The global pharmacy benefit management market is experiencing significant growth, driven by the increasing need to manage prescription drug costs, the rising prevalence of chronic diseases, and advancements in healthcare technology.
The global pharmacy benefit management market size was valued at USD 573.27 billion in 2024. It is expected to grow from USD 609.13 billion in 2025 to USD 898.77 billion by 2032, reflecting a compound annual growth rate (CAGR) of 5.7% during the forecast period.
Top Companies in the Market
- CVS Health (U.S.)
- Cigna (U.S.)
- OptumRx, Inc. (U.S.)
- Anthem, Inc. (U.S.)
- Centene Corporation (U.S.)
- Abarca Health LLC. (U.S.)
- Medimpact (U.S.)
Key Industry Development
In December 2023, CVS Health announced plans to launch CVS CostVantage with pharmacy benefit management services for their commercial payors in 2025 to ensure a smooth transition.
Market Drivers & Restraints
Drivers
- Rising Prevalence of Chronic Diseases: An increasing number of individuals are diagnosed with chronic conditions, leading to higher prescription drug utilization and the need for effective cost management solutions.
- Drug Price Inflation: The escalating costs of medications are prompting healthcare providers and insurers to adopt PBM services to negotiate better pricing and manage expenditures.
- Technological Advancements: The integration of machine learning and artificial intelligence in PBM services enhances efficiency in claims processing and formulary management.
Restraints