Overview
The Pharmacy Benefit Management (PBM) market was valued at USD 370.2 billion by 2019, growing with 8.7% CAGR during the forecast period, 2020-2026.
Pharmacy benefit management (PBM) is a third-party prescription drug company that manages and provides programs for self-insured employer plans, state government employee plans, Medicare Part D plans, commercial health plans, and the Federal Employees Health Benefits Program. The PBM play a crucial role in maintaining and developing contacts with various contract based manufacturing pharmaceutical companies, negotiating discounts, rebates with drug manufacturers, and processing and paying prescription drug claims in the field of the pharmaceutical industry. According to the American Pharmacists Association, PBM has the authority to control the pharmacy prescription cost, hence reducing healthcare expenditure.
Market Growth
The COVID-19 pandemic has created an unprecedented health crisis, exerting tremendous strain of healthcare systems around the world. The pharmacy benefit management market growth is getting accelerated amid this crisis as the demand for low-cost medications and comprehensive insurance plans has heightened worldwide. Some of the leading PBMs and health coverage companies in this market have been reporting staggering sales, with people stocking up medications to deal lockdowns and movement restrictions.
Segments Covered in the Report
This report forecasts revenue growth at country level and provides an analysis of the industry trends in each of the sub-segments from 2015 to 2026. For this study, Grand View Research has segmented the U.S. pharmacy benefit management market report based on business model and end use:
Standalone PBM
Health Insurance Providers
Retail Pharmacy
End-Use Outlook (Revenue, USD Billion, 2015 - 2026)
Commercial
Federal
Key Benefits For Stakeholders
Overview
The Pharmacy Benefit Management (PBM) market was valued at USD 370.2 billion by 2019, growing with 8.7% CAGR during the forecast period, 2020-2026.
Pharmacy benefit management (PBM) is a third-party prescription drug company that manages and provides programs for self-insured employer plans, state government employee plans, Medicare Part D plans, commercial health plans, and the Federal Employees Health Benefits Program. The PBM play a crucial role in maintaining and developing contacts with various contract based manufacturing pharmaceutical companies, negotiating discounts, rebates with drug manufacturers, and processing and paying prescription drug claims in the field of the pharmaceutical industry. According to the American Pharmacists Association, PBM has the authority to control the pharmacy prescription cost, hence reducing healthcare expenditure.
Market Growth
The COVID-19 pandemic has created an unprecedented health crisis, exerting tremendous strain of healthcare systems around the world. The pharmacy benefit management market growth is getting accelerated amid this crisis as the demand for low-cost medications and comprehensive insurance plans has heightened worldwide. Some of the leading PBMs and health coverage companies in this market have been reporting staggering sales, with people stocking up medications to deal lockdowns and movement restrictions.
Segments Covered in the Report
This report forecasts revenue growth at country level and provides an analysis of the industry trends in each of the sub-segments from 2015 to 2026. For this study, Grand View Research has segmented the U.S. pharmacy benefit management market report based on business model and end use:
Business Model Outlook (Revenue, USD Billion, 2015 - 2026)
Standalone PBM
Health Insurance Providers
Retail Pharmacy
End-Use Outlook (Revenue, USD Billion, 2015 - 2026)
Commercial
Federal
Key Benefits For Stakeholders
An in-depth market analysis of various regions is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
A comprehensive analysis of the factors that drive and restrain the growth of the global pharmacy benefit management market is provided.
Region-wise and country-wise market conditions are comprehensively analyzed in this report.
The projections in this report are made by analyzing the current market trends and future market potential from 2019 to 2026 in terms of value.
An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
Key market players within the pharmacy benefit management market are profiled in this report, and their strategies are analyzed thoroughly, which help to understand the competitive outlook of global pharmacy benefit management market.
An in-depth market analysis of various regions is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
A comprehensive analysis of the factors that drive and restrain the growth of the global pharmacy benefit management market is provided.
Region-wise and country-wise market conditions are comprehensively analyzed in this report.
The projections in this report are made by analyzing the current market trends and future market potential from 2019 to 2026 in terms of value.
An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
Key market players within the pharmacy benefit management market are profiled in this report, and their strategies are analyzed thoroughly, which help to understand the competitive outlook of global pharmacy benefit management market.
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