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Pharmacy Benefit Management Market Size, Share & Trends Analysis Report by Business Model (Standalone PBM, Health Insurance Providers, Retail Pharmacy), End Use (Commercial, Federal), and Region with Growth Forecasts, 2025-2033

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    Report

  • 150 Pages
  • September 2025
  • Region: Global
  • Grand View Research
  • ID: 6176738
The global pharmacy benefit management market size was estimated at USD 810.50 Billion in 2025 and is projected to reach USD 1.72 trillion by 2033, growing at a CAGR of 9.9% from 2025 to 2033. This growth is attributed to the growing demand for cost-containment solutions in healthcare, and the shift toward value-based care and outcomes-driven healthcare models, which have motivated providers and payers to collaborate with PBMs to improve medication adherence, optimize formularies, and ensure better therapeutic outcomes.

In addition, regulatory changes and rising healthcare spending in emerging markets contribute to market growth.

Rising Costs of Prescription Medications & Increasing Therapeutic Complexity

As pharmaceutical prices continue to rise, especially for specialty drugs and innovative therapies, healthcare providers and payers are under increasing financial pressure to control expenses without sacrificing patient care. Simultaneously, treatment regimens have grown more complex, characterized by advanced biologics, targeted therapies, and personalized medicine. This complexity requires specialized management to ensure appropriate drug selection, dosing, and patient adherence. PBMs play a vital role in tackling these challenges by utilizing their expertise in formulary design, negotiating drug prices, and employing data-driven strategies to optimize therapeutic outcomes.

PBMs' ability to navigate the complexities of modern pharmacology while reducing unnecessary costs makes them essential for improving healthcare affordability and ensuring patient access to effective treatments.

Global Pharmacy Benefit Management Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, the analyst has segmented the global pharmacy benefit management market report based on business model, end-use, and region.

Business Model Outlook (Revenue, USD Billion, 2021-2033)

  • Standalone PBM
  • Health Insurance Providers
  • Retail Pharmacy

End Use Outlook (Revenue, USD Billion, 2021-2033)

  • Commercial
  • Federal

Regional Outlook (Revenue, USD Billion, 2021-2033)

  • North America
  • Europe
  • Oceania
  • Rest of World

Why should you buy this report?

  • Comprehensive Market Analysis: Gain detailed insights into the market across major regions and segments.
  • Competitive Landscape: Explore the market presence of key players.
  • Future Trends: Discover the pivotal trends and drivers shaping the future of the market.
  • Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions.

This report addresses:

  • Market intelligence to enable effective decision-making
  • Market estimates and forecasts from 2018 to 2030
  • Growth opportunities and trend analyses
  • Segmental and regional revenue forecasts for market assessment
  • Competition strategy and market share analysis
  • Product innovation listings for you to stay ahead of the curve

This product will be delivered within 1-3 business days.

