The global Pharmacy Benefit Management (PBM) Market was valued at USD 468.4 Bn in 2021 and is anticipated to grow at a CAGR of 5.8% and is expected to reach USD 778.1 Bn by 2030.
The increased adoption of Pharmacy Benefit Management (PBM) in the Healthcare IT industry is due to high workability, Stability of structure, good quality, and Demand for making things better. The demand for Pharmacy Benefit Management (PBM) also has other significant aspects, such as analysis, purchasing volume, costs, pricing analysis, and regulatory framework. Additionally, the increased demand of Pharmacy Benefit Management (PBM) in many sectors also boosts the market growth during the forecast period.
Pharmacy benefit management companies exist among the insurance providers and pharmacy stores & drug manufacturers. They negotiate with drug manufacturers and retail pharmacies for managing generic and branded drug spending. The rising prevalence of chronic diseases and increasing healthcare expenditure in developed and emerging countries are resulting in the growing demand for cost management of prescription drugs. This leads to a boost in demand for these services in the global market.
Pharmacy Benefit Management (PBM) Market Research Report” was just released by Market Research Community. It is divided into several categories, including Service (Specialty Pharmacy Services, Benefit Plan Design & Administration, Pharmacy Claims Processing, Formulary Management, Others), Service Provider (Insurance Companies, Retail Pharmacies, Standalone PBMs), and companies (CVS Health, SS&C Technologies, Inc., UnitedHealth Group Incorporated, Rite Aid Corporation, Express Scripts Holding Company, Benecard Services, LLC., CaptureRx, Change Healthcare, Anthem, Inc., and ProCare Rx), According to the analysis of Market Research Community, The market is projected to grow at a significant pace reaching a CAGR of approximately 5.8%, over the forecast period of 2022–2030.
|Report Attributes||Report Details|
|Market Size in 2030 (USD Billion)||778.1 Billion|
|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 Geography||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
|Key Players||CVS Health, SS&C Technologies, Inc., UnitedHealth Group Incorporated, Rite Aid Corporation, Express Scripts Holding Company, Benecard Services, LLC., CaptureRx, Change Healthcare, Anthem, Inc., and ProCare Rx|
The COVID-19 pandemic has had a substantial negative influence on the Pharmacy Benefit Management (PBM) market in many different regions of the world. The factors such as limited availability of raw materials, transportation restrictions, the shutdown of manufacturing facilities, and economic slowdown are the major impacts of COVID-19 which hampered the market growth. Shipments were impacted during the initial lockdown due to halted automotive productions and stringent government rules. The overall impact of COVID-19 on the industry is estimated to be minimal because the situation has stabilised. Post covid-19, there was a positive impact on the market growth due to the increased industrial manufacturing processes and rising demand for environment-friendly alternatives.
Industry Competitive Landscape:
The research includes comprehensive profiles of the key players in the market and an analysis of the competitive landscape. The market for sample preparation has grown more quickly as a result of the spike in research and development (R&D), product innovation, different business strategies, and application releases. Key players in the market include-
CVS Health, SS&C Technologies, Inc., UnitedHealth Group Incorporated, Rite Aid Corporation, Express Scripts Holding Company, Benecard Services, LLC., CaptureRx, Change Healthcare, Anthem, Inc., and ProCare Rx
Market Segment Analysis:
- Specialty Pharmacy Services
- Benefit Plan Design & Administration
- Pharmacy Claims Processing
- Formulary Management
By Service Provider
- Insurance Companies
- Retail Pharmacies
- Standalone PBMs
The regional segment includes Asia Pacific, Europe, North America, the Middle East, and Africa, Latin America. In 2021, some of these regions expected to contribute the largest share during the forecast period.
The factors such as the large and easy availability of basic things, rising purchasing power among the population, and favorable government policies and industrial facilities are estimated to accelerate the industry growth in the region. The growing rate of industrialization is anticipated to boost the presence of Pharmacy Benefit Management (PBM) industries in the region.
Key Pharmacy Benefit Management (PBM) Market Trends
– Based on type, sub-type, technology utilised, applications, end-users, and geographies, the research identifies, defines, and predicts the Global Pharmacy Benefit Management (PBM) Market segments.
– Largest Market Share Held by Industry to Industry for Pharmacy Benefit Management (PBM)
– Based on their expected growth, development patterns and prospects for the future, and contributions to the overall market, it analyses the micro markets.
– Demand from the geographical area is estimated to boost growth.
– Growing Market Segment Adoption in the Pharmacy Benefit Management (PBM) Industry
– Over the forecast period, higher growth rates are anticipated in in some regions
Why Purchase the Industry Report by MRC
There is a huge amount of information in the report, including market trends and business opportunities for the forecast period.
Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) statistics.
Data at the regional, sub-regional, and national levels also includes information on the market’s supply and demand dynamics.
The competitive landscape includes the proportions of important players, recent innovations, and strategy.
Comprehensive product offerings, important financial data, latest advancements, SWOT analysis, and key player tactics.
Table of Content
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