Pharmacy Benefit Management Services Market Report: Information by Service (Retail pharmacy services, Specialty pharmacy services, Benefit plan design and consultation, Others), End User (Healthcare Providers, Employers)- Forecast till 2027
ID: MRFR/HC/6374-HCR | February 2021 | Region: Global | 85 pages
Pharmacy Benefit Management Services Market Scenario
The pharmacy benefit management services market is expected to register 5.8% CAGR during the forecast period (2019–2024).
Pharmacy benefit management services help the patient to avail of various medical facilities. It generally helps insurance companies and their beneficiaries in insurance claim procedure and works as a bridge between them. Moreover, it connects employers, members, drug wholesalers, pharmacies, and drug companies to gain the best possible outcome with respect to healthcare claims and other services.
The increasing digitalization, increasing demand for advanced healthcare management systems, rising healthcare expenditure and growing healthcare industry in the emerging economies are expected to drive the growth of the pharmacy benefit management services market during the forecast period. Moreover, the increasing awareness about health insurance and surge in a number of populations availing insurance are also boosting the growth of the market. According to data published by Agency for healthcare research and quality (AHRQ) in the year 2016, more than 626 health systems were present in the US, and 69.7% hospitals were covered under Compendium of U.S. Health Systems, and 92% of total patients were discharged from system hospitals.
However, lack awareness in underdeveloped economies and issues related to the safety of patient’s data may hamper the growth of the market during the assessment period.
Pharmacy Benefit Management Services Market Segmentation
The global pharmacy benefit management services market has been segmented on the basis of service, end-user, and region.
On the basis of service, the market has been classified as retail pharmacy services, specialty pharmacy services, benefit plan design and consultation, drug formulary management, and others
By end user, the market has been segmented into healthcare providers, employers, drug manufacturers, and others.
The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The pharmacy benefit management services market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European pharmacy benefit management services market has been segmented into Western Europe and Eastern Europe. Western Europe has been sub-segmented into Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The pharmacy benefit management services market in Asia-Pacific has been divided into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The pharmacy benefit management services market in the Middle East & Africa has been segmented into the Middle East and Africa.
Regional Market Summary
Global Pharmacy Benefit Management Services Market Share, by Region, 2018 (%)
Source: MRFR Analysis
Americas is likely to dominate the pharmacy benefit management services market during the forecast period owing to the advanced technologies, increasing number of hospitals and healthcare centers in the region, increasing healthcare spending, and a large pool of insurance protected population. According to the American hospital association, the number of healthcare centers in the US is continuously increasing, and in the year 2016 number of registered hospitals in the US was 5,534, roughly 2000 hospitals were present in a rural area, and 3000+ hospitals were operating in an urban area. Additionally, according to the Centers for Medicare & Medicaid services healthcare expenditure grew 3.9% in 2017 and reached 3.5 trillion which is USD 10,739 per person.
The European region is expected to be the second-largest market in the global pharmacy benefit management services market owing to the rising prevalence of chronic disorders, adoption of advanced technology, fair per capita health expenditure, and favorable reimbursement policies. According to the survey conducted by The Organization for Economic Co-operation and Development (OECD), in the year 2017, the average per head spending on healthcare in Europe was USD 4,077.
The Asia-Pacific market is expected to hold a significant share in the pharmacy benefit management services market. The market growth in this region can be attributed to the rise in demand for advanced healthcare management services, increasing awareness of pharmacy benefit management services, rising geriatric population, and rising investments in healthcare. Also, countries such as India and China are considering the fastest growing region due to a government focused toward adopting advanced technology to improve the healthcare sector. According to united nations data, in 2016, approximately 12.4 percent of the population in the region was 60 years or older, but this is projected to increase to more than a quarter or 1.3 billion people by 2050.
The market in the Middle East & Africa is expected to account for the smallest share of the global pharmacy benefit management services market due to an underdeveloped healthcare sector, lack of technical knowledge, and poor medical facilities.
Key Players
Some of the key players in the global pharmacy benefit management services market are Abarca health LLC., CVS Health, Express Scripts, Humana Pharmacy Solutions, Magellan Rx Management, McKesson Corporation, Medimpact Healthcare, MeridianRx, OptumRx (UnitedHealth), Prime Therapeutics, Sea Rainbow, Vidalink, and others.
