The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

North America held the largest pharmacy benefit management market share in 2022.

The global pharmacy benefit management market size will grow from $541.32 billion in 2022 to $579.25 billion in 2023 at a compound annual growth rate (CAGR) of 7.0%. The pharmacy benefit management market size is expected to grow to $764.8 billion in 2027 at a CAGR of 7.2%.

Major Driver In The Pharmacy Benefit Management Market ­– Rise In The Number Of People Availing Insurance
Insurance provides a method to dealing with rising medical costs by covering the costs of treatment, hospitalization, health check-ups, and hospitalization. Similarly, pharmacy benefit management (PBM) facilitates end-to-end healthcare products by integrating medical and pharmaceutical items. This provides insurers with vast information about their patients, allowing them to give efficient programs to patients. According to the India Brand Equity Foundation (IBEF), new life insurer premiums increased by 22.2% in September 2021, up 2.9% from September 2020. As a result, the growing number of people who have insurance is propelling the pharmacy benefit management business forward.

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Key Pharmacy Benefit Management Market Segments
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

Recent Pharmacy Benefit Management Market Trend – Strategic Partnerships
Strategic alliances enable firms to enter new markets and expand by exploiting each other’s resources. Navitus Health Solutions, a full-service pharmacy benefit management firm based in the United States, announced a cooperation with WithMe Health, Inc., a contemporary pharmacy benefit manager (PBM) alternative based in the United States that values people, results, and overall cost of care, in February 2021. This collaboration provides Navitus with access to WithMe Health’s medication guidance capabilities, allowing employers and members to get the most out of their prescriptions by ensuring members are on the proper medications and receiving support to stay adherent and responding to therapy.

Pharmacy Benefit Management Market Prominent Players
Major players in the pharmacy benefit management market are CVS Health, Cigna, OptumRx Inc., Anthem Inc., Centene Corporation, Abarca Health LLC, Medimpact, Express Scripts Holding Company, ProCare Rx, Aetna Inc., Magellan Health Inc., Prime Therapeutics LLC, SS&c Technologies, UnitedHealth Group, Rite Aid Corp, Benecard Services LLC, Rite Aid Corp and Benecard Services LL.

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The Pharmacy Benefit Management Global Market Report 2023 provides a comprehensive overview on the pharmacy benefit management market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the pharmacy benefit management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Pharmacy benefit management is a group of organizations that act as go-betweens for insurance companies, pharmacies, and medication wholesalers. It is used to negotiate with pharmacists and drug manufacturers to ensure that insurers and insurance companies pay lower prescription charges.

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