Pharmacy Benefit Management Global Market Report Competitive And Growth Analysis 2033

"The Business Research Company recently released a comprehensive report on the Global Pharmacy Benefit Management Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 Drivers and Trends:

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 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.

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Major Key Players of the Market:

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.

Pharmacy Benefit Management Market 2024 Key Insights:

• 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%.
• Insurance Boom Fuels Growth In Pharmacy Benefit Management Market
• Strategic Partnerships Transforming The Landscape Of Pharmacy Benefit Management
• North America was the largest region in the pharmacy benefit management market in 2023

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