Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global pharmacy benefit management services market. In addition, complete analysis of changes on the global pharmacy benefit management services market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
The key factor propelling the growth of pharmacy benefit management services market is such as surge in need to abate medication errors, rapid regionalization of pharmacies, and addition to this rise in geriatric population, and increase in labor costs. Additionally rising healthcare spending and an increase in the aging population are some factors that are expected to increase the revenue of the pharmacy benefit management services market globally. 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.
The major opportunity for pharmacy benefit management services market is on the contrary, increase in awareness among pharmacists and healthcare providers about the cost reduction measures and the services provided by the pharmacy benefit manager are expected to serve as lucrative opportunities for market expansion during the forecast period. As increasing the technology in pharmaceutical sectors is also the major impacting factor to increase the growth of pharmacy benefit management services market.
Price fluctuations is one of the key market restraints for the market growth. Pharmacy benefit management services are however, reluctance to adopt pharmacy automation systems and stringent regulatory procedures on client confidentiality hinders the growth of the pharmacy benefit management market. These factors are expected to restrain the growth of pharmacy benefit management services market.
The key challenge faced by the market will be lack of awareness are expected to obstruct the market growth. Lack of technical knowledge is projected to challenge the pharmacy benefit management services market. 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. This is expected to face challenges in pharmacy benefit management services market
The report provides in-depth analysis of global pharmacy benefit management services market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. The market growth is primarily driven by the changing lifestyle and habits with the growing investments by government bodies on healthcare infrastructure development and increase a susceptibility towards it is increase the demand of global pharmacy benefit management services market is expected to witness the growth at a specific CAGR from 2022-2028.
The global Pharmacy Benefit Management Services market comprises of different market segment service, service providers and end user and geography.
The different service studied in the global pharmacy benefit management services market are specialty pharmacy services, retail pharmacy services, drug formulary management, benefit plan design and consultation mail order service, others. Specialty pharmacy services designed to efficiently deliver medications with special handling, storage, and distribution requirements with standardized processes that permit economies of scale. Drug formulary management system is more than a list of medications approved for use by a managed health care organization. It includes the methodology an organization uses to evaluate clinical and medical literature and the approach for selecting medications for different diseases, conditions and patients.
The pharmacy benefit management services market by service provider includes various segment insurance companies, retail pharmacies, standalone PBMs. Insurance companies rely on PBMs to manage costs making them the middleman. PBMs leverage this role by negotiating discounts with drug manufacturers for insurance companies in exchange for putting the manufacturer’s drugs in front of millions of customers. These companies also negotiate contracts with pharmacies to create networks of retail pharmacies for drug distribution.
The pharmacy benefit management services market by end user includes various segment healthcare providers, employers, drug manufacturers, others. Pharmacy benefit management provides drug benefit programs to employers and it also helps in providing employers with medical services and prescription medications at reduced costs. It also helps drug manufacturers to monitor and handle healthcare related issues and services.
The global Pharmacy Benefit Management Services market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). North America is likely to dominate the global market during the forecast period. The U.S. pharmacy benefit management market growth will observe an appreciable gain during the assessment period, largely due to bullish government policies. Moreover, to illustrate, in March 2021, the National Association of Insurance Commissioners claimed that there are approximately 66 PBM companies in the U.S. serving over 270 million Americans.
The competitive landscape analysis of pharmacy benefit management services market is certainly based range of market players operating in the healthcare market with increasing demand for production of Pharmacy Benefit Management Services market. Besides, number of market players offered wide range of products for different application in various geographic locations. The market has major competitive analysis based on new product launches as well as other developments.
The key players studied in market are CVS Health, SS&C Technologies, Inc., UnitedHealth Group, Rite Aid Corp, Express Scripts Holding Company, Benecard Services, LLC., CaptureRx, Change Healthcare, Anthem, Inc., among others.
Pharmacy benefit management is an organization of prescription drug programs that administers, monitors, and handles all the issues related to healthcare, and provides drug benefit programs to the employers. In addition, it helps in providing employers with medical services and prescription medications at reduced costs. The cost reduction is achieved through rebates with drug manufacturers, entering in contracts with pharmacies, processing, and paying prescription drug claims as well as by working with self-insured companies and government programs. Pharmacy benefit management releases the list of prescription drugs that include all drugs covered under its benefit plans, wherein manufacturers are accessible to offer discounts. Pharmacy benefit management can be diverse and flexible ranging from small to large in size.
The global pharmacy benefit management market comprises of different market segment like service, service providers and end user and geography. The different service of energy recovery ventilation system studied in the global pharmacy benefit management market is specialty pharmacy services, retail pharmacy services, drug formulary management, benefit plan design and consultation mail order service, others. By service provider the global pharmacy benefit management is bifurcated into insurance companies, retail pharmacies, standalone PBMs. The pharmacy benefit management market includes various end user such as providers, employers, drug manufacturers, others. The global pharmacy benefit management. The market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). North America is likely to gain major market share and maintain its dominance over the estimated time period.
1) What are the drivers for pharmacy benefit management services market?
The key driving factors of the market are such as growing prevalence of chronic diseases
2) Which service provider is expected to dominate in the market?
Insurance companies is expected to witness increasing demand for Pharmacy Benefit Management Services.
3) Which is the leading end user segment for Pharmacy Benefit Management Services?
Healthcare provider segment has accounted the major market share, and is expected to witness the growth of technical adoption during the forecast period.
4) Which region is gaining majority of market share during the forecast period (2021-2028)?
North America is expected to gain major market share during the forecast period (2021-2028).
