The pharmacy benefit management market has witnessed substantial growth, increasing from $597.17 billion in 2023 to $644.58 billion in 2024, achieving a CAGR of 7.9%. This growth is linked to a focus on preventative care, expanding pharmacy networks, and advancements in pharmaceutical therapies. By 2028, the market is projected to reach $878.37 billion, with a CAGR of 8.0%. Growth drivers include healthcare cost control, increased prescription drug usage, and a shift towards patient-centric care, with trends like value-based healthcare and integration of data analytics.
Major Driver In The Pharmacy Benefit Management Market
The upsurge in insurance coverage contributes significantly to the growth of the pharmacy benefit management market. Insurance coverage addresses escalating medical costs by covering treatment expenses, hospitalization, health check-ups, and related costs. Pharmacy benefit management (PBM) complements healthcare products by integrating medical and pharmaceutical services, enabling insurers to access comprehensive patient information for efficient program delivery. For instance, according to the India Brand Equity Foundation (IBEF), new premiums of life insurers witnessed a 22.2% growth in September 2021 compared to September 2020. Therefore, the increasing number of individuals availing insurance drives the expansion of the pharmacy benefit management market. Understanding market sizes for 2023, 2024, and 2028 facilitates informed decision-making and strategic planning in the market landscape.
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Pharmacy Benefit Management Market Competitive Landscape
CVS Health Corporation, Cigna Corporation, Centene Corporation, Anthem Inc., OptumRx Inc., Humana Pharmacy Solutions Inc., Rite Aid Corporation, Magellan Health Inc., Prime Therapeutics LLC, MaxorPlus Ltd., RxAdvance Corp, MedImpact Healthcare Systems Inc., PerformRx LLC., Navitus Health Solutions LLC, WellDyneRx Inc., Healthesystems LLC., Catalyst Rx Inc., Argus Health Systems Inc., Innoviant Pharmacy Inc., Pharmaceutical Strategies Group, MedTrak Services LLC, ProCare Rx Inc., Managed Health Care Associates Inc., FutureScripts LLC., National CooperativeRx, ScriptCare Ltd., US Script Inc., LDI Integrated Pharmacy Services LLC, RxPreferred Benefits, ActiveRADAR Company, SinfoníaRx Inc.
Key Pharmacy Benefit Management Market Trend
Strategic partnerships are a key trend in the pharmacy benefit management market. Strategic partnerships help the organizations enter a new market and expand by leveraging each other's resources. In February 2021, Navitus Health Solutions, a US-based full-service pharmacy benefit management company, entered a partnership with WithMe Health, Inc., a US-based contemporary pharmacy benefit manager (PBM) alternative that prioritizes people, results, and overall cost of care. This partnership gives Navitus access to WithMe Health's medication guidance capabilities, which will help employers and members get the most benefit from their medications by ensuring members are on the right medications and support to stay adherent and responding to therapy.
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Pharmacy Benefit Management Market Segmentation
The pharmacy benefit management (PBM) market covered in this report is segmented –
1) By Services: Mail-Delivery, Specialty Pharmacy, Preferred Network Pharmacy
2) By Type: Commercial Health Plans, Self-Insured Employer Plans, Medicare Part D Plans, Federal Employees Health Benefits Program
3) By End User: Pharmacy Benefit Management Organization, Mail Order Pharmacies, Retail Pharmacies, Inpatient Pharmacies, Outpatient Pharmacies
By Geography:The regions covered in the pharmacy benefit management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the pharmacy benefit management market in 2023.
The Pharmacy Benefit Management Global Market Report 2024 furnishes information about the global pharmacy benefit management market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
