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Global Pharmacy Benefit Management Services Market 2019: Industry Analysis and Detailed Profiles of Top Industry Players Cigna, CVS Health, UnitedHealth Group, Anthem, Inc., Centene Corporation, DST Systems, Inc

01-23-2020 12:25 PM CET | Health & Medicine

Press release from: Data Bridge Market Research

Global pharmacy benefit management services market

Global pharmacy benefit management services market

“Global Pharmacy Benefit Management Services Market By Type (Commercial Health Plans, Self-Insured Employer Plans, Medicare Part D Plans, Federal Employees Health Benefits Program, State Government Employee Plans), Application (Mail-Order Pharmacy Services, Non-Mail Pharmacy Services), Service (Retail Pharmacy Services, Specialty Pharmacy Services, Benefit Plan Design & Consultation, Network-Pharmacy Claims Processing, Home Delivery Pharmacy Care, Drug Utilization Review, Drug Formulary Management, Medical & Drug Data Analysis Services, Others), End-User (Healthcare Providers, Employers, Drug Manufacturers, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends & Forecast to 2026”

Market Analysis:

Global pharmacy benefit management services market is expected to witness a substantial growth rate, registering CAGR of 6.35% in the forecast period of 2019-2026. The report contains data for the base year of 2018, and the historic year of 2017. This rise in the market can be attributed to the rise in the drug prices and increasing healthcare expenditure.

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Key Market Competitors:
Few of the major market competitors currently working in the global pharmacy benefit management services market are Cigna, CVS Health, UnitedHealth Group, Anthem, Inc., Centene Corporation, DST Systems, Inc., Kaiser Foundation Health Plan, Inc., Magellan Health, Inc., McKesson Corporation, MedImpact Direct, LLC., Micro Merchant Systems, Inc., Prime Therapeutics LLC, Rite Aid Corp., TrialCard Incorporated, Walgreens Boots Alliance, Inc. amongst others.

Competitive Analysis:
Global pharmacy benefit management services market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of pharmacy benefit management services for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

Market Definition: Global Pharmacy Benefit Management Services Market

Pharmacy benefit management services provide several medical facilities to patients. They are run by third party administrators (TPAs) who acct as link between pharmacists, insurance companies, claimers of insurance and drug manufacturers. They help in reducing the price of drugs, manage prescriptions, plan the best health plans for patients by offering discounts and rebates. They offer medicines at affordable prices as compared to those sold by retail pharmacists.

Market Drivers

Increasing occurrence of generic and chronic diseases and the desire to effectively and efficiently medicate such illness drives the demand for pharmacy benefit manager services
Increased demand for insurance services, and increase in the number of people availing insurance stimulates the demand for pharmacy benefit manager services
Advancements in healthcare and the rising demand for such health care services boosts the growth of this market
Market Restraints

Lack of awareness amongst consumers about the benefits of the service
Misuse of patient’s data restrains the growth of the market

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Segmentation: Global Pharmacy Benefit Management Services Market

By Type

Commercial Health Plans
Self-Insured Employer Plans
Medicare Part D Plans
Federal Employees Health Benefits Program
State Government Employee Plans
By Application

Mail-Order Pharmacy Services
Non-Mail Pharmacy Services
By Service

Retail Pharmacy Services
Specialty Pharmacy Services
Benefit Plan Design & Consultation
Network-Pharmacy Claims Processing
Home Delivery Pharmacy Care
Drug Utilization Review
Drug Formulary Management
Medical & Drug Data Analysis Services
Others
By End-User

Healthcare Providers
Employers
Drug Manufacturers
Others
By Geography

North America
South America
Europe
Asia-Pacific
Middle East and Africa

Key Developments in the Market:

In December 2018, Cigna Corporation announced that they had acquired pharmacy benefit manager, Express Scripts for an approximate USD 67 billion. With this, they would provide wider choice and affordable services to their customers revolutionizing their health care system and benefitting their customers, clients, partners and the entire society on a large.
In November 2018, CVS Health announced that they had completed the acquisition of Aetna, Inc. after they had received the approval of their USD 69 billion merger from the regulatory authorities. This acquisition is expected to revolutionize the entire healthcare industry as the strong resources of CVS would be merged with Aetna’s large network, thereby resulting in better relationships with customers, and provision of best health care services.

Reasons to Purchase this Report

Current and future of global pharmacy benefit management services market outlook in the developed and emerging markets
The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period
Regions/Countries that are expected to witness the fastest growth rates during the forecast period
The latest developments, market shares, and strategies that are employed by the major market players

Customization of the Report:

All segmentation provided above in this report is represented at country level
All products covered in the market, product volume and average selling prices will be included as customizable options which may incur no or minimal additional cost (depends on customization)

Note: If you have any special requirements, please let us know and we will offer you the report as you want.

Contact:

Data Bridge Market Research

US: +1 888 387 2818

UK: +44 208 089 1725

Hong Kong: +852 8192 7475

Email: Corporatesales@databridgemarketresearch.com

About Data Bridge Market Research:

Data Bridge Market Research set forth itself as an unconventional and neoteric Market research and consulting firm with unparalleled level of resilience and integrated approaches. We are determined to unearth the best market opportunities and foster efficient information for your business to thrive in the market. Data Bridge endeavors to provide appropriate solutions to the complex business challenges and initiates an effortless decision-making process.

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