Pharmacy Benefit Management Market Size, Share, Trends, Industry Analysis Report By Service, By Service Providers, and By Region – Market Forecast, 2025–2034

Publisher Polaris Market Research & Consulting LLP

Published Nov 01, 2025

Length 128 Pages

SKU # PLRS20638172

Description

The pharmacy benefit management market size is expected to reach USD 962.93 Billion by 2034, according to a new study by Polaris Market Research. The report “Pharmacy Benefit Management Market Share, Size, Trends, Industry Analysis Report: By Service, By Service Providers, and By Region; Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The pharmacy benefit management (PBM) market includes services such as specialty pharmacy, benefit plan design and administration, pharmacy claims processing, formulary management, and other solutions that optimize prescription drug programs for insurers, employers, and patients.

Market growth is driven by rising chronic disease prevalence and expanding retail and online pharmacy networks. In addition, increasing healthcare expenditure and adoption of digital and AI-enabled PBM platforms.

Pharmacy Benefit Management Market Report Highlights
Based on service, the pharmacy claims processing segment dominated in 2024 due to its role in streamlining prescription management and reducing administrative costs.
In terms of service providers, insurance companies dominated in 2024, supported by their extensive networks and ability to integrate PBM solutions into health plans.
North America dominated the market in 2024, driven by high healthcare spending and widespread adoption of managed care and digital PBM solutions.
Asia Pacific is projected to grow fastest during the forecast period, supported by expanding healthcare coverage and rising chronic disease prevalence in China and Japan.
Key players in the global market include Evernorth Health, Inc., CVS Health, Optum, Inc., Prime Therapeutics LLC, MedImpact, Capital Rx, Inc., EmpiRx Health, LLC., Liviniti, RxSense LLC, LucyRx, CerpassRx, and Abarca Health LLC.
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Polaris Market Research has segmented the market report based on service, service providers, and region:
By Service Outlook (Revenue, USD Billion, 2020–2034)

Specialty Pharmacy Services
Benefit Plan Design & Administration
Pharmacy Claims Processing
Formulary Management
Others
By Service Providers Outlook (Revenue, USD Billion, 2020–2034)

Insurance Companies
Retail Pharmacies
Standalone PBMs
By Regional Outlook (Revenue, USD Billion, 2020–2034)

North America
U.S.
Canada
Europe
Germany
France
UK
Italy
Spain
Netherlands
Russia
Rest of Europe
Asia Pacific
China
Japan
India
Malaysia
South Korea
Indonesia
Australia
Vietnam
Rest of Asia Pacific
Middle East & Africa
Saudi Arabia
UAE
Israel
South Africa
Rest of Middle East & Africa
Latin America
Mexico
Brazil
Argentina
Rest of Latin America

