Pharmacy Benefit Management Market Analysis

Service (Specialty Pharmacy Services, Drug Formulary Management, Benefit Plan Design & Consultation, Other Services)

The global pharmacy benefit management market is segmented and analyzed for demand and supply by service into specialty pharmacy services, drug formulary management, benefit plan design & consultation, and other services. Out of which, specialty pharmacy services are anticipated to hold the largest market size by the end of 2037 on the back of the rising prevalence of complex and chronic diseases that require a profound time to be treated. For instance, more than 50% of Americans had at least one chronic condition and more than 27% of U.S adults had multiple chronic conditions in 2020. The instance of two or more chronic conditions is a rising issue across the world. More people, especially the old age population, are suffering from these multimorbidity disorders. In addition, the combination of diseases increases the risk of death for these people. Increasing longevity is also the reason for the incidence of chronic disorders. The incidence of diabetes leads to lower immunity, reduced healing power, and higher chances of the occurrence of diseases such as hypertension, heart disorders, and renal failure.

End-user (Pharmacy Benefit Management Organization, Mail Order, Retail, Inpatient, Outpatient Pharmacies)

The global pharmacy benefit management market is also segmented and analyzed for demand and supply by end-user into pharmacy benefit management organization, mail order, retail, inpatient, and outpatient pharmacies. Amongst these segments, the retail pharmacies segment is expected to garner a significant share, as it is the fastest-growing industry around the world. Moreover, the increasing availability of credit for people impacts their purchasing capacity of the customers. Therefore, retail pharmacists build customer relationships which makes them rely more on retail stores. Trust is built between them as direct human contact gives more confidence to the consumer while purchasing medicines from the such pharmacy. Also, retail pharmacies deliver medicines immediately and without delay in front of the consumer. This increases the loyal customer rate in retail pharmacies. The number of retail pharmacies in the U.S. in 2021 was about 60,000 out of a total count of 67,000 pharmacy facilities, as per the estimations.

Our in-depth analysis of the global market includes the following segments: