Pharmacy Benefit Management Services Market Overview
Pharmacy benefit management services help patient to take various medical facilities. The Pharmacy benefit management services act as a bridge between insurance companies and its beneficiaries for claiming the insurance. Also, it provides the best possible outcome with respect to healthcare claims and other services by connecting employers, members, drug wholesalers, pharmacies, and drug companies.
The rising digitalization, demand for advanced healthcare management systems, healthcare expenditure, increasing prevalence of chronic diseases and growing healthcare industry in the emerging countries are expected to drive the growth of the global pharmacy benefit management services market during the forecast period. Also, the rising awareness about health insurance and surge in a number of populations availing insurance are also boosting the growth of the market. According to a research paper published by the National Center for Biotechnology Information (NCBI) in September 2016, diabetes will be the 7th leading cause of death by 2030. Also, 80% of diabetes patients live in less developed regions in the world. Increasing cases of obesity, socioeconomic transitions, and nutrition transitions are promoting the occurrence of diabetes, especially in low & middle-income countries, such as Brazil, Russia, India, China, and South Africa. According to data published by the International Diabetes Federation in 2017, the prevalence of diabetes in Brazil was 8.7% among adults. Brazil reported 12,465,800 cases of diabetes in 2017. Therefore, the rising prevalence of diabetes is supporting the market growth
However, lack of awareness in developing countries and issues related to the safety of patient’s data may hamper the growth of the market during the assessment period.
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The market is likely to dominate by Americas during the forecast period owing to the well-established healthcare infrastructure, advanced technologies, rising number of healthcare centers and hospitals in the region, rising healthcare spending, and a large pool of insurance protected population.
Europe is expected to be the second-largest market in the global pharmacy benefit management market due to favorable reimbursement policies, well-established healthcare infrastructure, and increasing prevalence of chronic disorders.
The Asia-Pacific market is likely to hold a significant market share in the pharmacy benefit management market. The rising demand for advanced treatment, awareness and increasing investment in healthcare are responsible for the growth of this market in the region.
The market in the Middle East & Africa is expected to account for the smallest share of the global pharmacy benefit management market due to an underdeveloped healthcare sector, lack of technical knowledge, and poor medical facilities.
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.
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
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