability)
- 9.2.4. Anthem, Inc.
- 9.2.4.1. Overview
- 9.2.4.2. Services
- 9.2.4.3. SWOT Analysis
- 9.2.4.4. Recent Developments
- 9.2.4.5. Strategies
- 9.2.4.6. Financials (Based on Availability)
- 9.2.5. Centene Corporation
- 9.2.5.1. Overview
- 9.2.5.2. Services
- 9.2.5.3. SWOT Analysis
- 9.2.5.4. Recent Developments
- 9.2.5.5. Strategies
- 9.2.5.6. Financials (Based on Availability)
- 9.2.6. Abarca Health LLC.
- 9.2.6.1. Overview
- 9.2.6.2. Services
- 9.2.6.3. SWOT Analysis
- 9.2.6.4. Recent Developments
- 9.2.6.5. Strategies
- 9.2.6.6. Financials (Based on Availability)
- 9.2.7. MEDIMPACT HEALTHCARE SYSTEMS, INC.
- 9.2.7.1. Overview
- 9.2.7.2. Services
- 9.2.7.3. SWOT Analysis
- 9.2.7.4. Recent Developments
- 9.2.7.5. Strategies
- 9.2.7.6. Financials (Based on Availability)
- 9.3. Brief Company Profiles, Key countries
- 9.3.1. The Canada Life Assurance Company
- 9.3.1.1. Overview
- 9.3.1.2. Services
- 9.3.1.3. SWOT Analysis
- 9.3.1.4. Recent Developments
- 9.3.1.5. Strategies
- 9.3.1.6. Financials (Based on Availability)
- 9.3.2. Orizon
- 9.3.2.1. Overview
- 9.3.2.2. Services
- 9.3.2.3. SWOT Analysis
- 9.3.2.4. Recent Developments
- 9.3.2.5. Strategies
- 9.3.2.6. Financials (Based on Availability)
- 9.3.3. Mediscor PBM
- 9.3.3.1. Overview
- 9.3.3.2. Services
- 9.3.3.3. SWOT Analysis
- 9.3.3.4. Recent Developments
- 9.3.3.5. Strategies
- 9.3.3.6. Financials (Based on Availability)
- 9.3.4. AgilityHealth
- 9.3.4.1. Overview
- 9.3.4.2. Services
- 9.3.4.3. SWOT Analysis
- 9.3.4.4. Recent Developments
- 9.3.4.5. Strategies
- 9.3.4.6. Financials (Based on Availability)
- 9.3.5. Scriptpharm (Pty) Ltd
- 9.3.5.1. Overview
- 9.3.5.2. Services
- 9.3.5.3. SWOT Analysis
- 9.3.5.4. Recent Developments
- 9.3.5.5. Strategies
- 9.3.5.6. Financials (Based on Availability)
- 9.3.6. Nano Health Suite
- 9.3.6.1. Overview
- 9.3.6.2. Services
- 9.3.6.3. SWOT Analysis
- 9.3.6.4. Recent Developments
- 9.3.6.5. Strategies
- 9.3.6.6. Financials (Based on Availability)
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