Market Highlights:
Pharmacy
benefit management services are a result of incessant technological advances in
the healthcare sector. These services are gaining a healthy momentum. These
services are minimising the complications of reimbursement policies, bringing
insurance companies and beneficiaries on the page.
The
popularity of pharmacy benefit management is on the rise. The global Pharmacy
Benefit Management Services Market Share will expand at a compound
annual growth rate (CAGR) of 5.8% between 2019 and 2024.
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.
Competitive
Landscape:
·
Sea Rainbow
·
CVS Health
·
Humana Pharmacy Solutions
·
McKesson Corporation
·
MeridianRx
·
Prime Therapeutics
·
Express Scripts
·
Medimpact Healthcare
·
Abarca health LLC
·
OptumRx
·
Vidalink
·
Magellan Rx Management
Segmental Overview:
The
segmental analysis of the global pharmacy benefit management services has been
segmented on the basis of end-user, service and region.
By end
user, the market has been segmented into employers, healthcare providers, drug
manufacturers and others. By 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 Service Market: Regional Segmentation
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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