Pune, India, Oct. 06, 2023 (GLOBE NEWSWIRE) -- The pharmacy benefit management market size was valued at USD 513.98 billion in 2022 and it is projected to grow from USD 540.32 billion in 2023 to USD 809.79 billion by 2030, exhibiting a CAGR of 6.0% during forecast 2023-2030. The growth of the pharmacy benefit management (PBM) market is being driven by the increasing prevalence of chronic diseases, the rising cost of prescription drugs, and the growing demand for speciality drugs.
Pharmacy Benefit Management (PBM) services help to negotiate with several drug producers and retail pharmacies to manage worldwide branded and generic drug spending. The rising demand for PBM services, drug price inflation, and the increasing incidences of chronic diseases are anticipated to propel the market growth of pharmacy benefit management during the forecast period.
Key Industry Development
July 2023 - CVS Caremark announced a partnership with the discount drug service provider GoodRx to reduce out-of-pocket prescription costs for millions of people.
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Key Takeaways:
- The growth of the PBM market is being driven by the increasing prevalence of chronic diseases, the rising cost of prescription drugs, and the growing demand for speciality drugs.
- The PBM market is segmented by payer type, service type, and region.
- The key players in the PBM market are CVS Health, Express Scripts, and OptumRx.
- These companies are investing in technology, data analytics, and new services to maintain their competitive edge in the market.
- The PBM market is facing some challenges, such as the increasing complexity of the drug supply chain, the rise of generic drugs, and the growing demand for transparency and accountability.
Discover the Leading Players Featured in the Report:
Major players in the pharmacy benefit management market are 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.).
Report Scope:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 6.0% |
| 2030 Value Projection | USD 809.79 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 540.32 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 98 |
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Drivers & Restraints
Rising Chronic Diseases Prevalence to Boost Market Growth
The rising prevalence of chronic diseases worldwide increases the demand for various treatment options, boosting market growth during the forecast period. The increasing focus of large pharmaceutical companies on developing costly and branded medications to treat chronic diseases is driving the pharmacy benefit management market growth during the forecast period.
The increasing issues related to various transparencies with PBM business practices may hamper market growth.
Report Scope & Segmentation:
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 Country/Region
- U.S.
- Canada
- Rest of World
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Increasing Prevalence of Chronic Diseases to Boost Specialty Pharmacy Services Segment Growth
By service, the market is segmented into specialty pharmacy service, benefit plan design & administration, pharmacy claims processing, formulary management, and others. The specialty pharmacy services segment held the largest pharmacy benefit management market share in 2022 owing to the increasing prevalence of rare chronic diseases, which propelled the demand for several treatment options worldwide.
Insurance Companies Segment Dominates due to their Rising Acquisitions and Mergers with PBMs
Based on service provider, the market is divided into insurance companies, retail pharmacies, ad standalone PBMs. The insurance companies segment is expected to dominate the market during the forecast period owing to the rising number of mergers and acquisitions between PBM service providers and insurance companies worldwide.
Geographically, the market is studied across the U.S., Canada, and the Rest of the World.
Regional Insights
Increasing Number of Pharmacy Benefit Managers to Drive Market Growth in the U.S.
The PBM market in the U.S. was valued at USD 498.47 billion in 2022. The region is estimated to dominate the market during the forecast period owing to the rising number of pharmacy benefit managers.
Canada is estimated to grow at the highest CAGR during the forecast period. The growth is attributed to the growing prescription filing and rising demand for pharmacy benefit management services in Canada.
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Competitive Landscape
Rising Key Players’ Focus on Launching New Services and Solutions to Propel Market Growth
The market consists of major players, including Medimpact and Anthem, Inc. The increasing focus of these companies on launching new features and solutions to boost their customer reach and expand portfolios is aiding the pharmacy benefit management market growth.
FAQ’s
How Big Is The Pharmacy Benefit Management Market?
Pharmacy Benefit Management Market size Is USD 540.32 billion in 2023.
How Fast is the Pharmacy Benefit Management Market Growing?
The Pharmacy Benefit Management Market will exhibit a CAGR of 6.0% during the forecast period, 2023-2030
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