Global Pharmacy Benefit Management Market 2024 - By Size, Drivers, Trends, Competitors And Overview By 2033

The new report published by The Business Research Company, titled ""Pharmacy Benefit Management Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, 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 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%.

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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.

Strategic Partnerships Transforming The Landscape Of Pharmacy Benefit Management
Strategic partnerships are a key trend in the pharmacy benefit management market. Strategic partnerships help the organizations enter a new market and expand by leveraging each other's resources. In February 2021, Navitus Health Solutions, a US-based full-service pharmacy benefit management company, entered a partnership with WithMe Health, Inc., a US-based contemporary pharmacy benefit manager (PBM) alternative that prioritizes people, results, and overall cost of care. This partnership gives Navitus access to WithMe Health's medication guidance capabilities, which will help employers and members get the most benefit from their medications by ensuring members are on the right medications and support to stay adherent and responding to therapy.

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

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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.

Contents of the report:
1. Executive Summary
2. Pharmacy Benefit Management Market Report Structure
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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