Global Pharmacy Benefit Management Services Market Shows Strong Growth with Leading Players are Cigna, CVS Health, UnitedHealth Group, Anthem, Inc., Centene Corporation, DST Systems, Inc.

DBMR has added a new report titled Pharmacy Benefit Management Services Market with data Tables for historical and forecast years represented with Chats & Graphs spread through Pages with easy to understand detailed analysis. Pharmacy Benefit Management Services Market report provides exact information about market trends, industrial changes, and consumer behaviour etc. The report assists in outlining brand awareness, market landscape, possible future issues, industry trends and customer behaviour about industry which eventually leads to advanced business strategies. Being a verified and reliable source of information, this market research report offers a telescopic view of the existing market trends, emerging products, situations and opportunities that drives the business in the right direction of success. The Pharmacy Benefit Management Services Market report has been framed with the proper use of tools like SWOT analysis and Porter’s Five Forces analysis methods.

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.

Key Market Competitors: Global Pharmacy Benefit Management Services Market 

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.

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Competitive Analysis: Global Pharmacy Benefit Management Services Market 

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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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)

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