Global Pharmacy Benefit Management Research Report 2023: Market to Grow by Over $185 Billion by 2027 - Strategic Partnerships will be Key to Stay Competitive - ResearchAndMarkets.com
The "Pharmacy Benefit Management Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global pharmacy benefit management market has witnessed significant growth, reaching $579.25 billion in 2023 with a robust compound annual growth rate (CAGR) of 7.0%. This trend is expected to continue, and the market is projected to reach $764.8 billion by 2027, growing at a CAGR of 7.2%.
Pharmacy benefit management involves crucial services such as case management, disease management, and drug utilization to ensure reduced prescription costs for insurers and insurance companies. By negotiating with pharmacists and medicine producers, PBMs play a vital role in optimizing pharmaceutical expenditures.
This industry encompasses diverse services, including mail-delivery, specialty pharmacy, and preferred network pharmacy, tailored to different PBM types. Major end-users, such as pharmacy benefit management organizations, mail order pharmacies, and retail, inpatient, and outpatient pharmacies, utilize these services.
While North America dominated the market in 2022, Asia-Pacific is poised to become the fastest-growing region in the coming years, indicating a promising future for the pharmacy benefit management sector.
The pharmacy benefit management market report covers a wide range of regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The rise in the number of people availing insurance significantly contributes to the growth of the pharmacy benefit management market. Insurance provides a solution to deal with the increased medical costs by covering the expenses related to treatment, hospitalization, health check-ups, and hospitalization expenses.
Similarly, pharmacy benefit management (PBM) supports end-to-end healthcare products by combining medical as well as pharmaceutical products. This enables the insurers to have extensive information regarding the patients that helps the insurers provide efficient programs to patients. The rise in the number of people availing of insurance is driving the growth of the pharmacy benefit management market.
Strategic Partnerships are a key trend in the pharmacy benefit management market. Strategic partnerships help the organizations enter into a new market and expand by leveraging each other's resurces. In February 2021, Navitus Health Solutions, a US-based full-service pharmacy benefit management company, entered into 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.
In January 2022, Centene, a US-based managed care company that provides healthcare solutions to families and individuals, acquired Magellan, a US-based pioneer in handling the health care industry's fastest-growing and most complicated sectors, including special populations, full pharmacy benefits, and other specialty areas, in a $2.2 billion deal. Through this acquisition, Centene will be able to provide whole-health, integrated healthcare solutions to complicated, high-cost populations, resulting in improved health outcomes at reduced costs.
The countries covered in the pharmacy benefit management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Major players in the pharmacy benefit management market are
Key Topics Covered:
1. Executive Summary
2. Pharmacy Benefit Management Market Characteristics
3. Pharmacy Benefit Management Market Trends And Strategies
4. Pharmacy Benefit Management Market - Macro Economic Scenario
4.1 COVID-19 Impact On Pharmacy Benefit Management Market
4.2 Ukraine-Russia War Impact On Pharmacy Benefit Management Market
4.3 Impact Of High Inflation On Pharmacy Benefit Management Market
5. Pharmacy Benefit Management Market Size And Growth
5.1. Global Pharmacy Benefit Management Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Pharmacy Benefit Management Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Pharmacy Benefit Management Market Segmentation
6.1. Global Pharmacy Benefit Management Market, Segmentation By Services, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.2. Global Pharmacy Benefit Management Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.3. Global Pharmacy Benefit Management Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7. Pharmacy Benefit Management Market Regional And Country Analysis
7.1. Global Pharmacy Benefit Management Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Pharmacy Benefit Management Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
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