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    Pharmacy Benefit Management (PBM) Market Report

    Pharmacy Benefit Management (PBM) Market Report
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    Global Pharmacy Benefit Management (PBM) Market, Dynamics, Trends and Market Insights
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    Impact of COVID-19 on Pharmacy Benefit Management (PBM) Market

    Covid-19 has impacted the market dynamics, competition, and global...

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

    Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.

    Note: The summary below might not have included insights on covid impact since we have large number of reports.

    Market Insights

    The Global Pharmacy Benefit Management (PBM) Market is estimated to grow from USD 504.3 billion in 2020 to USD 692.0 billion by 2026 at a healthy CAGR of 5.5% during the forecast period.

    Figure: Global Pharmacy Benefit Management (PBM) Market Size, 2020-2026 (USD Billion)

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    What is Pharmacy Benefit Management?

    Pharmacy Benefit Management (PBM)s are defined 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.

    Key Players

    Key players operating in the global Pharmacy Benefit Management (PBM) market are-

    • 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).

    Market Dynamics

    The global market growth is primarily driven by the increasing usage of the increasing prevalence of chronic diseases coupled with the rising geriatric populace across geographies.

    • The increasing need to abate medication errors is likely to propel market growth at a significant rate during the review period.
    • Additionally, growing emphasis on technological advancements in the healthcare sector is witnessed to create lucrative opportunities for the players operating in the global pharmacy benefit management market over the forecast period.

    Segment Analysis

    Service Trends

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

    • The specialty pharmacy services segment accounted for the largest market share of more than 30% in 2020.
    • The segment growth can be attributed to increasing healthcare costs due to prevalence of complex and chronic diseases.

    Regional Trends

    The market in North America accounted for largest share in 2020 and is projected to register significant growth during the review period.

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

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

    The covid-19 outbreak posed significant challenges to the health care 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.

    Critical Questions answered in this report –

    • What are the key trends in the global Pharmacy Benefit Management (PBM) market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?
    • What is the impact of COVID-19 on the global Pharmacy Benefit Management (PBM) market?
    • What are the key strategies adopted by the major vendors to lead in the global Pharmacy Benefit Management (PBM) market?
    • What is the market share of the top vendors?

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    Target Audience

    • Pharmacy benefit management (PBM) distributors
    • Pharmacy benefit management (PBM) suppliers
    • Pharmacy benefit management (PBM) manufacturers
    • Logistics organizations
    • Government bodies

    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 at [email protected].

    Frequently Asked Questions (FAQs)

    The pharmacy benefit management market is expected to witness an impressive growth of 5.5% CAGR in the foreseeable future.

    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) are among the key players in the pharmacy benefit management market.

    The pharmacy benefit management market size is expected to reach USD 692.0 billion in the coming years.

    North America accounted for the largest share in the pharmacy benefit management market in 2020.

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

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

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