Pharmacy Benefit Management (PBM) Market - Global Growth, Trends and Forecast (2022 - 2027) By Types, By Application, By Regions and By Key Players: CVS Health (CVS), Humana Pharmacy Solutions, Prime Therapeutics, Medimpact Healthcare

The Pharmacy Benefit Management (PBM) Market size was valued at US$ 470.18 billion in 2021 and is expected to increase to US$ 745.45 billion by 2027, at a CAGR of 6.1% from 2022 to 2027.

Pharmacy Benefit Management (PBM) Market Overview

PBMs (Pharmacy Benefit Management) are firms that serve as a middleman between pharmacies, manufacturers, and insurance providers. Employers can receive affordable medical care and prescription drugs thanks to pharmacy benefit management. In order to obtain a reduction on medicine pricing and forward the savings to insurance, PBM managers bargain with the drug manufacturers. There are pharmacy benefit management firms among insurance carriers, drugstore retailers, and drug manufacturers. For the purpose of controlling the cost of branded and generic medications, they bargain with drug producers and retail pharmacies. The demand for prescription drug cost management is expanding as a result of the increased prevalence of chronic diseases and rising healthcare costs in industrialized and developing nations. The demand for these services increases on the global market as a result. The increasing use of pharmacy benefit management services by insurance companies, retail pharmacy chains, and pharmaceutical companies is causing the service providers' preferences to change from traditional workflow to advanced workflow that makes use of machine learning. Because of this, the businesses can quickly fulfil mail orders, offer a streamlined supply chain, and service numerous insurance and retail pharmacy networks.

Industry News and Updates:

JUL 27, 2021: Anthem and Humana enter into multimillion agreement with SS&C for API cloud platform --

Anthem, Humana and SS&C Technologies have entered into a joint venture named DomaniRx to develop a claims adjudication and pharmacy benefits manager cloud platform, according to documents filed by SS&C Technologies with the Securities and Exchange Commission. SS&C Technologies holds an 80.2% interest, and Humana and Anthem each hold a minority interest, according to the agreement filed with the SEC on July 15.

What are the major Applications, Types and Regions for Pharmacy Benefit Management (PBM) Market?

Market is segmented based on the type, applications, companies and regions.

By Type, it is segmented into

• Specialty Pharmacy Services


• Benefit Plan Design & Administration


• Formulary Management


• Pharmacy Claims Processing


• Others

By Application, it is segmented into

• Retail Pharmacies


• Insurance Companies


• Standalone Pharmacy Benefit Management Providers

Pharmacy Benefit Management (PBM) Market Regional Analysis

The pharmacy benefit management industry was dominated by North America in 2021. From US$ 426.5 billion in 2020 to US$ 450 billion in 2021, the US PBM market was valued. Leading insurance companies, pharmaceutical manufacturers, pharmacy benefit management service providers, and retail drugstore chains are all based in the US. The industry expansion has been aided by the US population's growing use of health insurance. According to estimates, more than half of the US population has one or more chronic illnesses. The high cost of healthcare and rising use of insurance policies have fuelled the expansion of the North American pharmacy benefit management business. Asia Pacific is predicted to increase at a rapid pace during the forecast period. This is attributable to the population's growing use of healthcare insurance. The region's rising healthcare costs and expanding prevalence of chronic diseases are contributing to the market's expansion. Additionally, the expansion of various pharmacy benefit management service providers in the area is anticipated to spur market expansion in the near future.

• North America
  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East & Africa
  
  
  • Latin America
  
  
  
  

The Pharmacy Benefit Management (PBM) Market describes the factors driving the global growth opportunities in upcoming years and highlights market channels. In addition, the report analyzes market size and share, trends, by geographic region, end-use type and segment. It focuses extensively on revealing a detailed regional analysis. The Global Pharmacy Benefit Management (PBM) Market report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry.

What is our Pharmacy Benefit Management (PBM) Market report scope?

Key Takeaways from this Pharmacy Benefit Management (PBM) Market Report

• Evaluate Pharmacy Benefit Management (PBM) market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, end use applications and by different industry verticals.


• Understand the different dynamics influencing the market - growth driving factors, specific challenges and hidden opportunities.


• Get in-depth insights on your competitor performance – revenue, shares, business strategies, financial benchmarking, product benchmarking, SWOT analysis and more.


• Analyze the sales and distribution channels across geographies to enhance top-line revenues.


• Understand the demanding supply chain with a deep dive on the value augmentation at each, in order to optimize value and bring efficiencies in your processes.


• Get a quick outlook on the Pharmacy Benefit Management (PBM) market entropy - M&A's, deals, partnerships, product launches of all key players for the past 4 years.


• Evaluate the import-export statistics, supply-demand and competitive landscape for more than top 20 countries globally for the market.

Frequently Asked Questions

What is the growth rate of Pharmacy Benefit Management (PBM) Market?

The Pharmacy Benefit Management (PBM) Market is growing at a CAGR of 6.1% over the next 5 years.

Who are the key players in Pharmacy Benefit Management (PBM) Market?

CVS Health (CVS), Humana Pharmacy Solutions, Prime Therapeutics, Medimpact Healthcare, Magellan Health, BC/BS, Vidalink, Sea Rainbow, Cachet, SS&C Technologies, Inc., Anthem Inc., Express Scripts Holding Company, Benecard Services, LLC, CaptureRx Inc., Change Healthcare, OptumRx, Inc., Cigna, Centene Corporation, Abarca Health LLC., DST Systems, Inc., Rite Aid Corp., ProCare Rx., BioScrip, Inc.

What are the significant types of Pharmacy Benefit Management (PBM) Market?

Specialty Pharmacy Services, Benefit Plan Design & Administration, Formulary Management, Pharmacy Claims Processing, Others

What are the major end-use applications of Pharmacy Benefit Management (PBM) Market?

Retail Pharmacies, Insurance Companies, Standalone Pharmacy Benefit Management Providers

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