Pune, India, Nov. 29, 2021 (GLOBE NEWSWIRE) -- The global pharmacy benefit management market size is expected to grow speedily owing to the increasing demand for prescription drugs across the world, finds Fortune Business Insights™ in its report, titled “Pharmacy Benefit Management Market, 2021-2028”.
In recent years, there has been an increasing need for life-saving drugs from the pharmaceutical industry, which has resulted in the rising demand for pharmacy benefit management across several regions. The pharmacy benefit management helps to provide on time and appropriate access to the critical medications to the patients around the world. The increasing demand for prescription drugs worldwide has led to the growing need for pharmacy benefit management, which is expected to bolster the growth of this market during the forecast period.
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However, the lack of adoption of pharmacy benefit management in the developing nations is projected to impede the growth of this market.
There has been a high demand for pharmacy benefit management from the medical and pharmaceutical sectors even during the ongoing COVID-19 pandemic as there is a high demand for prescription drugs from the patients suffering from chronic diseases worldwide. Thus, this pandemic has not impacted the growth of pharmacy benefit management market, which acts as a driving factor for this market’s growth.
Market Segmentation:
On the basis of service, this market is categorized into specialty pharmacy services, benefit plan design and administration, pharmacy claims processing, formulary management, and others. By service providers, the market is divided into insurance companies, retail pharmacies, and standalone PBMs. In terms of geography, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Rising Technological Advancements in Pharmacy Benefit Management to Fuel the Market
Over the years, there have been increasing technological advancements in the pharmacy benefit management due to the increasing investments in the healthcare industry by the governments of several countries. Further, the rising number of aging population across the world is another major reason responsible for the growth of this market across several regions.
Increasing Expenditure on Prescription Drugs to Boost the North America Market Growth
North America region is expected to witness substantial growth in the pharmacy benefit management market share on account of the increasing expenditure of people on the prescription drugs and rising prevalence of chronic diseases in this region.
Europe is projected to grow rapidly in this market due to the rising adoption of advanced healthcare IT in the countries such as the UK, France, Germany, and others.
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Competitive Landscape:
Strategic Alliances between Key Players to Boost Competition
The leading companies in the pharmacy benefit management market are focusing on strategic collaborations with the small and large-scale companies due to a high demand for life-saving drugs around the world. This has resulted in the increasing competition among key companies which will help them to widen their business operations and broaden their market position.
Industry Development:
January 2020: RxSense, the healthcare technology company, announced the launch of their industry-leading analytics product, RxIQ, further enhancing the transformative enterprise solution for pharmacy benefits administration, RxAgile.
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