Pharmacy Benefit Management Market Insights, Analysis Report 2024-2033: Strategic Examination

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Pharmacy Benefit Management Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The pharmacy benefit management market size has grown strongly in recent years. It will grow from $597.17 billion in 2023 to $644.58 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to increased focus on preventative care, pharmacy network expansion, partnerships with healthcare providers, focus on patient outcomes, advancements in pharmaceutical therapies.

The pharmacy benefit management market size is expected to see strong growth in the next few years. It will grow to $878.37 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to healthcare cost control demands, rise in prescription drug usage, health insurance expansion, adherence to regulatory changes, patient-centric healthcare. Major trends in the forecast period include value-based healthcare models, specialty medications management, data analytics and AI integration, telemedicine integration, rise in personalized medicine.

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Market Segmentation:
The pharmacy benefit management (PBM) market covered in this report is segmented -
1) By Services: Mail-Delivery, Specialty Pharmacy, Preferred Network Pharmacy
2) By Type: Commercial Health Plans, Self-Insured Employer Plans, Medicare Part D Plans, Federal Employees Health Benefits Program
3) By End User: Pharmacy Benefit Management Organization, Mail Order Pharmacies, Retail Pharmacies, Inpatient Pharmacies, Outpatient Pharmacies

Major Driver - Insurance Boom Fuels Growth In Pharmacy Benefit Management Market
The rise in the number of people availing insurance significantly contributes to the growth of the pharmacy benefit management market. Insurance provides a solution to deal with the increased medical costs by covering the expenses related to treatment, hospitalization, health check-ups, and hospitalization expenses. Similarly, pharmacy benefit management (PBM) supports end-to-end healthcare products by combining medical as well as pharmaceutical products. This enables the insurers to have extensive information regarding the patients that helps the insurers provide efficient programs to patients. For instance, according to the India Brand Equity Foundation (IBEF), new premiums of life insurers registered 22.2% growth in September 2021, up 2.9% from September 2020. Therefore, the rise in the number of people availing of insurance is driving the growth of the pharmacy benefit management market.

Competitive Landscape:
Major companies operating in the pharmacy benefit management market report are CVS Health Corporation, Cigna Corporation, Centene Corporation, Anthem Inc., OptumRx Inc., Humana Pharmacy Solutions Inc., Rite Aid Corporation, Magellan Health Inc., Prime Therapeutics LLC, MaxorPlus Ltd., RxAdvance Corp, MedImpact Healthcare Systems Inc., PerformRx LLC., Navitus Health Solutions LLC, WellDyneRx Inc., Healthesystems LLC., Catalyst Rx Inc., Argus Health Systems Inc., Innoviant Pharmacy Inc., Pharmaceutical Strategies Group, MedTrak Services LLC, ProCare Rx Inc., Managed Health Care Associates Inc., FutureScripts LLC., National CooperativeRx, ScriptCare Ltd., US Script Inc., LDI Integrated Pharmacy Services LLC, RxPreferred Benefits, ActiveRADAR Company, SinfoníaRx Inc.

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Top Trend - Digital Prescription Technology Revolutionizes Pharmacy Benefit Management
Major companies operating in the pharmacy benefit management market are increasing their focus on introducing digital prescription technology platforms to gain a competitive edge in the market. Digital prescription technology refers to the use of electronic systems and software to create, transmit, store, and manage prescriptions for medications. For instance, in October 2021, Prescryptive Health, a US-based healthcare technology company, launched a Platform as a Service (PaaS) for Pharmacy Benefit Managers (PBMs), which runs on the Prescryptive health intelligence platform. This offering allows PBMs to provide their members with transparent prices for prescription drugs, thereby enhancing prescription drug price transparency and consumer choice. The service also enables PBM sponsors to achieve up to 40% savings from lower drug prices, smarter plan design, and increased employee engagement.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Pharmacy Benefit Management Market Characteristics
3. Pharmacy Benefit Management Market Trends And Strategies
4. Pharmacy Benefit Management Market - Macro Economic Scenario
5. Pharmacy Benefit Management Market Size And Growth
…..
27. Pharmacy Benefit Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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