PUBLISHER: Acute Market Reports | PRODUCT CODE: 1162494
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1162494
Pharmacy Benefit Management Market - Growth, Future Prospects and Competitive Analysis, 2022 - 2030
Industry Outlook
The global pharmacy benefit management market was valued at US$ 405.4 Bn in 2021 and expected to grow at compound annual growth rate (CAGR) of 5.4% during the forecast period from 2022 to 2030. Pharmacy benefit managers (PBM) are an organization that provides educational programs and services to aid healthcare seekers. The PBM acts an intermediary between insurers and healthcare providers by negotiating with both pharmaceutical companies and pharmacies to get the best rates. PBMs are also involved in the determining the retail prices of the pharmaceutical products, discuss rebates from pharmaceutical manufacturers on the basis of total sales volume of products, and attain post sale price discounts and repayments from pharmacies. PBMs use their utilization management and buying power to lower the cost of pharmaceuticals. Most of the payers choose to contract with PBMs rather than procuring drug internally. Commercial insurers, Medicare and Medicaid are the major end-users for PBMs. Moreover, PBMs are also able to influence patients to move to less expensive brand drugs by playing brands off one another.
However, criticism over the PBM model in the recent past is acting as the major restraining factor for the growth of the market. The Medicare Payment Advisory Commission has been raising apprehensions regarding failure of choosing lowest-cost drugs by the PBMs. Moreover, a recent study indicated that PBMs are charging Medicaid managed care organizations more for generic drugs as compared to the actual price to be paid to the pharmacies. Thus, this concerns over PBMs working model will negatively affect the market during the forecast period. In 2021, specialty pharmacy services held the largest share in the global pharmacy benefit management market. Growing market consolidation due to mergers and acquisitions in the market will boost the specialty pharmacy services market.
The key players currently engaged in pharmacy benefit management market include: CVS Health, Express Scripts Holding Company, Cigna, Anthem, Optumrx, Inc., Walgreens Boots Alliance, Inc., and Rite Aid Corp. among others.
Historical & Forecast Period
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Pharmacy Benefit Management market are as follows:
- Research and development budgets of manufacturers and government spending
- Revenues of key companies in the market segment
- Number of end users and consumption volume, price and value.
Geographical revenues generate by countries considered in the report:
Micro and macro environment factors that are currently influencing the Pharmacy Benefit Management market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
Market Segmentation
Services
- Specialty Pharmacy Services
- Benefit Plan Design and Consultation
- Drug Formulary Management
- Other Services
Business Model
- Employer-sponsored Programs
- Health Insurance Management
Region Segment (2020-2030; US$ Million)
- North America
- U.S.
- Canada
- Rest of North America
- UK and European Union
- UK
- Germany
- Spain
- Italy
- France
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- GCC
- Africa
- Rest of Middle East and Africa
Global Impact of COVID-19 Segment (2020-2021; US$ Million )
- Pre COVID-19 situation
- Post COVID-19 situation
Key questions answered in this report:
- What are the key micro and macro environmental factors that are impacting the growth of Pharmacy Benefit Management market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2030.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Pharmacy Benefit Management market?
- Which is the largest regional market for Pharmacy Benefit Management market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Pharmacy Benefit Management market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Pharmacy Benefit Management market worldwide?