Table of Contents

Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Segment Definitions
1.2.1. Business Model
1.2.2. End-use
1.3. 1.3 Research Methodology
1.3.1. Commodity flow analysis
1.3.2. Information procurement
1.3.2.1. Purchased database
1.3.2.2. internal database
1.3.2.3. Primary research
1.4. Information or Data Analysis
1.4.1. Data analysis models
1.5. Market Formulation & Validation
1.6. List of Secondary Sources
1.7. List of Abbreviations
1.8. Objectives
Chapter 2. Executive Summary
2.1. Market Snapshot
2.2. Market Segmentation
2.3. Competitive Landscape
Chapter 3. Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.2. Market Dynamics
3.2.1. Market Driver Analysis
3.2.2. Market Restraint Analysis
3.3. Industry Analysis Tools
3.3.1. Porter’s Five Forces Analysis
3.3.2. PESTLE Analysis
Chapter 4. Pharmacy Benefit Management Market: Business Model Estimates & Trend Analysis
4.1. Pharmacy Benefit Management Market: Business Model Segment Dashboard
4.2. Business Model Movement & Market Share Analysis, 2024 & 2033
4.3. Global Pharmacy Benefit Management Market Size Estimates & Forecast, by Business Model
4.3.1. Standalone PBM
4.3.1.1. Standalone Pharmacy Benefit Management Market, 2021-2033 (USD Billion)
4.3.2. Health Insurance Providers
4.3.2.1. Health Insurance Providers Pharmacy Benefit Management Market, 2021-2033 (USD Billion)
4.3.3. Retail Pharmacy
4.3.3.1. Retail Pharmacy Benefit Management Market, 2021-2033 (USD Billion)
Chapter 5. Pharmacy Benefit Management Market: End-use Estimates & Trend Analysis
5.1. Pharmacy Benefit Management Market: End-use Segment Dashboard
5.2. End-use Movement & Market Share Analysis, 2024 & 2033
5.3. Global Pharmacy Benefit Management Market Size Estimates & Forecast, by End-use
5.3.1. Commercial
5.3.1.1. Commercial Pharmacy Benefit Management Market, 2021-2033 (USD Billion)
5.3.2. Federal
5.3.2.1. Federal Pharmacy Benefit Management Market, 2021-2033 (USD Billion)
Chapter 6. Pharmacy Benefit Management Market: Regional Estimates & Trend Analysis
6.1. Regional Market Share Analysis, 2024 & 2033
6.2. Regional Market Dashboard
6.3. Global Regional Market Snapshot
6.4. North America
6.4.1. U.S.
6.4.1.1. Key country dynamics
6.4.1.2. Regulatory framework
6.4.1.3. Competitive scenario
6.4.1.4. U.S. Market estimates and forecasts, 2021 to 2033 (USD Billion)
6.4.2. Canada
6.4.2.1. Key country dynamics
6.4.2.2. Regulatory framework
6.4.2.3. Competitive scenario
6.4.2.4. Canada market estimates and forecasts, 2021 to 2033 (USD Billion)
6.4.3. Mexico
6.4.3.1. Key country dynamics
6.4.3.2. Regulatory framework
6.4.3.3. Competitive scenario
6.4.3.4. Mexico market estimates and forecasts, 2021 to 2033 (USD Billion)
6.5. Europe
6.5.1. UK
6.5.1.1. Key country dynamics
6.5.1.2. Regulatory framework
6.5.1.3. Competitive scenario
6.5.1.4. UK market estimates and forecasts, 2021 to 2033 (USD Billion)
6.5.2. Germany
6.5.2.1. Key country dynamics
6.5.2.2. Regulatory framework
6.5.2.3. Competitive scenario
6.5.2.4. Germany market estimates and forecasts, 2021 to 2033 (USD Billion)
6.5.3. France
6.5.3.1. Key country dynamics
6.5.3.2. Regulatory framework
6.5.3.3. Competitive scenario
6.5.3.4. France market estimates and forecasts, 2021 to 2033 (USD Billion)
6.5.4. Italy
6.5.4.1. Key country dynamics
6.5.4.2. Regulatory framework
6.5.4.3. Competitive scenario
6.5.4.4. Italy market estimates and forecasts, 2021 to 2033 (USD Billion)
6.5.5. Spain
6.5.5.1. Key country dynamics
6.5.5.2. Regulatory framework
6.5.5.3. Competitive scenario
6.5.5.4. Spain market estimates and forecasts, 2021 to 2033 (USD Billion)
6.5.6. Norway
6.5.6.1. Key country dynamics
6.5.6.2. Regulatory framework
6.5.6.3. Competitive scenario
6.5.6.4. Norway market estimates and forecasts, 2021 to 2033 (USD Billion)
6.5.7. Sweden
6.5.7.1. Key country dynamics
6.5.7.2. Regulatory framework
6.5.7.3. Competitive scenario
6.5.7.4. Sweden market estimates and forecasts, 2021 to 2033 (USD Billion)
6.5.8. Denmark
6.5.8.1. Key country dynamics
6.5.8.2. Regulatory framework
6.5.8.3. Competitive scenario
6.5.8.4. Denmark market estimates and forecasts, 2021 to 2033 (USD Billion)
6.6. Oceania
6.6.1. Australia
6.6.1.1. Key country dynamics
6.6.1.2. Regulatory framework
6.6.1.3. Competitive scenario
6.6.1.4. Australia market estimates and forecasts, 2021 to 2033 (USD Billion)
6.6.2. New Zealand
6.6.2.1. Key country dynamics
6.6.2.2. Regulatory framework
6.6.2.3. Competitive scenario
