Global Pharmacy Benefit Management Services Market, By Type (Commercial Health Plans, Self-Insured Employer Plans, Medicare Part D Plans, Federal Employees Health Benefits Program, State Government Employee Plans), Business Model (Government Health Programs, Employer-Sponsored Programs, and Health Insurance Management), Application (Mail-Order Pharmacy Services, Non-Mail Pharmacy Services), Service (Retail Pharmacy Services, Specialty Pharmacy Services, Benefit Plan Design & Consultation, Network-Pharmacy Claims Processing, Home Delivery Pharmacy Care, Drug Utilization Review, Drug Formulary Management, Medical & Drug Data Analysis Services, Others), End-User (Healthcare Providers, Employers, Drug Manufacturers, Others), Country (U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia- Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East & Africa) Industry Trends and Forecast to 2028.
Market Analysis and Insights : Global Pharmacy Benefit Management Services Market
The pharmacy benefit management services market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses the market to grow at a CAGR of 6.30% in the above-mentioned forecast period. Increase in the occurrence of generic and chronic diseases and the desire to effectively and efficiently medicate such illness drives the pharmacy benefit management services market.
Pharmacy benefit management services provide several medical facilities to patients. They are run by third party administrators (TPAs) who act as link between pharmacists, insurance companies, claimers of insurance and drug manufacturers. They help in reducing the price of drugs, manage prescriptions, plan the best health plans for patients by offering discounts and rebates. They offer medicines at affordable prices as compared to those sold by retail pharmacists.
Rise in the demand for insurance services is the vital factor escalating the market growth, also rise in the number of people availing insurance stimulates the demand for pharmacy benefit manager services, increase in the advancements in healthcare and the rising demand for such health care services are the major factors among others driving the pharmacy benefit management services market. Moreover, rising research and development activities in the healthcare sector and rising emerging markets will further create new opportunities for pharmacy benefit management services market in the forecasted period of 2021-2028.
However, lack of awareness amongst consumers about the benefits of the service and misuse of patient’s data are the major factors among others which will obstruct the market growth, and will further challenge the growth of pharmacy benefit management services market in the forecast period mentioned above.
The pharmacy benefit management services market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the pharmacy benefit management services market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Pharmacy Benefit Management Services Market Scope and Market Size
The pharmacy benefit management services market is segmented on the basis of type, business model, application, service and end-user. The growth amongst these segments will help you analyse meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.
- On the basis of type, the pharmacy benefit management services market is segmented into commercial health plans, self-insured employer plans, medicare part D plans, federal employees’ health benefits program and state government employee plans.
- Based on business model, the pharmacy benefit management services market is segmented into government health programs, employer-sponsored programs, and health insurance management.
- Based on application, the pharmacy benefit management services market is segmented into mail-order pharmacy services and non-mail pharmacy services.
- Based on service, the pharmacy benefit management services market is segmented into retail pharmacy services, specialty pharmacy services, benefit plan design & consultation, network-pharmacy claims processing, home delivery pharmacy care, drug utilization review, drug formulary management, medical & drug data analysis services and others.
- The pharmacy benefit management services market is also segmented on the basis of end-user into healthcare providers, employers, drug manufacturers and others.
Pharmacy Benefit Management Services Market Country Level Analysis
The pharmacy benefit management services market is analysed and market size insights and trends are provided by country, type, business model, application, service and end-user as referenced above.
The countries covered in the pharmacy benefit management services market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Latin America dominates the pharmacy benefit management services market due to rise in the government health programs and health insurance companies combining and utilizing various resources in the market to provide member-healthcare benefits in this region.
The country section of the pharmacy benefit management services market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The pharmacy benefit management services market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment’s, installed base of different kind of products for pharmacy benefit management services market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the pharmacy benefit management services market. The data is available for historic period 2010 to 2019.
Competitive Landscape and Pharmacy Benefit Management Services Market Share Analysis
The pharmacy benefit management services market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to pharmacy benefit management services market.
The major players covered in the pharmacy benefit management services market report are Cigna, CVS Health, UnitedHealth Group, Anthem, Inc., Centene Corporation, DST Systems, Inc., Kaiser Foundation Health Plan, Inc., Magellan Health, Inc., McKesson Corporation, MedImpact Direct, LLC., Micro Merchant Systems, Inc., Prime Therapeutics LLC, Rite Aid Corp., TrialCard Incorporated and Walgreens Boots Alliance, Inc among other domestic and global players. Market share data is available for Global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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