Table of Contents
1. Preface
- 1.1. Report Description
- 1.1.1. Purpose of the Report
- 1.1.2. Target Audience
- 1.1.3. Key Offerings
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.3.1. Phase I - Secondary Research
- 1.3.2. Phase II - Primary Research
- 1.3.3. Phase III - Expert Panel Review
- 1.3.4. Assumptions
- 1.3.5. Approach Adopted
2. Executive Summary
- 2.1. Market Snapshot: Global Pharmacy Benefit Management Market
- 2.2. Global Pharmacy Benefit Management Market, By Services, 2021 (US$ Million)
- 2.3. Global Pharmacy Benefit Management Market, By Business Model, 2021 (US$ Million)
- 2.4. Global Pharmacy Benefit Management Market, By Geography, 2021 (US$ Million)
- 2.5. Impact of Covid 19
- 2.6. Attractive Investment Proposition by Geography, 2021
- 2.7. Competitive Analysis
- 2.7.1. Market Positioning of Key Pharmacy Benefit Management Market Vendors
- 2.7.2. Strategies Adopted by Pharmacy Benefit Management Market Vendors
- 2.7.3. Key Industry Strategies
3. Pharmacy Benefit Management Market: Business Outlook & Market Dynamics
- 3.1. Introduction
- 3.2. Global Pharmacy Benefit Management Market Value, 2020 - 2030, (US$ Million)
- 3.3. Market Dynamics
- 3.3.1. Market Drivers
- 3.3.2. Market Restraints
- 3.3.3. Key Challenges
- 3.3.4. Key Opportunities
- 3.4. Impact Analysis of Drivers and Restraints
- 3.5. See-Saw Analysis
- 3.6. Porter's Five Force Model
- 3.6.1. Supplier Power
- 3.6.2. Buyer Power
- 3.6.3. Threat Of Substitutes
- 3.6.4. Threat Of New Entrants
- 3.6.5. Competitive Rivalry
- 3.7. PESTEL Analysis
- 3.7.1. Political Landscape
- 3.7.2. Economic Landscape
- 3.7.3. Technology Landscape
- 3.7.4. Legal Landscape
- 3.7.5. Social Landscape
4. Pharmacy Benefit Management Market: By Services, 2020-2030, USD (Million)
- 4.1. Market Overview
- 4.2. Growth & Revenue Analysis: 2021 Versus 2030
- 4.3. Market Segmentation
- 4.3.1. Specialty Pharmacy Services
- 4.3.2. Benefit Plan Design and Consultation
- 4.3.3. Drug Formulary Management
- 4.3.4. Other Services
5. Pharmacy Benefit Management Market: By Business Model, 2020-2030, USD (Million)
- 5.1. Market Overview
- 5.2. Growth & Revenue Analysis: 2021 Versus 2030
- 5.3. Market Segmentation
- 5.3.1. Employer-sponsored Programs
- 5.3.2. Health Insurance Management
6. North America Pharmacy Benefit Management Market, 2020-2030, USD (Million)
- 6.1. Market Overview
- 6.2. Pharmacy Benefit Management Market: By Services, 2020-2030, USD (Million)
- 6.3. Pharmacy Benefit Management Market: By Business Model, 2020-2030, USD (Million)
- 6.4.Pharmacy Benefit Management Market: By Region, 2020-2030, USD (Million)
- 6.4.1.North America
- 6.4.1.1. U.S.
- 6.4.1.2. Canada
- 6.4.1.3. Rest of North America
- 6.4.1.North America
7. UK and European Union Pharmacy Benefit Management Market, 2020-2030, USD (Million)
- 7.1. Market Overview
- 7.2. Pharmacy Benefit Management Market: By Services, 2020-2030, USD (Million)
- 7.3. Pharmacy Benefit Management Market: By Business Model, 2020-2030, USD (Million)
