The global 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.
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Pharmacy Benefit Management Services Market Segmentation
The MRFR report offers an inclusive segmental analysis of the global pharmacy benefit management services market report based on end user and service.
By service, the pharmacy benefit management services market is segmented into drug formulary management, benefit plan design and consultation, specialty pharmacy services, retail pharmacy, and others.
By end user, the pharmacy benefit management market is segmented into drug manufacturers, employers, healthcare providers, and others.
Pharmacy Benefit Management Market Analysis
The pharmacy benefit management services market is likely to grow at a 5.8% CAGR between 2019 2024, according to the recent report by Market Research Future (MRFR). Pharmacy benefit management services will help a patient in availing various medical facilities. This allows insurance companies as well as their beneficiaries in insurance claim methods and acts as a bridge between them. Besides, it helps to connect drug companies, pharmacies, drug wholesalers, members, and employers for the finest possible outcome with regards to healthcare claims as well as other services.
Various factors are adding to the global pharmacy benefit management services market growth. Such factors, according to the new MRFR report, include the rise in population availing insurance, rising awareness about health insurance, growing healthcare industry, especially in the emerging economies, increasing healthcare expenditure, burgeoning demand for advanced healthcare management systems, and increasing digitalization.
On the contrary, safety issues related to patient data and lack of awareness about pharmacy benefit management services in underdeveloped economies are factors that may limit the pharmacy benefit management market growth over the forecast period.
Covid-19 Impact on Pharmacy Benefit Management Services Market
The fast spread of the novel coronavirus had a pervasive effect on different markets and industries, including the COVID-19 Impact on pharmacy benefit management services market. Most PBM (pharmacy benefit management) companies are working to develop policies for addressing the quickly changing market landscape. Following the global pandemic scenario, there has been a shortage of medications. With a good number of countries depending on medication imports, it is causing huge disruption in the supply chain of drugs. Thus, it is uncertain as to whether the pharmacy benefit management companies will be capable of ensuring an adequate medicine supply. Several drugs are used in acute care settings for treating severe COVID-19 cases. Various companies providing PBM services are coming up with utilization management product bundles for such medications. Such measures are enacted to ensure that a sufficient supply of essential medicines is maintained for usage in acute care settings and, at the same time, balance the requirements of existing patients in the outpatient setting.
Pharmacy Benefit Management Services Market Regional Analysis
Based on the region, the pharmacy benefit management services market report covers the recent trends & growth opportunities across the Americas, Europe, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, the Americas will have lions share in the pharmacy benefit management market over the forecast period. Factors fuelling market growth include a huge pool of insurance protected population, increasing healthcare spending, a growing number of healthcare centers and hospitals, and advanced technologies.
The pharmacy benefit management services market in Europe is predicted to have the second-largest pharmacy benefit management market share over the forecast period. Factors fuelling pharmacy benefit management market growth include favourable reimbursement policies, fair per capita health expenditure, adoption of advanced technology, and increasing prevalence of chronic disorders.
The global pharmacy benefit management services market in the APAC region is likely to develop at a fast pace during the forecast period. Increasing investments in healthcare, rising geriatric population, increasing awareness about its benefits, and growing demand for advanced healthcare management services are driving the pharmacy benefit management market growth. China & India are the chief contributors in the region for the government being focused towards using advanced technology for augmenting the healthcare sector.
The global pharmacy benefit management services market in the MEA is predicted to have the smallest share during the forecast period. Poor medical facilities, an underdeveloped healthcare sector, and lack of technical knowledge, are resulting in the small pharmacy benefit management market growth.
Pharmacy Benefit Management Services Market Key Players
Eminent players profiled in the global pharmacy benefit management services market report include Vidalink, Sea Rainbow, Prime Therapeutics, OptumRx (UnitedHealth), MeridianRx, Medimpact Healthcare, McKesson Corporation, Magellan Rx Management, Humana Pharmacy Solutions, Express Scripts, CVS Health, and Abarca Health LLC.
Browse Detailed TOC with COVID-19 Impact Analysis at: https://www.marketresearchfuture.com/reports/pharmacy-benefit-management-services-market-7845
NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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