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

The Business Research Company’s pharmacy benefit management market report forecasts the pharmacy benefit management market size to grow to $764.8 Billion by 2027, with a CAGR (compound annual growth rate) of more than 7%.

Learn More On The Pharmacy Benefit Management Market Report 2023 – https://www.thebusinessresearchcompany.com/report/pharmacy-benefit-management-global-market-report

Pharmacy Benefit Management Market Size Forecast
The global pharmacy benefit management market is expected to grow from $541.32 billion in 2022 to $579.25 billion in 2023 at a compound annual growth rate (CAGR) of 7.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The pharmacy benefit management market size is expected to grow to $764.8 billion in 2027 at a CAGR of 7.2%.

North America held the largest pharmacy benefit management market share, and Asia-Pacific was the fastest-growing region in 2022.

Key Pharmacy Benefit Management Market Driver ­– Rise In The Number Of People Availing Insurance
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.

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Key Pharmacy Benefit Management Market Trend – Strategic Partnerships
Strategic partnerships help the organizations enter into 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 into 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.

Pharmacy Benefit Management Market Segment
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

Pharmacy Benefit Management Market Major Players and Strategies
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.

In January 2022, Centene, a US-based managed care company that provides healthcare solutions to families and individuals, acquired Magellan, a US-based pioneer in handling the health care industry’s fastest-growing and most complicated sectors, including special populations, full pharmacy benefits, and other specialty areas, in a $2.2 billion deal. Through this acquisition, Centene will be able to provide whole-health, integrated healthcare solutions to complicated, high-cost populations, resulting in improved health outcomes at reduced costs.

The Pharmacy Benefit Management Global Market Report 2023 covers regional data on pharmacy benefit management market size, pharmacy benefit management market trends and drivers, opportunities, strategies, and pharmacy benefit management market competitor 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 collection of businesses that function as intermediaries between insurance companies, pharmacies, and drug distributors. It is used to ensure that insurers and insurance companies pay reduced prescription costs by negotiating with pharmacists and medicine producers.

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