Global Pharmacy Benefit Management Services Market Research Report—Forecast till 2024
Global Pharmacy Benefit Management Services Market is expected to register 5.8% CAGR during the forecast period (2019–2024).
Global 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)—Global Forecast till 2024
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.
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 global 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.
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.
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.
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
Global Pharmacy Benefit Management Services Market, by End User
Global Pharmacy Benefit Management Services Market, by Region
Rest of Western Europe
Rest of Asia-Pacific
Middle East & Africa
Abarca health LLC
Humana Pharmacy Solutions
Magellan Rx Management
Pharmacy benefit management service providers
Research institutes and academic centers
Contract research organizations (CROs)