Pharmacy Benefit Management Market to be Worth USD 898.77 Billion by 2032; Rising Number of Prescription Filings to Drive Market Growth

The global pharmacy benefit management market size was valued at USD 573.27 billion in 2024. The market is projected to grow from USD 609.13 billion in 2025 to USD 898.77 billion by 2032, exhibiting a CAGR of 5.7% during the forecast period.

Pharmacy Benefit Management (PBM) companies help to negotiate with retail pharmacies and drug manufacturers to manage branded and generic drug spending. The increasing prevalence of chronic diseases and rising healthcare expenditure in emerging and developed nations result in the rising demand for managing prescription drug costs.

Fortune Business Insights™ presents this information in its report titled, “Pharmacy Benefit Management Market Size, Share & Industry Analysis, By Service (Specialty Pharmacy Services, Benefit Plan Design & Administration, Pharmacy Claims Processing, Formulary Management, and Others), By Service Provider (Insurance Companies, Retail Pharmacies, and Standalone PBMs), and Regional Forecast, 2025-2032”.

Increased Healthcare Expenditure during COVID-19 Pandemic Aided Market Growth

The COVID-19 pandemic had a positive impact on the pharmacy benefit management market growth. The market witnessed growth due to increased healthcare expenditure caused by the launching of new and expensive specialty drugs and COVID-19 vaccines worldwide. For instance, according to the Centers for Medicare & Medicaid Services, the total national health expenditure in the U.S. reached USD 4.1 trillion in 2020.                                                                    

Centene Corporation Acquired Magellan Health, Inc. to Deliver Healthcare Solutions

Centene Corporation acquired Magellan Health, Inc., focusing on complete pharmacy benefits for special populations in January 2022. Centene Corporation aims to deliver integrated and whole-health healthcare solutions at lower costs and better health outcomes through this acquisition.

Rising Number of Prescription Filings to Drive Market Growth

The market is estimated to witness significant growth due to increasing number of prescription filings for various chronic diseases such as lung and cardiovascular diseases. The increase in drug cost and prescription filing worldwide drives the healthcare burden, resulting in the adoption of pharmacy benefit management services to decrease drug costs worldwide. For instance, according to SingleCare Administrators report in 2022, around 4 billion prescriptions are dispensed annually in the U.S. The U.S. is also expected to witness significant growth in prescription filing in recent years.

However, the low adoption rate of PBM services due to transparency issues may limit market growth.

Rising Key Players’ Focus on Inorganic Growth Strategies to Drive Market Growth

Several key market players dominate the pharmacy benefit management market share. The rising focus of key market players, such as OptumRx, Inc., CVS Health, and Cigna, on inorganic growth strategies, such as acquisition and partnerships, is boosting the market growth during the forecast period. The growing focus of major players to expand their brand presence will drive the market growth during the forecast period.

Notable Industry Development

• September 2021 – OptumRx, Inc. and Point32Health, a not-for-profit healthcare parent company of Tufts Health Plan and Harvard Pilgrim Healthcare, partnered to help OptumRx deliver integrated solutions to improve pricing and enhance services worldwide.

List of Key Companies Profiled in the Report:

• 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.)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/pharmacy-benefit-management-pbm-market-103496

Further Report Findings:

• The PBM size stood at USD 555.84 billion in the U.S. in 2024. The growth is attributed to the increased presence of patient population under the rising pharmacy benefit managers, increased government regulation, and large patient population under several medical coverages.


• Canada is expected to grow with the highest CAGR during the forecast period due to increasing number of prescription filings across Canada, which further leads to the rise in demand for pharmacy benefit management services.


• The market in the rest of the world is expected to grow with a significant CAGR during the forecast period. The growth is attributed to the rising number of health awareness programs worldwide. Increasing health plan offerings by several insurance companies in South Africa and Brazil boost the pharmacy services adoption rate, further aiding the market growth during the forecast period.


• The benefit plan design & administration segment is estimated to have the highest CAGR during the forecast period. The rising number of patients choosing medical insurance coverage for their medical treatment has driven market growth during the forecast period.


• The retail pharmacies segment is expected to hold a significant PBM market share during the forecast period. The rising number of retail pharmacy units drives the segment’s growth. The growing presence of large companies, such as Amazon and Walmart, in retail pharmacy is also responsible for the growth of the retail pharmacies segment during the forecast period.

Table of Segmentation: