Pharmacy Benefit Manager Market
Global Market Study on Pharmacy Benefit Manager: Revenue Growth to be Fueled by the Growing Need for Advanced Drug Utilization Programs
Pharmacy Benefit Manager Market Segmented By Retail Pharmacy Services, Specialty Pharmacy Services, Benefit Plan Design and Consultation, Drug Formulary Management for Government Heath Programs, Employer-sponsored Programs, Health Insurance Management
The global pharmacy benefit manager market is estimated to be valued at US$ 502,668.3 Mn by the end of the year 2020 and is expected to grow at a CAGR of 5.5% in terms of value over the forecast period. The global pharmacy benefit manager market is estimated to represent a considerable incremental opportunity between 2018 and 2028.
On the basis of service offered by pharmacy benefit managers, the pharmacy benefit manager market is segmented into retail pharmacy services, specialty pharmacy services, benefit plan design and consultation, drug formulary management, and other services. Pharmacy benefit managers find applications in various commercial domains, and based on their demand determinants, the pharmacy benefit manager market is segmented into government health programs, employer-sponsored programs,
health insurance companies, and other programs. Key regions and countries assessed in this pharmacy benefit manager market report include North America (U.S., Canada), Latin America (Brazil, Mexico, & Rest of Latin America), Europe (Germany, France, UK, Italy, Spain, Russia, & the rest of Europe), SEA & Other APAC (India, ASEAN, Australia and New Zealand, and the rest of SEA & Other APAC), China, Japan, and the Middle East and Africa (Northern Africa, GCC Countries, South Africa, Turkey, and the rest of Middle East and Africa).
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- Express Scripts Holding Company
- CVS Health Corporation
- DST Systems, Inc.
- Rite Aid Corp.
- ProCare Rx.
- UnitedHealth Group
- Benecard Services, LLC
- BioScrip, Inc.
- Change Healthcare
Global pharmacy benefit manager market:Overview
According to PMR analysis, the incorporation of the pharmacy benefit manager concept was practiced by large industries over a decade ago. With upgraded benefit plans and cost-effective solutions & services, pharmacy benefit managers have been adopted by small- and medium-sized enterprises as well. Pharmacy benefit managers are widely used by all tier companies to streamline the employee health and pharmacy benefits. Thus, pharmacy benefit managers are gaining importance in various commerce sectors.
Growth in the global pharmacy benefit manager market is driven by demand for advanced prescription products, focus on reduction of drug cost, regulatory guidelines, and to better manage the member’s health conditions. Key regulatory requirements that drive the pharmacy benefit manager market are changes due to Medicare Part-D guidelines, healthcare reforms, and NCPDP regulations.
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Latin America is expected to register the highest growth rate. The pharmacy benefit manager market has a high potential in Latin America owing to government health programs and health insurance companies combining and utilizing various resources in the market to provide member-healthcare benefits. Thus, the pharmacy benefit manager market in Latin America region will be targeted the most by the pharmacy benefit manager market participants.
The need to enhance the effectiveness and efficiency of chronic illness medications is expected to attract the attention of pharmacy benefit manager service providers towards the Latin America region. Pharmacy benefit managers in Latin America are currently focusing on launching pharmacy benefit management initiatives that offer proper scheduling and directions for efficient medication.
The demand for innovative programs, such as disease and patient case management programs, advanced drug utilization programs, and pharmacy-medical integrated products have been the drivers for a number of emerging trends in the pharmacy benefit manager market.
Additionally, the influence of social media networking is increasing rapidly in the pharmacy benefit manager arena. Almost all pharmacy benefit managers are responding to these drivers in similar yet distinct approaches.
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The pharmacy benefit manager market in North America holds the largest value share in the global market and is likely to maintain its dominance during the forecast period. The pharmacy benefit manager market in North America is estimated to hold the highest market share in the pharmacy benefit manager market, during the forecast period, due to the high adoption rate of pharmacy benefit manager services and solutions in the commercial sector.
The ever-rising mortality and morbidity rates are motivating regional vendors to accelerate their pharmacy benefit manager businesses. Pharmacy benefit management companies are focusing on helping their clientele to manage their health condition more efficiently and effectively. Multiple programs are available in the North American pharmacy benefit manager market that strive to achieve this objective.
Some of the market vendors in this study of the global pharmacy benefit manager market include Express Scripts Holding Company; CVS Health Corporation; DST Systems, Inc.; Rite Aid Corp.; ProCare Rx.; UnitedHealth Group; Benecard Services, LLC; BioScrip, Inc.; CaptureRx; and Change Healthcare.
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Key segments in the pharmacy benefit manager market