Rise in digitization of procurement of medicines, rise in healthcare expenditure, expansive growth of the healthcare sector in developing economies, and demand for advanced healthcare management systems are primarily driving the market growth. Awareness of health insurance and copay assistance programs as well as the surge in population can bolster the market demand as PBM firms try to keep costs down. According to the data by Agency for Healthcare Research and Quality (AHRQ), more than 626 healthcare organizations were covered in the U.S. and 92% patients discharged from hospitals.
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The global Covid 19 Analysis on Pharmacy Benefit Management Services Market can display a staggering CAGR of 5.8% over the forecast period.
The COVID-19 pandemic has left an indelible impact on the PBM industry with many companies developing policies to ensure sales of drugs. PBM companies with their own proprietary pharmacies can keep up with the demand for medicines via mail-order and other special methods. But the continuous strain put by the lockdown can increase production and delivery costs.
But lack of awareness in underdeveloped economies and issues pertaining to patient data can hamper the market growth.
Sea Rainbow, OptumRx (UnitedHealth), McKesson Corporation, Abarca health LLC., Humana Pharmacy Solutions, Medimpact Healthcare, MeridianRx, Magellan Rx Management, CVS Health, Prime Therapeutics, Vidalink, Express Scripts
The global pharmacy benefit management services market has been segmented on the basis of service and end-user.
On the basis of service, the market has been segmented into drug formulary management, retail pharmacy services, specialty pharmacy services, benefit plan design and consultation, and others.
By end-user, the market has been segmented into drug manufacturers, healthcare providers, employers, and others.
The market has been segmented, by region, into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas can dominate the market owing to large number of insurance providers, large patient pool, advanced technologies, and large healthcare spending. According to American Healthcare Association, the number of hospitals registered in the U.S. in 2016 rose to 5,534. According to the Centers for Medicare & Medicaid, healthcare expenditure in the U.S reached USD 3.5 trillion. Efforts by PBM managers to partner with federal, state, and local governments to ensure timely delivery of prescriptions to patients during the COVID-19 pandemic can drive the regional market growth.
Europe will be the second-largest in the global pharmacy benefit management services market owing to favorable reimbursement policies, prevalence of chronic disorders, and high capita per healthcare expenditure. APAC, on the other hand, can capture a significant market share due to demand for healthcare management services, awareness of PBM services, and investments in healthcare. Efforts by governments to improve the healthcare sector in India and China can bode well for the region.