The global Pharmacy Benefit Management Market Growth Accelerated by E-Prescribing

 Pharmacy benefit management involves the development and administration of prescription drug insurance plans for employers, individual patients, and other groups. New e-prescribing methods and software allow physicians to write and send prescriptions electronically to pharmacies. These e-prescribing systems are more secure and efficient than handwritten or faxed prescriptions. They can also help identify harmful drug interactions, reduce medical errors, and lower costs.

The global Pharmacy Benefit Management Market is estimated to be valued at US$ 858.38 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends driving growth in the pharmacy benefit management market is the rapid adoption of e-prescribing systems. E-prescribing systems allow physicians to send accurate, error-free prescriptions directly to a patient's pharmacy of choice in electronic form rather than relying on handwritten or verbal phone prescriptions that must be interpreted by the pharmacy. This has accelerated the speed and accuracy of prescription deliveries while curbing fraudulent activities. According to data by Surescripts, over 80% of all prescriptions in the U.S are now sent electronically. The use of e-prescribing is expected to continue rising as providers and patients appreciate its benefits. Increased uptake of e-prescribing will require more robust pharmacy benefit management platforms to process the higher volumes of electronic prescriptions, thereby positively impacting market revenue over the forecast period.

Segment Analysis
The global pharmacy benefit management market is segmented based on service type, end-user, and region. Based on service type, the market is segmented into specialty pharmacy services, benefit plan design and consultation, network-pharmacy claims processing, home delivery pharmacy care, drug formulary management, and others. Among these, the specialty pharmacy services segment dominates the global market and accounted for the highest share in 2022. The growth of this segment can be attributed to the increasing adoption of specialty drugs for the treatment of complex, chronic, and rare conditions.

Key Takeaways
The global pharmacy benefit management market is expected to witness high growth during the forecast period of 2023 to 2030. The global Pharmacy Benefit Management Market is estimated to be valued at US$ 858.38 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030.

The region of North America currently dominates the global market and is expected to continue its dominance during the forecast period. This can be attributed to the rising healthcare expenditure and growing necessity to curb escalating prescription drug costs in the US. The European region is expected to grow at the fastest rate during the forecast period, owing to rapidly aging population across countries like Germany, UK, and Italy. The rising prevalence of chronic diseases and increasing focus on reducing healthcare costs are driving the adoption of PBM services in Europe.

Key players operating in the pharmacy benefit management market are CVS Health, Optum, SS&Tecnologies, Inc., Elixir Rx Solutions, LLC, and Centene Corporation (Envolve Health), among others. CVS Health dominates the global PBM market with approximately 25% market share owing to its broad service portfolio and large national network of pharmacies.