6.6.2.4. New Zealand market estimates and forecasts, 2021 to 2033 (USD Billion)
Chapter 7. Competitive Landscape
7.1. Recent Developments & Impact Analysis, by Key Market Participants
7.2. Company/Competition Categorization
7.3. Key company market position analysis, 2024
7.4. List of Companies
7.4.1. CVS Health
7.4.1.1. Company overview
7.4.1.2. Financial Performance
7.4.1.3. Service benchmarking
7.4.1.4. Strategic initiatives
7.4.2. Cigna
7.4.2.1. Company overview
7.4.2.2. Financial Performance
7.4.2.3. Service benchmarking
7.4.2.4. Strategic initiatives
7.4.3. Optum, Inc.
7.4.3.1. Company overview
7.4.3.2. Financial Performance
7.4.3.3. Service benchmarking
7.4.3.4. Strategic initiatives
7.4.4. MedImpact
7.4.4.1. Company overview
7.4.4.2. Financial Performance
7.4.4.3. Service benchmarking
7.4.4.4. Strategic initiatives
7.4.5. Anthem
7.4.5.1. Company overview
7.4.5.2. Financial Performance
7.4.5.3. Service benchmarking
7.4.5.4. Strategic initiatives
7.4.6. Change Healthcare
7.4.6.1. Company overview
7.4.6.2. Financial Performance
7.4.6.3. Service benchmarking
7.4.6.4. Strategic initiatives
7.4.7. Prime Therapeutics LLC
7.4.7.1. Company overview
7.4.7.2. Financial Performance
7.4.7.3. Service benchmarking
7.4.7.4. Strategic initiatives
7.4.8. HUB International Limited
7.4.8.1. Company overview
7.4.8.2. Financial Performance
7.4.8.3. Service benchmarking
7.4.8.4. Strategic initiatives
7.4.9. Elixir Rx Solutions LLC
7.4.9.1. Company overview
7.4.9.2. Financial Performance
7.4.9.3. Service benchmarking
7.4.9.4. Strategic initiatives
7.4.10. Express Scripts Canada
7.4.10.1. Company overview
7.4.10.2. Financial Performance
7.4.10.3. Service benchmarking
7.4.10.4. Strategic initiatives
List of Tables
Table 1 List of Abbreviations
Table 2 Global pharmacy benefit management market, by business model, 2021-2033 (USD Million)
Table 3 Global pharmacy benefit management market, by end-use, 2021-2033 (USD Million)
Table 4 Global pharmacy benefit management market, by region, 2021-2033 (USD Million)
Table 5 North America pharmacy benefit management market, by business model, 2021-2033 (USD Million)
Table 6 North America pharmacy benefit management market, by end-use, 2021-2033 (USD Million)
Table 7 North America pharmacy benefit management market, by country, 2021-2033 (USD Million)
Table 8 U.S. pharmacy benefit management market, by procedure, 2021-2033 (USD Million)
Table 9 U.S. pharmacy benefit management market, by end-use, 2021-2033 (USD Million)
Table 10 U.S. pharmacy benefit management market, by sample type, 2021-2033 (USD Million)
Table 11 U.S. pharmacy benefit management market, by end use, 2021-2033 (USD Million)
Table 12 Canada pharmacy benefit management market, by business model, 2021-2033 (USD Million)
Table 13 Canada pharmacy benefit management market, by end-use, 2021-2033 (USD Million)
Table 14 Europe pharmacy benefit management market, by business model, 2021-2033 (USD Million)
Table 15 Europe pharmacy benefit management market, by end-use, 2021-2033 (USD Million)
Table 16 Europe pharmacy benefit management market, by country, 2021-2033 (USD Million)
Table 17 UK pharmacy benefit management market, by business model, 2021-2033 (USD Million)
Table 18 UK pharmacy benefit management market, by end-use, 2021-2033 (USD Million)
Table 19 Germany pharmacy benefit management market, by business model, 2021-2033 (USD Million)
Table 20 Germany pharmacy benefit management market, by end-use, 2021-2033 (USD Million)
Table 21 France pharmacy benefit management market, by business model, 2021-2033 (USD Million)
Table 22 France pharmacy benefit management market, by end-use, 2021-2033 (USD Million)
Table 23 Italy pharmacy benefit management market, by business model, 2021-2033 (USD Million)
Table 24 Italy pharmacy benefit management market, by end-use, 2021-2033 (USD Million)
Table 25 Italy pharmacy benefit management market, by sample type, 2021-2033 (USD Million)
Table 26 Italy pharmacy benefit management market, by end use, 2021-2033 (USD Million)
Table 27 Spain pharmacy benefit management market, by business model, 2021-2033 (USD Million)
Table 28 Spain pharmacy benefit management market, by end-use, 2021-2033 (USD Million)
Table 29 Sweden pharmacy benefit management market, by business model, 2021-2033 (USD Million)
Table 30 Sweden pharmacy benefit management market, by end-use, 2021-2033 (USD Million)
Table 31 Norway pharmacy benefit management market, by business model, 2021-2033 (USD Million)
