How are the Digital Health Solutions Benefiting the Demand for PBM Market in US?

Dec 30, 2020

The PBM market in US has a competitive landscape that consists of players who are independently owned and operated, players that are subsidiaries of major drug chain stores or managed care plans.

According to the latest Arizton's market research report, the PBM market in US size to cross USD 700  billion by 2025, growing at a CAGR of around 7% during the forecast period.

PBM Market in US – Growth

The growth of generic drugs has so far been advantageous to PBM growth as well as retail and mail-order pharmacy profits. The influx of new specialty drugs and their consequent growth is expected to compel PBMs to look at limited distribution strategies. The shift away from a standalone mentality and towards expanded synergies is highly beneficial in terms of delivering higher value and is thereby, expected to drive growth of the PBM market in US. PBM market in US is well backed, fortifying future growth by ramping up the capital investment in data analytics capabilities and technology R&D.

Read: U.S. Electronic Health Records (EHR) Market - Industry Outlook and Forecast 2020-2025

Foray into Digital Health Solutions

Plan sponsors are looking at supplemental benefits that can help reduce medical cost burden and drive better outcomes beyond the regular pharmacy and medical benefits. Millennials who are tech-oriented and account for a large portion of the US population are more likely to demand them from payers and providers. PBMs are thus focusing on how to efficiently offer these solutions to payers seeing as they can curb inappropriate use of pharmaceuticals, reduce the side effects of medicines, and enhance the impact of medications. The aim of such digital health solutions has been to address a pain point for payers who find it hard to cover prescription-only digital therapeutics. The PBM market in US is thereby, taking on the responsibility to review them, improve patient access, and increase provider trust in digital health technology tools by ensuring their usability, effectiveness, and safety.

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Key Offerings:

  • Market Size & Forecast by Revenue | 2019−2025
  • Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
  • Segmentation – A detailed analysis by services, health plan, and business model
  • Competitive Landscape – 4 Key Company Profiles and 17 Other Prominent Vendors

Read: Nurse Call Systems Market - Global Outlook and Forecast 2020-2025

Competition Overview

The PBM market in US has a competitive landscape that consists of players who are independently owned and operated, players that are subsidiaries of major drug chain stores or managed care plans. PBMs are expected to witness high competition and challenging atmosphere due to increased consumer pressure, political pressure, legal scrutiny, and forces of new, innovative players in the health care space. In-house PBMs are appealing as they offer a way to better manage growing drug costs owing to better coordination of care (both medical and pharmaceutical) under a single roof. Such trends are expected to increase the demand in the PBM market in US.

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