What is the global market size of Pharmacy Benefit Management Market?

Pharmacy Benefit Management Market size was valued at USD 60.75 billion in 2021 and is poised to grow from USD 66.87 billion in 2022 to USD 144.6 billion by 2030, growing at a CAGR of 10.12% in the forecast period (2023-2030).

Global Pharmacy Benefit Management Market Size, Share, Growth Analysis, By Services(Speciality pharmacy services, Benefit plan design & administration), By Services Provider(Insurance companies, Retail pharmacies), By Business Model(Government Health Programs, Employer-Sponsored Programs), By Application(Mail-Order Pharmacy Services, Non-Mail Pharmacy Services), By Type(Commercial Health Plans, Self-Insured Employer Plans) - Industry Forecast 2024-2031

Report ID: SQMIG45I2098 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 147 | Figures: 78

Global Pharmacy Benefit Management Market News

In January 2022, Centene Corporation acquired Magellan Health, Inc. in order to provide whole-health, integrated healthcare solutions with improved health outcomes at a lower cost.
In 2022, Optum, a diversified health services company, and Change Healthcare, a leading provider of healthcare technology, collaborated to extend their merger agreement. Optum and Change Healthcare's merger intends to connect and simplify the core clinical, administrative, and payment processes that health care providers and payers rely on to serve patients.

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Pharmacy Benefit Management Market size was valued at USD 60.75 billion in 2019 and is poised to grow from USD 66.87 billion in 2023 to USD 144.6 billion by 2031, growing at a CAGR of 10.12% in the forecast period (2024-2031).

The pharmacy benefit management market is characterised by the presence of well-established players as well as several small and medium-sized players. These manufacturers are pursuing a variety of strategies, including new product launches, product portfolio expansion, and mergers and acquisitions. Several large firms are forming multiple strategic alliances in order to increase their market share and get a competitive edge. 'Express Scripts Holding Company', 'CVS Health Corporation', 'OptumRx, Inc.', 'Prime Therapeutics LLC', 'Humana Pharmacy Solutions, Inc.', 'MedImpact Healthcare Systems, Inc.', 'Magellan Health, Inc.', 'Cigna Corporation', 'Aetna Inc.', 'Anthem, Inc.', 'UnitedHealth Group Incorporated', 'WellDyneRx, LLC', 'Navitus Health Solutions, LLC', 'PerformRx, LLC', 'EnvisionRxOptions, LLC', 'IngenioRx, Inc.', 'Argus Health Systems, Inc.', 'ScriptCare, Ltd.', 'Catalyst Rx, Inc.', 'Curascript Specialty Distribution, Inc.'

The rising prevalence of chronic diseases among the world's population is driving up demand for treatment solutions. As a result, several large pharmaceutical corporations are focusing their efforts on producing high-priced branded drugs for the treatment of chronic disorders. This has resulted in a huge increase in pharmaceutical spending in recent years. This, combined with an increase in prescription registrations in recent years for a wide variety of chronic conditions such as cardiovascular disease, chronic lung disease, and others, is driving up healthcare costs.

Increased Use of Machine Learning to Simplify Workflow: The increasing acceptance of PBM services among insurance companies, retail pharmacy chains, and drug manufacturers is moving service providers' preferences from traditional workflow to advanced workflow incorporating machine learning. As a result, the companies can provide a simplified supply chain, speedy mail order delivery, and service a wide number of insurance and retail pharmacy chains in a short period of time.

Based on region, global pharmacy benefit management market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa. In 2022, North America dominated the global market. The presence of a large patient population covered by medical insurance, the availability of advantageous government laws for pharmacy benefit managers, and the growing number of pharmacy benefit managers in the country are all important factors contributing to the region's supremacy. According to The National Association of Insurance Commissioners report, there will be around 66 PBM businesses serving more than 270 million Americans in March 2021. During the forecast period, Canada is expected to expand at the fastest CAGR. An increase in pharmaceutical spending and a rise in prescription filings in Canada are driving up demand for these services in this country.

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Global Pharmacy Benefit Management Market News

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