• Blog
  • Pharmacy Benefit Management (PBM) Market Report | 2023-2028

    Pharmacy Benefit Management (PBM) Market Report | 2023-2028

    Pharmacy Benefit Management (PBM) Market Report | 2023-2028
    Report code - SRHL321 Delivery - 2 Weeks
    Global Pharmacy Benefit Management (PBM) Market, Dynamics, Trends, and Market Insights: 20 See more...

    "The global pharmacy benefit management (PBM) market is estimated to grow from USD 563.96 Million in 2022 to USD 770.99 Million by 2028 at a CAGR of 5.29% during the forecast period".

    To study in detail about this report, Click here.

    Market Dynamics

    Introduction

    Pharmacy Benefit Management (PBM) is defined as companies that act as an intermediary between insurance companies, manufacturers, and pharmacies. Pharmacy benefit management helps to provide medical services and medications to employers at a low cost. The PBM managers negotiate with the drug makers to secure a discount on drug prices and pass the savings to insurers.

    Global Pharmacy Benefit Management (PBM) Market Report Overview

    Market Size in 2028

    USD 770.99 Million

    Market Size in 2022

    USD 563.96 Million

    Market Growth (2023-2028)

    CAGR of 5.29%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

     

    Market Drivers

    Surge in pharmaceutical expenses

    The increasing prevalence of chronic diseases worldwide has led to a surge in pharmaceutical spending, with drug prices in the U.S. increasing by 4.0% in 2021 and individual prescription drug prices rising by 5%. This, coupled with an increasing number of prescriptions for chronic diseases, has heightened healthcare expenditures. The demand for services to reduce drug costs, manage spending, and aid market expansion is expected to continue.

    Restraining Factors

    Transparency Issues in Profit Earnings

    The global drug market is growing due to rising prescriptions and spending. However, transparency issues in pharmacy benefit management services, where revenue sources are often hidden, are causing a significant decrease in profit for manufacturers and insurance providers. This has led to a decrease in adoption rates and is expected to hinder market growth.

    Want to closer look at this report? Click here.

     

    COVID-19 Impact on Global Pharmacy Benefit Management (PBM) Market

    The COVID-19 outbreak posed significant challenges to the healthcare system across geographies. It impacted the growth of the pharmacy benefit management (PBM) market positively. PBMs help patients stay at home and practice social distancing by providing reliable access to the needed prescription drugs conveniently. People moved out of their houses only for essential services due to fear of coronavirus infection and thus, added to the market growth.

    Segment Analysis

    Based on service, the market has been divided into specialty pharmacy services, drug formulary management, benefit plan design & consultation, and others.

    • The specialty pharmacy services segment accounted for the largest market share of more than 30% in 2022.
    • The segment growth can be attributed to increasing healthcare costs due to the prevalence of complex and chronic diseases.

    Regional Trends

    The market in North America accounted for the largest share in 2022 and is projected to register significant growth during the review period.

    • The regional market growth can be attributed to the presence of an established healthcare industry and the increasing adoption of advanced healthcare solutions.
    • The market in the Asia-Pacific region is projected to register the fastest growth rate on account of advancement in healthcare technologies in the developing countries.

    To get more information about this report, Register here.

    Key Players

    The following are the key players in the global pharmacy benefit management (PBM) market (arranged alphabetically)

    • CVS Health (The U.S),
    • SS&C Technologies, Inc. (The U.S),
    • UnitedHealth Group Incorporated (The U.S),
    • Rite Aid Corporation (The U.S),
    • Express Scripts Holding Company (The U.S),
    • Benecard Services, LLC. (The U.S),
    • CaptureRx (The U.S),
    • Change Healthcare (The U.S),
    • Anthem, Inc. (The U.S), and
    • ProCare Rx (The U.S).

    Note: The above list does not necessarily include all the top players in the market.

    Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. 

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the Pharmacy Benefit Management (PBM) Market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Customization Options

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    Pharmacy Benefit Management (PBM) is defined as companies that act as an intermediary between insurance companies, manufacturers, and pharmacies. Pharmacy benefit management helps to provide medical services and medications to employers at a low cost. The PBM managers negotiate with the drug makers to secure a discount on drug prices and pass the savings to insurers.

    The market is estimated to grow at a CAGR of 5.29% during the forecast period.

    The market is estimated to grow from USD 563.96 Million in 2022 to USD 770.99 Million by 2028.

    North America accounted for the largest share of the market in 2022.

    Asia-pacific is expected to register the fastest growth in the market during the next five years.

    Pharmacy benefit management (PBM) distributors, Pharmacy benefit management (PBM) suppliers, Pharmacy benefit management (PBM) manufacturers, Logistics organizations, and Government bodies are the target audience in the market.