Pharmacy Benefit Management Services Market Growth, Top Players, and Forecast by 2031

MARKET OVERVIEW

Pharmacy benefit manager functions as a third-party administrator. Pharmacy benefit management (PBM) is a prescription drug benefit management firm that manages, monitors, and handles all healthcare issues, as well as providing drug benefit programmes to employers. It also helps in the provision of low-cost medical services and prescription medications to companies. Pharmacy Benefit Management (PBM) publishes a list of prescription medicines that includes all drugs covered by its benefit plans, as well as manufacturers who can provide discounts. Pharmacy benefit management can be varied and flexible, ranging in size from small to large.

MARKET SCOPE

The Global Pharmacy Benefit Management Services Market Analysis to 2031 is a specialized and in-depth study of the healthcare industry with a special focus on the global market trend analysis. The report aims to provide an overview of the pharmacy benefit management services market with detailed market segmentation by business model and end user. The report provides key statistics on the market status of the leading pharmacy benefit management services market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

•   Based on business model the market is segmented as, stand alone PBM, health insurance providers and retail pharmacy.
  
•   Based on end user the market is segmented as, commercial and federal.
  

MARKET DYNAMICS

Drivers:

•   Increasing need for preventing medication errors, growing geriatric population, rising labor costs, rapid regionalization of pharmacies are the factors which expected to spur the market growth.
  
•   Growing awareness among healthcare providers and pharmacists about the cost reduction measures and the services offered by the Pharmacy benefit management are also expected to benefit market growth.
  

Restraints:

•   However, stringent regulatory procedures along with reluctance to adopt pharmacy automation are expect to restrain market growth during the forecast period.
  

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The pharmacy benefit management services market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the pharmacy benefit management services market in these regions.

IMPACT OF COVID-19 ON PHARMACY BENEFIT MANAGEMENT SERVICES MARKET

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. According to the current market situation, the report further assesses the present and future effects of the COVID-19 pandemic on the overall market, giving more reliable and authentic projections In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.

MARKET PLAYERS

The report covers key developments in the pharmacy benefit management services market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from pharmacy benefit management services market are anticipated to lucrative growth opportunities in the future with the rising demand for Pharmacy benefit management services in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the pharmacy benefit management services market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

•   Aetna Inc.
  
•   Anthem Insurance Companies, Inc.
  
•   Benecard Services, LLC.
  
•   Cigna
  
•   CVS Health
  
•   Express Scripts Holding Company
  
•   Medimpact.
  
•   OptumRx, Inc
  
•   Rite Aid Corp
  
•   Walgreens Boots Alliance, Inc.
  

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Pharmacy Benefit Management Services Report Scope