Pune, India, March 30, 2022 (GLOBE NEWSWIRE) -- The global pharmacy benefit management market size stood at USD 468.38 billion in 2021. The market is anticipated to rise from USD 495.34 billion in 2022 to USD 740.05 billion by 2029 at a 5.9% CAGR during the forecast period. Fortune Business Insights™ has delved into these insights in its latest research report, titled, “Pharmacy Benefit Management Market, 2022-2029.”
Amidst the prevalence of chronic diseases, governments and other stakeholders are poised to up their healthcare budgets. Surging demand for cost management of prescription drugs following the rise in drug price has triggered the demand for pharmacy benefit management (PBM) services. Industry participants expect the COVID-19 pandemic to have a notable influence on the global outlook.
Key Industry Development
- September 2021 – OptumRx, Inc. inked a multi-year agreement with Point32Health to provide integrated solutions to boost services and deliver improved pricing.
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COVID-19 Impact
Soaring Healthcare Expenditure to Expedite PBM Demand
Stakeholders anticipate the pandemic to have a pronounced impact on the healthcare sector, with supply chain disruptions becoming noticeable globally. The trend for price management of OTC and prescription drugs has boded well for the industry outlook. According to the Centers for Medicare & Medicaid Services, the national health expenditure in the U.S. stood at USD 4.1 trillion in 2020. In the midst of the pandemic, insurance providers have exhibited profound traction for PBM service and solutions to negotiate drug prices.
Segments
Based on service, the market is segmented into benefit plan design & administration, specialty pharmacy services, formulary management, pharmacy claims processing, and others.
In terms of service provider, the market is segregated into retail pharmacies, insurance companies, and standalone PBMs.
On the basis of country/region, the market covers Canada, the U.S., and the Rest of the World.
Report Scope & Segmentation :
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 5.9 % |
| 2029 Value Projection | USD 740.05 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 468.38 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 98 |
| Segments covered | Service, Service Provider, and Country/Region |
| Growth Drivers | A significant increase in the drug cost is fueling the demand and adoption of PBM services and is further augmenting the market growth during the forecast period |
| An increasing amount of drug spending and a growing number of prescription filing globally are key factors driving the market growth. |
Report Coverage
The report offers a holistic view of the market share, size, volume, and revenue. It has also deep-dived into SWOT analysis and Porters’ Five Force Analysis. The report has been prepared through qualitative and quantitative analysis to boost the strategic approach. Furthermore, a host of primary interviews with major stakeholders and suppliers has bolstered the significance of the report. Primary data has been collected through telephonic conversations, questionnaires and emails. The report also includes secondary sources, including SEC filings, government websites, and press releases.
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Uptake of High-cost Branded Medications to Augment Return on Investment (RoI)
Well-established players anticipate the penetration of branded medication across advanced economies to foster pharmacy benefit management market share. Given the impact of pervasive chronic diseases, pharmaceutical spending has risen exponentially over the past few years. According to SingleCare, prescription prices rose by 5% in 2021. Moreover, the organization claimed that over 4 billion prescriptions are dispensed in the U.S. every year. An uptick in prescription filling and drug costs will continue to foster the demand for PBM services to contain costs and streamline pharmaceutical spending.
Meanwhile, potential transparency issues could challenge retail pharmacy units and insurance providers.
Canada to Provide Lucrative Opportunities with Rising Trend for PBM Solutions
Leading companies expect the Canada market forecast to be robust on the back of surging pharmaceutical spending. Citing the Patented Medicine Prices Review Board (PMPRB) report, the Government of Canada asserted that prescription drug expenditures by Canadian public drug plans accounted for USD 12.5 billion in 2019-20. Considering the continual pressure of higher-cost medicines, PBM services will gain considerable traction across the region.
The U.S. pharmacy benefit management market growth will observe an appreciable gain during the assessment period, largely due to bullish government policies. To illustrate, in March 2021, the National Association of Insurance Commissioners claimed that there are approximately 66 PBM companies in the U.S. serving over 270 million Americans. The U.S. market size garnered USD 454.25 billion in 2021 and will witness a similar trend against the backdrop of a large patient population under medical coverage.
PBM service providers are likely to envisage the Rest of the World as a promising hub in the light of strong healthcare plans and health awareness campaigns. Prominently, insurance providers in South Africa and Brazil will inject funds into pharmacy benefit management services. So much so that specialty pharmacy services will gain ground in the ensuing period.
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Major Players Invest in Organic & Inorganic Strategies to Bolster Footprint
Leading companies are likely to invest in technological advancements, product rollouts and mergers & acquisitions. Stakeholders could also emphasize R&D activities and geographical expansion to gain a competitive edge.
Major Players Profiled in the Market Report:
- CVS Health (U.S.)
- Cigna (U.S.)
- OptumRx, Inc. (U.S.)
- Anthem, Inc. (U.S.)
- Centene Corporation (U.S.)
- Abarca Health LLC. (U.S.)
- Medimpact (U.S.)
Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Strategies Adopted by Leading Market Players
- Impact of COVID-19 Outbreak on the Pharmaceutical Market
- Impact of COVID-19 on the PBM Market Impact of COVID-19 on the market
- Snapshot of the Regulatory Scenario in the PBM Market
- Key Industry Developments – Mergers, Acquisitions, and Partnerships
TOC Continued. . .
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