1. Introduction: 1.1. Report Description; 1.1.1. Objectives of the Study; 1.1.2. Market Scope; 1.1.3. Assumptions; 1.2. Stakeholders
2. Executive Summary: 2.1. Market Highlights
3. Research Methodology: 3.1. Overview; 3.1.1. Data Mining; 3.2. Data Sources; 3.2.1. Primary Sources; 3.2.2. Secondary Sources
4. Global Pharmacy Benefit Management Market Insights: 4.1. Pharmacy Benefit Management Market – Market Snapshot; 4.2. Pharmacy Benefit Management Market Dynamics; 4.2.1. Drivers and Opportunities; 4.2.1.1. Expansion of Retail and Online Pharmacy Networks; 4.2.1.2. Growing Chronic Disease Burden Globally; 4.2.2. Restraints and Challenges; 4.2.2.1. Regulatory Scrutiny Over Drug Pricing Transparency; 4.3. Porter’s Five Forces Analysis; 4.3.1. Bargaining Power of Suppliers (Moderate); 4.3.2. Threats of New Entrants: (Low); 4.3.3. Bargaining Power of Buyers (Moderate); 4.3.4. Threat of Substitute (Moderate); 4.3.5. Rivalry among existing firms (High); 4.4. PESTEL Analysis; 4.5. Pharmacy Benefit Management Market Trends; 4.6. Value Chain Analysis
5. Global Pharmacy Benefit Management Market, by Service: 5.1. Key Findings; 5.2. Introduction; 5.2.1. Global Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 5.3. Specialty Pharmacy Services; 5.3.1. Global Pharmacy Benefit Management Market, by Specialty Pharmacy Services, by Region, 2020-2034 (USD Billion); 5.4. Benefit Plan Design & Administration; 5.4.1. Global Pharmacy Benefit Management Market, by Benefit Plan Design & Administration, by Region, 2020-2034 (USD Billion); 5.5. Pharmacy Claims Processing; 5.5.1. Global Pharmacy Benefit Management Market, by Pharmacy Claims Processing, by Region, 2020-2034 (USD Billion); 5.6. Formulary Management; 5.6.1. Global Pharmacy Benefit Management Market, by Formulary Management, by Region, 2020-2034 (USD Billion); 5.7. Others; 5.7.1. Global Pharmacy Benefit Management Market, by Others, by Region, 2020-2034 (USD Billion)
6. Global Pharmacy Benefit Management Market, by Service Provider: 6.1. Key Findings; 6.2. Introduction; 6.2.1. Global Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 6.3. Insurance Companies; 6.3.1. Global Pharmacy Benefit Management Market, by Insurance Companies, by Region, 2020-2034 (USD Billion); 6.4. Retail Pharmacies; 6.4.1. Global Pharmacy Benefit Management Market, by Retail Pharmacies, by Region, 2020-2034 (USD Billion); 6.5. Standalone PBMs; 6.5.1. Global Pharmacy Benefit Management Market, by Standalone PBMs, by Region, 2020-2034 (USD Billion)
7. Global Pharmacy Benefit Management Market, by Geography: 7.1. Key Findings; 7.2. Introduction; 7.2.1. Pharmacy Benefit Management Market Assessment, By Geography, 2020-2034 (USD Billion); 7.3. Pharmacy Benefit Management Market – North America; 7.3.1. North America: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.3.2. North America: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.3.3. Pharmacy Benefit Management Market – U.S.; 7.3.3.1. U.S.: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.3.3.2. U.S.: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.3.4. Pharmacy Benefit Management Market – Canada; 7.3.4.1. Canada: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.3.4.2. Canada: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.4. Pharmacy Benefit Management Market – Europe; 7.4.1. Europe: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.4.2. Europe: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.4.3. Pharmacy Benefit Management Market – UK; 7.4.3.1. UK: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.4.3.2. UK: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.4.4. Pharmacy Benefit Management Market – France; 7.4.4.1. France: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.4.4.2. France: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.4.5. Pharmacy Benefit Management Market – Germany; 7.4.5.1. Germany: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.4.5.2. Germany: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.4.6. Pharmacy Benefit Management Market – Italy; 7.4.6.1. Italy: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.4.6.2. Italy: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.4.7. Pharmacy Benefit Management Market – Spain; 7.4.7.1. Spain: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.4.7.2. Spain: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.4.8. Pharmacy Benefit Management Market – Netherlands; 7.4.8.1. Netherlands: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.4.8.2. Netherlands: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.4.9. Pharmacy Benefit Management Market – Russia; 7.4.9.1. Russia: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.4.9.2. Russia: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.4.10. Pharmacy Benefit Management Market – Rest of Europe; 7.4.10.1. Rest of Europe: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.4.10.2. Rest of Europe: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.5. Pharmacy Benefit Management Market – Asia Pacific; 7.5.1. Asia Pacific: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.5.2. Asia Pacific: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.5.3. Pharmacy Benefit Management Market – China; 7.5.3.1. China: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.5.3.2. China: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.5.4. Pharmacy Benefit Management Market – India; 