Global Pharmacy Benefit Management Services Market, by Service
- Retail pharmacy services
- Specialty pharmacy services
- Benefit plan design and consultation
- Drug formulary management
- Others
Global Pharmacy Benefit Management Services Market, by End User
- Healthcare Providers
- Employers
- Drug Manufacturers
- Others
Global Pharmacy Benefit Management Services Market, by Region
- Americas
- North America
- US
- Canada
- Latin America
- North America
- Europe
- Western Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Western Europe
- Eastern Europe
- Western Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Middle East
- Africa
Company Profiles
- Abarca health LLC
- CVS Health
- Express Scripts
- Humana Pharmacy Solutions
- Magellan Rx Management
- McKesson Corporation
- Medimpact Healthcare
- MeridianRx
- OptumRx (UnitedHealth)
- Prime Therapeutics
- Sea Rainbow
- Vidalink
- Others
Intended Audience
- Pharmacy benefit management service providers
- Healthcare providers
- Research institutes and academic centers
- Contract research organizations (CROs)
- Government associations
Report Scope:
| Report Attribute/Metric | Details |
|---|---|
| Market Size | Significant Value |
| CAGR | 2019-2024: 5.8% |
| Base Year | 2019 |
| Forecast Period | 2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Service, End-user, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Abarca health LLC., CVS Health, Express Scripts, Humana Pharmacy Solutions, Magellan Rx Management, McKesson Corporation, Medimpact Healthcare, MeridianRx, OptumRx (UnitedHealth), Prime Therapeutics, Sea Rainbow, Vidalink |
| Key Market Opportunities | Advanced technology |
| Key Market Drivers | Increasing digitalization and growing healthcare industry are the key factors driving the pharmacy benefit management services market. |
Frequently Asked Questions (FAQ) :
Increasing digitalization and growing healthcare industry are the key factors driving the pharmacy benefit management (PBM) services market.
The Americas is expected to dominate the pharmacy benefit management services market.
Safety of patients’ data may limit the pharmacy benefit management services market growth.
Different end users of the pharmacy benefit management services market include drug manufacturers, employers, healthcare providers, and others.
Table of Contents:
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.1. Definition
2.2. Scope of the Study
2.2.1. Research Objective
2.2.2. Assumptions
2.2.3. Limitations
Chapter 3. Research Methodology
3.1. Introduction
3.2. Primary Research
3.3. Secondary Research
3.4. Market Size Estimation
Chapter 4. Market Dynamics
4.1. Drivers
4.2. Restraints
4.3. Opportunities
4.4. Challenges
4.5. Macroeconomic Indicators
Chapter 5. Market Factor Analysis
5.1. Porter’s Five Forces Analysis
5.1.1. Bargaining Power of Suppliers
5.1.2. Bargaining Power of Buyers
5.1.3. Threat of New Entrants
5.1.4. Threat of Substitutes
5.1.5. Intensity of Rivalry
5.2. Value Chain Analysis
5.3. Investment Feasibility Analysis
Chapter 6. Global Pharmacy Benefit Management Services Market, by Service
6.1. Introduction
6.2. Retail Pharmacy Services
Market Estimates & Forecast, by Region, 2020–2027
Market Estimates & Forecast, by Country, 2020–2027
6.3. Specialty Pharmacy Services
Market Estimates & Forecast, by Region, 2020–2027
Market Estimates & Forecast, by Country, 2020–2027
6.4. Benefit Plan Design and Consultation
Market Estimates & Forecast, by Region, 2020–2027
Market Estimates & Forecast, by Country, 2020–2027
6.5. Drug Formulary Management
Market Estimates & Forecast, by Region, 2020–2027
Market Estimates & Forecast, by Country, 2020–2027
6.6. Others
Chapter 7. Global Pharmacy Benefit Management Services Market, by End User
7.1. Introduction
7.2. Healthcare Providers
Market Estimates & Forecast, by Region, 2020–2027
Market Estimates & Forecast, by Country, 2020–2027
7.3. Employers
Market Estimates & Forecast, by Region, 2020–2027
Market Estimates & Forecast, by Country, 2020–2027
7.4. Drug Manufacturers
Market Estimates & Forecast, by Region, 2020–2027
Market Estimates & Forecast, by Country, 2020–2027
7.5. Others
Chapter 8. Global Pharmacy Benefit Management Services Market, by Region
8.1. Introduction
8.2. Americas
8.2.1. North America
8.2.1.1. US
8.2.1.2. Canada
8.2.2. Latin America
8.3. Europe
8.3.1. Western Europe
8.3.1.1. Germany
8.3.1.2. France
8.3.1.3. Italy
8.3.1.4. Spain
8.3.1.5. UK
8.3.1.6. Rest of Western Europe
8.3.2. Eastern Europe
8.4. Asia-Pacific
8.4.1. Japan
8.4.2. China
8.4.3. India
8.4.4. Australia
8.4.5. South Korea
8.4.6. Rest of Asia-Pacific
8.5. Middle East & Africa
8.5.1. Middle East
8.5.2. Africa
Chapter 9. Company Landscape
9.1. Introduction
9.2. Market Share Analysis
9.3. Key Developments & Strategies
Chapter 10. Company Profiles
10.1. abarca health LLC.
