Pharmacy Benefit Management is the largest segment driving the growth of Pharmacy Benefit Management Market
SWOT Analysis
Strength: Consolidation of major players has increased their negotiating power with drug manufacturers and pharmacies.
Weakness: Regulatory scrutiny over non-transparent business practices of large PBMs.
Opportunity: Growing geriatric population and increasing prevalence of chronic diseases is driving the demand for pharmaceutical drugs.
Threats: Entry of new agile players with advanced digital platforms poses competition to established PBM companies.
Key Takeaways
The global Pharmacy Benefit Management market is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period 2023 to 2030, due to increasing prevalence of chronic diseases. The market size for 2023 is estimated to be US$ 858.38 Bn.
Regional analysis: North America currently dominates the global PBM market owing to the well-established healthcare system in the US. However, Asia Pacific is expected to exhibit the fastest growth during the forecast period with expanding medical insurance coverage in countries like China and India.
Key players operating in the Pharmacy Benefit Management market are CVS Health, SS&C Technologies, Inc.,Anthem Inc., Medimpact, Express Scripts Holding Company, Benecard, Services, LLC, CaptureRx Inc., Change Healthcare, OptumRx, Inc., Cigna. Major players are focusing on strategic acquisitions and partnerships to strengthen their product portfolio and market presence.
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