7.5.4.1. India: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.5.4.2. India: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.5.5. Pharmacy Benefit Management Market – Malaysia; 7.5.5.1. Malaysia: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.5.5.2. Malaysia: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.5.6. Pharmacy Benefit Management Market – Japan; 7.5.6.1. Japan: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.5.6.2. Japan: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.5.7. Pharmacy Benefit Management Market – Indonesia; 7.5.7.1. Indonesia: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.5.7.2. Indonesia: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.5.8. Pharmacy Benefit Management Market – South Korea; 7.5.8.1. South Korea: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.5.8.2. South Korea: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.5.9. Pharmacy Benefit Management Market – Australia; 7.5.9.1. Australia: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.5.9.2. Australia: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.5.10. Pharmacy Benefit Management Market – Rest of Asia Pacific; 7.5.10.1. Rest of Asia Pacific: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.5.10.2. Rest of Asia Pacific: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.6. Pharmacy Benefit Management Market – Middle East & Africa; 7.6.1. Middle East & Africa: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.6.2. Middle East & Africa: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.6.3. Pharmacy Benefit Management Market – Saudi Arabia; 7.6.3.1. Saudi Arabia: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.6.3.2. Saudi Arabia: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.6.4. Pharmacy Benefit Management Market – UAE; 7.6.4.1. UAE: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.6.4.2. UAE: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.6.5. Pharmacy Benefit Management Market – Israel; 7.6.5.1. Israel: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.6.5.2. Israel: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.6.6. Pharmacy Benefit Management Market – South Africa; 7.6.6.1. South Africa: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.6.6.2. South Africa: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.6.7. Pharmacy Benefit Management Market – Rest of Middle East & Africa; 7.6.7.1. Rest of Middle East & Africa: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.6.7.2. Rest of Middle East & Africa: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.7. Pharmacy Benefit Management Market – Latin America; 7.7.1. Latin America: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.7.2. Latin America: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.7.3. Pharmacy Benefit Management Market – Mexico; 7.7.3.1. Mexico: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.7.3.2. Mexico: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.7.4. Pharmacy Benefit Management Market – Brazil; 7.7.4.1. Brazil: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.7.4.2. Brazil: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.7.5. Pharmacy Benefit Management Market – Argentina; 7.7.5.1. Argentina: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.7.5.2. Argentina: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion); 7.7.6. Pharmacy Benefit Management Market – Rest of Latin America; 7.7.6.1. Rest of Latin America: Pharmacy Benefit Management Market, by Service, 2020-2034 (USD Billion); 7.7.6.2. Rest of Latin America: Pharmacy Benefit Management Market, by Service Provider, 2020-2034 (USD Billion)
8. Competitive Landscape: 8.1. Expansion and Acquisition Analysis; 8.1.1. Expansion; 8.1.2. Acquisitions; 8.2. Partnerships/Collaborations/Agreements/Exhibitions
9. Company Profiles: 9.1. Abarca Health LLC; 9.1.1. Company Overview; 9.1.2. Financial Performance; 9.1.3. Product Benchmarking; 9.1.4. Recent Development; 9.2. Capital Rx, Inc.; 9.2.1. Company Overview; 9.2.2. Financial Performance; 9.2.3. Product Benchmarking; 9.2.4. Recent Development; 9.3. CerpassRx; 9.3.1. Company Overview; 9.3.2. Financial Performance; 9.3.3. Product Benchmarking; 9.3.4. Recent Development; 9.4. CVS Health; 9.4.1. Company Overview; 9.4.2. Financial Performance; 9.4.3. Product Benchmarking; 9.4.4. Recent Development; 9.5. Evernorth Health, Inc.; 9.5.1. Company Overview; 9.5.2. Financial Performance; 9.5.3. Product Benchmarking; 9.5.4. Recent Development; 9.6. EmpiRx Health, LLC; 9.6.1. Company Overview; 9.6.2. Financial Performance; 9.6.3. Product Benchmarking; 9.6.4. Recent Development; 9.7. Liviniti; 9.7.1. Company Overview; 9.7.2. Financial Performance; 9.7.3. Product Benchmarking; 9.7.4. Recent Development; 9.8. LucyRx; 9.8.1. Company Overview; 9.8.2. Financial Performance; 9.8.3. Product Benchmarking; 9.8.4. Recent Development; 9.9. MedImpact; 9.9.1. Company Overview; 9.9.2. Financial Performance; 9.9.3. Product Benchmarking; 9.9.4. Recent Development; 9.10. Optum, Inc.; 9.10.1. Company Overview; 9.10.2. Financial Performance; 9.10.3. Product Benchmarking; 9.10.4. Recent Development; 9.11. Prime Therapeutics LLC; 9.11.1. Company Overview; 9.11.2. Financial Performance; 9.11.3. Product Benchmarking; 9.11.4. Recent Development; 9.12. RxSense LLC; 9.12.1. Company Overview; 9.12.2. Financial Performance; 9.12.3. Product Benchmarking; 9.12.4. Recent Development

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