Table 32 Norway pharmacy benefit management market, by end-use, 2021-2033 (USD Million)
Table 33 Denmark pharmacy benefit management market, by business model, 2021-2033 (USD Million)
Table 34 Denmark pharmacy benefit management market, by end-use, 2021-2033 (USD Million)
Table 35 Asia-Pacific pharmacy benefit management market, by business model, 2021-2033 (USD Million)
Table 36 Asia-Pacific pharmacy benefit management market, by end-use, 2021-2033 (USD Million)
Table 37 Asia-Pacific pharmacy benefit management market, by sample type, 2021-2033 (USD Million)
Table 38 Asia-Pacific pharmacy benefit management market, by end use, 2021-2033 (USD Million)
Table 39 Asia-Pacific pharmacy benefit management market, by country, 2021-2033 (USD Million)
Table 40 Australia pharmacy benefit management market, by business model, 2021-2033 (USD Million)
Table 41 Australia pharmacy benefit management market, by end-use, 2021-2033 (USD Million)
Table 42 New Zealand pharmacy benefit management market, by business model, 2021-2033 (USD Million)
Table 43 New Zealand pharmacy benefit management market, by end-use, 2021-2033 (USD Million)
Table 44 Rest of world pharmacy benefit management market, by business model, 2021-2033 (USD Million)
Table 45 Rest of world pharmacy benefit management market, by end-use, 2021-2033 (USD Million)
Table 46 Rest of world pharmacy benefit management market, by country, 2021-2033 (USD Million)
List of Figures
Figure 1 Market research process
Figure 2 Data triangulation techniques
Figure 3 Primary research pattern
Figure 4 Market research approaches
Figure 5 Value-chain-based sizing & forecasting
Figure 6 QFD modeling for market share assessment
Figure 7 Market formulation & validation
Figure 8 Pharmacy benefit management: market outlook
Figure 9 Pharmacy benefit management competitive insights
Figure 10 Parent market outlook
Figure 11 Related/ancillary market outlook
Figure 12 Penetration and growth prospect mapping
Figure 13 Industry value chain analysis
Figure 14 Pharmacy benefit management market driver impact
Figure 15 Pharmacy benefit management market restraint impact
Figure 16 Pharmacy benefit management market strategic initiatives analysis
Figure 17 Pharmacy benefit management market: Business model movement analysis
Figure 18 Pharmacy benefit management market: Business model outlook and key takeaways
Figure 19 Standalone PBM market estimates and forecasts, 2021-2033
Figure 20 Health insurance providers market estimates and forecasts, 2021-2033
Figure 21 Retail pharmacy market estimates and forecasts, 2021-2033
Figure 22 Pharmacy benefit management market: End-use movement analysis
Figure 23 Pharmacy benefit management market: End-use outlook and key takeaways
Figure 24 Commerical pharmacy benefit managementing market estimates and forecasts, 2021-2033
Figure 25 Federal pharmacy benefit managementing market estimates and forecasts, 2021-2033
Figure 26 Global pharmacy benefit management market: Regional movement analysis
Figure 27 Global pharmacy benefit management market: Regional outlook and key takeaways
Figure 28 North America market estimates and forecasts, 2021-2033
Figure 29 U.S. market estimates and forecasts, 2021-2033
Figure 30 Canada market estimates and forecasts, 2021-2033
Figure 31 Europe market estimates and forecasts, 2021-2033
Figure 32 UK market estimates and forecasts, 2021-2033
Figure 33 Germany market estimates and forecasts, 2021-2033
Figure 34 France market estimates and forecasts, 2021-2033
Figure 35 Italy market estimates and forecasts, 2021-2033
Figure 36 Spain market estimates and forecasts, 2021-2033
Figure 37 Sweden market estimates and forecasts, 2021-2033
Figure 38 Norway market estimates and forecasts, 2021-2033
Figure 39 Denmark market estimates and forecasts, 2021-2033
Figure 40 Oceania market estimates and forecasts, 2021-2033
Figure 41 Australia market estimates and forecasts, 2021-2033
Figure 42 New Zealand market estimates and forecasts, 2021-2033
Figure 43 Rest of world market estimates and forecasts, 2021-2033
Figure 44 Strategy framework

Companies Mentioned

The leading players profiled in this Pharmacy Benefit Management market report include:
  • VS Health
  • igna
  • ptum, Inc.
  • edImpact
  • nthem
  • hange Healthcare
  • rime Therapeutics LLC
  • UB International Limited.
  • lixir Rx Solutions LLC
  • xpress Scripts Canada

Table Information