10.1.1. Company Overview
10.1.2. Product Overview
10.1.3. Financial Overview
10.1.4. Key Developments
10.1.5. SWOT Analysis
10.1.6. Key Strategies
10.2. CVS Health
10.2.1. Company Overview
10.2.2. Product Overview
10.2.3. Financial Overview
10.2.4. Key Developments
10.2.5. SWOT Analysis
10.2.6. Key Strategies
10.3. Express Scripts
10.3.1. Company Overview
10.3.2. Product Overview
10.3.3. Financial Overview
10.3.4. Key Developments
10.3.5. SWOT Analysis
10.3.6. Key Strategies
10.4. Humana Pharmacy Solutions
10.4.1. Company Overview
10.4.2. Product Overview
10.4.3. Financial Overview
10.4.4. Key Developments
10.4.5. SWOT Analysis
10.4.6. Key Strategies
10.5. Magellan Rx Management
10.5.1. Company Overview
10.5.2. Product Overview
10.5.3. Financial Overview
10.5.4. Key Developments
10.5.5. SWOT Analysis
10.5.6. Key Strategies
10.6. McKesson Corporation
10.6.1. Company Overview
10.6.2. Product Overview
10.6.3. Financial Overview
10.6.4. Key Developments
10.6.5. SWOT Analysis
10.6.6. Key Strategies
10.7. Medimpact Healthcare
10.7.1. Company Overview
10.7.2. Product Overview
10.7.3. Financial Overview
10.7.4. Key Developments
10.7.5. SWOT Analysis
10.7.6. Key Strategies
10.8. MeridianRx
10.8.1. Company Overview
10.8.2. Product Overview
10.8.3. Financial Overview
10.8.4. Key Developments
10.8.5. SWOT Analysis
10.8.6. Key Strategies
10.9. OptumRx (UnitedHealth)
10.9.1. Company Overview
10.9.2. Product Overview
10.9.3. Financial Overview
10.9.4. Key Developments
10.9.5. SWOT Analysis
10.9.6. Key Strategies
10.10. Prime Therapeutics
10.10.1. Company Overview
10.10.2. Product Overview
10.10.3. Financial Overview
10.10.4. Key Developments
10.10.5. SWOT Analysis
10.10.6. Key Strategies
10.11. Sea Rainbow
10.11.1. Company Overview
10.11.2. Product Overview
10.11.3. Financial Overview
10.11.4. Key Developments
10.11.5. SWOT Analysis
10.11.6. Key Strategies
10.12. Vidalink
10.12.1. Company Overview
10.12.2. Product Overview
10.12.3. Financial Overview
10.12.4. Key Developments
10.12.5. SWOT Analysis
10.12.6. Key Strategies
10.13. Others
10.14. .
Chapter 11. MRFR Conclusion
11.1. Key Findings
11.1.1. From CEO’s Viewpoint
11.1.2. Unmet Needs of the Market
11.2. Key Companies to Watch
11.3. Predictions for the Pharmacy Benefit Management Services Industry
Chapter 12. Appendix
LIST OF TABLES
Table 1. Global Pharmacy Benefit Management Services Market Synopsis, 2020–2027
Table 2. Global Pharmacy Benefit Management Services Market Estimates and Forecast, 2020–2027 (USD Million)
Table 3. Global Pharmacy Benefit Management Services Market, by Region, 2020–2027 (USD Million)
Table 4. Global Pharmacy Benefit Management Services Market, by Service, 2020–2027 (USD Million)
Table 5. Global Pharmacy Benefit Management Services Market, by End User, 2020–2027 (USD Million)
Table 6. North America: Pharmacy Benefit Management Services Market, by Service, 2020–2027 (USD Million)
Table 7. North America: Pharmacy Benefit Management Services Market, by End User, 2020–2027 (USD Million)
Table 8. US: Pharmacy Benefit Management Services Market, by Service, 2020–2027 (USD Million)
Table 9. US: Pharmacy Benefit Management Services Market, by End User, 2020–2027 (USD Million)
Table 10. Canada: Pharmacy Benefit Management Services Market, by Service, 2020–2027 (USD Million)
Table 11. Canada: Pharmacy Benefit Management Services Market, by End User, 2020–2027 (USD Million)
Table 12. Latin America: Pharmacy Benefit Management Services Market, by Service, 2020–2027 (USD Million)
Table 13. Latin America: Pharmacy Benefit Management Services Market, by End User, 2020–2027 (USD Million)
Table 14. Europe: Pharmacy Benefit Management Services Market, by Service, 2020–2027 (USD Million)
Table 15. Europe: Pharmacy Benefit Management Services Market, by End User, 2020–2027 (USD Million)