- 7.4.Pharmacy Benefit Management Market: By Region, 2020-2030, USD (Million)
- 7.4.1.UK and European Union
- 7.4.1.1. UK
- 7.4.1.2. Germany
- 7.4.1.3. Spain
- 7.4.1.4. Italy
- 7.4.1.5. France
- 7.4.1.6. Rest of Europe
- 7.4.1.UK and European Union
8. Asia Pacific Pharmacy Benefit Management Market, 2020-2030, USD (Million)
- 8.1. Market Overview
- 8.2. Pharmacy Benefit Management Market: By Services, 2020-2030, USD (Million)
- 8.3. Pharmacy Benefit Management Market: By Business Model, 2020-2030, USD (Million)
- 8.4.Pharmacy Benefit Management Market: By Region, 2020-2030, USD (Million)
- 8.4.1.Asia Pacific
- 8.4.1.1. China
- 8.4.1.2. Japan
- 8.4.1.3. India
- 8.4.1.4. Australia
- 8.4.1.5. South Korea
- 8.4.1.6. Rest of Asia Pacific
- 8.4.1.Asia Pacific
9. Latin America Pharmacy Benefit Management Market, 2020-2030, USD (Million)
- 9.1. Market Overview
- 9.2. Pharmacy Benefit Management Market: By Services, 2020-2030, USD (Million)
- 9.3. Pharmacy Benefit Management Market: By Business Model, 2020-2030, USD (Million)
- 9.4.Pharmacy Benefit Management Market: By Region, 2020-2030, USD (Million)
- 9.4.1.Latin America
- 9.4.1.1. Brazil
- 9.4.1.2. Mexico
- 9.4.1.3. Rest of Latin America
- 9.4.1.Latin America
10. Middle East and Africa Pharmacy Benefit Management Market, 2020-2030, USD (Million)
- 10.1. Market Overview
- 10.2. Pharmacy Benefit Management Market: By Services, 2020-2030, USD (Million)
- 10.3. Pharmacy Benefit Management Market: By Business Model, 2020-2030, USD (Million)
- 10.4.Pharmacy Benefit Management Market: By Region, 2020-2030, USD (Million)
- 10.4.1.Middle East and Africa
- 10.4.1.1. GCC
- 10.4.1.2. Africa
- 10.4.1.3. Rest of Middle East and Africa
- 10.4.1.Middle East and Africa
11. Company Profile
- 11.1. CVS Health
- 11.1.1. Company Overview
- 11.1.2. Financial Performance
- 11.1.3. Product Portfolio
- 11.1.4. Strategic Initiatives
- 11.2. Express Scripts Holding Company
- 11.2.1. Company Overview
- 11.2.2. Financial Performance
- 11.2.3. Product Portfolio
- 11.2.4. Strategic Initiatives
- 11.3. Cigna Corp.
- 11.3.1. Company Overview
- 11.3.2. Financial Performance
- 11.3.3. Product Portfolio
- 11.3.4. Strategic Initiatives
- 11.4. Optumrx, Inc.
- 11.4.1. Company Overview
- 11.4.2. Financial Performance
- 11.4.3. Product Portfolio
- 11.4.4. Strategic Initiatives
- 11.5. Anthem
- 11.5.1. Company Overview
- 11.5.2. Financial Performance
- 11.5.3. Product Portfolio
- 11.5.4. Strategic Initiatives
- 11.6. Walgreens Boots Alliance, Inc.
- 11.6.1. Company Overview
- 11.6.2. Financial Performance
- 11.6.3. Product Portfolio
- 11.6.4. Strategic Initiatives
- 11.7. Medimpact Healthcare Systems, Inc.
- 11.7.1. Company Overview
- 11.7.2. Financial Performance
- 11.7.3. Product Portfolio
- 11.7.4. Strategic Initiatives
- 11.8. Rite Aid Corp
- 11.8.1. Company Overview
- 11.8.2. Financial Performance
- 11.8.3. Product Portfolio
- 11.8.4. Strategic Initiatives
- 11.9. DST Systems, Inc.
