Market Research Future (MRFR) has recently published a report, which reveals that the global pharmacy benefits management service market is set to demonstrate a compound annual growth rate (CAGR) of 5.8% from 2019 to 2024.
Pharmacy befits management services are gaining popularity in various healthcare markets across the world. These services assist customers in identification of best medical facilities. Moreover, these services allow insurance companies to improve service quality and streamline the processing procedure.
The services also help in improving the communication in the healthcare network, which consists of drug companies, drug wholesalers, members, pharmacies, employers among other. They facilitate a process that can lead to the best possible outcomes with regards to reimbursement claims and other operations. At the same time, rising digitization, growing need for cutting-edge healthcare management solutions, increase global healthcare expenditure and growth of the healthcare sector in the developing world is providing an impetus to the global market for pharmacy benefit management services.
Governments in developing countries are making stronger efforts to raise the standard of healthcare where, the healthcare insurance sector is expected to play an important. As more and more people become insured, importance of management services grows further. The data released by the Agency for healthcare research and quality (AHRQ) revealed that over 626 health systems were operating in the U.S. in 2016 under which more than 69 hospitals were covered.
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Global Pharmacy Benefit Management Services Market: Competition Analysis
MRFR in its report has mentioned some of top-notch market players, which include CVS Health, Humana Pharmacy Solutions, McKesson Corporation, MeridianRx, Prime Therapeutics, Vidalink, Abarca health LLC., Magellan Rx Management, Sea Rainbow, Medimpact Healthcare, Express Scripts, and OptumRx (UnitedHealth).
Global Pharmacy Benefit Management Services Market: Segmental Analysis
The segmental analysis of the market has been conducted based on end-user, service and region.
On the basis of end user, the market has been segmented into employers, drug manufacturers, healthcare providers and others. Based on service, the market has been segmented into specialty pharmacy services, drug formulary management, retail pharmacy services, benefit plan design and consultation and others.
Global Pharmacy Benefit Management Services Market: Regional Analysis
Americas is expected to lead the global market for pharmacy benefits management services during the assessment period. The market growth in the region is attributed to faster adoption of novel technologies, presence of a robust healthcare system, high healthcare expenditure and a vast pool insurance holder. As per the data released by American Hospital Association, in 2016 the total number of registered hospitals in the U.S. was over 5,500 of which 3000+ hospitals were located in urban areas and the rest were operating in rural areas. The Centers for Medicare & Medicaid Services revealed that healthcare spending crossed 3 trillion inn the U.S.
The Europe pharmacy benefits management services market is also expected to remain highly attractive over the next couple of years. Factors such as presence of favourable reimbursement policies, growing patient pool, and fast uptake of advanced medical technologies are during the market growth in Europe. A survey conducted by the organization for Economic Co-operation and Development (OECD) revealed that per capita healthcare expenditure in Europe reached USD 4, 077 in 2017.
Asia Pacific is anticipated to present attractive opportunities to market players in the forthcoming years. Growth of the healthcare sector in countries such as India and China is reflecting favourably on the market in the region. Moreover, rising awareness level about advanced healthcare management technologies, and increased healthcare penetration are some of the other factors creating market opportunities. The emerging economies in the region are making significant contribution to the market in term of revenue.
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