Table 16. Western Europe: Pharmacy Benefit Management Services Market, by Service, 2020–2027 (USD Million)
Table 17. Western Europe: Pharmacy Benefit Management Services Market, by End User, 2020–2027 (USD Million)
Table 18. Eastern Europe: Pharmacy Benefit Management Services Market, by Service, 2020–2027 (USD Million)
Table 19. Eastern Europe: Pharmacy Benefit Management Services Market, by End User, 2020–2027 (USD Million)
Table 20. Asia-Pacific: Pharmacy Benefit Management Services Market, by Service, 2020–2027 (USD Million)
Table 21. Asia-Pacific: Pharmacy Benefit Management Services Market, by End User, 2020–2027 (USD Million)
Table 22. Middle East & Africa: Pharmacy Benefit Management Services Market, by Service, 2020–2027 (USD Million)
Table 23. Middle East & Africa: Pharmacy Benefit Management Services Market, by End User, 2020–2027 (USD Million)
LIST OF FIGURES
Figure 1. Research Process
Figure 2. Segmentation for Global Pharmacy Benefit Management Services Market
Figure 3. Segmentation Market Dynamics for Global Pharmacy Benefit Management Services Market
Figure 4. Global Pharmacy Benefit Management Services Market Share, by Service, 2020
Figure 5. Global Pharmacy Benefit Management Services Market Share, by End User, 2020
Figure 6. Global Pharmacy Benefit Management Services Market Share, by Region, 2020
Figure 7. North America: Pharmacy Benefit Management Services Market Share, by Country, 2020
Figure 8. Europe: Pharmacy Benefit Management Services Market Share, by Country, 2020
Figure 9. Asia-Pacific: Pharmacy Benefit Management Services Market Share, by Country, 2020
Figure 10. Middle East & Africa: Pharmacy Benefit Management Services Market Share, by Country, 2020
Figure 11. Global Pharmacy Benefit Management Services Market: Company Share Analysis, 2020 (%)
Figure 12. Abarca health LLC.: Key Financials
Figure 13. Abarca health LLC.: Segmental Revenue
Figure 14. Abarca health LLC.: Geographical Revenue
Figure 15. CVS Health: Key Financials
Figure 16. CVS Health: Segmental Revenue
Figure 17. CVS Health: Geographical Revenue
Figure 18. Express Scripts: Key Financials
Figure 19. Express Scripts: Segmental Revenue
Figure 20. Express Scripts: Geographical Revenue
Figure 21. Humana Pharmacy Solutions: Key Financials
Figure 22. Humana Pharmacy Solutions: Segmental Revenue
Figure 23. Humana Pharmacy Solutions: Geographical Revenue
Figure 24. Magellan Rx Management: Key Financials
Figure 25. Magellan Rx Management: Segmental Revenue
Figure 26. Magellan Rx Management: Geographical Revenue
Figure 27. McKesson Corporation: Key Financials
Figure 28. McKesson Corporation: Segmental Revenue
Figure 29. McKesson Corporation: Geographical Revenue
Figure 30. Medimpact Healthcare: Key Financials
Figure 31. Medimpact Healthcare: Segmental Revenue
Figure 32. Medimpact Healthcare: Geographical Revenue
Figure 33. MeridianRx: Key Financials
Figure 34. MeridianRx: Segmental Revenue
Figure 35. MeridianRx: Geographical Revenue
Figure 36. OptumRx (UnitedHealth): Key Financials
Figure 37. OptumRx (UnitedHealth): Segmental Revenue
Figure 38. OptumRx (UnitedHealth): Geographical Revenue
Figure 39. Prime Therapeutics: Key Financials
Figure 40. Prime Therapeutics: Segmental Revenue
Figure 41. Prime Therapeutics: Geographical Revenue
Figure 42. Sea Rainbow: Key Financials
Figure 43. Sea Rainbow: Segmental Revenue
Figure 44. Sea Rainbow: Geographical Revenue
Figure 45. Vidalink: Key Financials
Figure 46. Vidalink: Segmental Revenue
Figure 47. Vidalink: Geographical Revenue
This table of content is tentative and subject to change as the research progresses.
Please Note: Financial details of company cannot be provided if the information of the company is not available in public domain and or reliable source.