- 11.9.1. Company Overview
- 11.9.2. Financial Performance
- 11.9.3. Product Portfolio
- 11.9.4. Strategic Initiatives
- 11.10. Prime Therapeutics LLC
- 11.10.1. Company Overview
- 11.10.2. Financial Performance
- 11.10.3. Product Portfolio
- 11.10.4. Strategic Initiatives
List of Tables
- TABLE 1 Global Pharmacy Benefit Management Market By Services, 2020-2030, USD (Million)
- TABLE 2 Global Pharmacy Benefit Management Market By Business Model, 2020-2030, USD (Million)
- TABLE 3 North America Pharmacy Benefit Management Market By Services, 2020-2030, USD (Million)
- TABLE 4 North America Pharmacy Benefit Management Market By Business Model, 2020-2030, USD (Million)
- TABLE 5 UK and European Union Pharmacy Benefit Management Market By Services, 2020-2030, USD (Million)
- TABLE 6 UK and European Union Pharmacy Benefit Management Market By Business Model, 2020-2030, USD (Million)
- TABLE 7 Asia Pacific Pharmacy Benefit Management Market By Services, 2020-2030, USD (Million)
- TABLE 8 Asia Pacific Pharmacy Benefit Management Market By Business Model, 2020-2030, USD (Million)
- TABLE 9 Latin America Pharmacy Benefit Management Market By Services, 2020-2030, USD (Million)
- TABLE 10 Latin America Pharmacy Benefit Management Market By Business Model, 2020-2030, USD (Million)
- TABLE 11 Middle East and Africa Pharmacy Benefit Management Market By Services, 2020-2030, USD (Million)
- TABLE 12 Middle East and Africa Pharmacy Benefit Management Market By Business Model, 2020-2030, USD (Million)
List of Figures
- FIG. 1 Global Pharmacy Benefit Management Market: Market Coverage
- FIG. 2 Research Methodology and Data Sources
- FIG. 3 Market Size Estimation - Top Down & Bottom-Up Approach
- FIG. 4 Global Pharmacy Benefit Management Market: Quality Assurance
- FIG. 5 Global Pharmacy Benefit Management Market, By Services, 2021
- FIG. 6 Global Pharmacy Benefit Management Market, By Business Model, 2021
- FIG. 7 Global Pharmacy Benefit Management Market, By Geography, 2021
- FIG. 8 Global Pharmacy Benefit Management Market, By Services, 2021 Vs 2030, %
- FIG. 9 Global Pharmacy Benefit Management Market, By Business Model, 2021 Vs 2030, %
- FIG. 10 U.S. Pharmacy Benefit Management Market (US$ Million), 2020 - 2030
- FIG. 11 Canada Pharmacy Benefit Management Market (US$ Million), 2020 - 2030
- FIG. 12 Rest of North America Pharmacy Benefit Management Market (US$ Million), 2020 - 2030
- FIG. 13 UK Pharmacy Benefit Management Market (US$ Million), 2020 - 2030
- FIG. 14 Germany Pharmacy Benefit Management Market (US$ Million), 2020 - 2030
- FIG. 15 Spain Pharmacy Benefit Management Market (US$ Million), 2020 - 2030
- FIG. 16 Italy Pharmacy Benefit Management Market (US$ Million), 2020 - 2030
- FIG. 17 France Pharmacy Benefit Management Market (US$ Million), 2020 - 2030
- FIG. 18 Rest of Europe Pharmacy Benefit Management Market (US$ Million), 2020 - 2030
- FIG. 19 China Pharmacy Benefit Management Market (US$ Million), 2020 - 2030
- FIG. 20 Japan Pharmacy Benefit Management Market (US$ Million), 2020 - 2030
- FIG. 21 India Pharmacy Benefit Management Market (US$ Million), 2020 - 2030
- FIG. 22 Australia Pharmacy Benefit Management Market (US$ Million), 2020 - 2030
- FIG. 23 South Korea Pharmacy Benefit Management Market (US$ Million), 2020 - 2030
- FIG. 24 Rest of Asia Pharmacy Benefit Management Market (US$ Million), 2020 - 2030
- FIG. 25 Brazil Pharmacy Benefit Management Market (US$ Million), 2020 - 2030
- FIG. 26 Mexico Pharmacy Benefit Management Market (US$ Million), 2020 - 2030
- FIG. 27 Rest of Latin America Pharmacy Benefit Management Market (US$ Million), 2020 - 2030
- FIG. 28 GCC Pharmacy Benefit Management Market (US$ Million), 2020 - 2030
- FIG. 29 Africa Pharmacy Benefit Management Market (US$ Million), 2020 - 2030
- FIG. 30 Rest of Middle East and Africa Pharmacy Benefit Management Market (US$ Million), 2020 - 2030
