Pharmacy Benefit Management Market Size Worth USD 962.93 Billion by 2034 | CAGR: 5.5%

The pharmacy benefit management market size is expected to reach USD 962.93 Billion by 2034, according to a new study by Polaris Market Research. The report “Pharmacy Benefit Management Market Share, Size, Trends, Industry Analysis Report: By Service, By Service Providers, and By Region; Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The pharmacy benefit management (PBM) market includes services such as specialty pharmacy, benefit plan design and administration, pharmacy claims processing, formulary management, and other solutions that optimize prescription drug programs for insurers, employers, and patients.           

Market growth is driven by rising chronic disease prevalence and expanding retail and online pharmacy networks. In addition, increasing healthcare expenditure and adoption of digital and AI-enabled PBM platforms.

Pharmacy Benefit Management Market Report Highlights

• Based on service, the pharmacy claims processing segment dominated in 2024 due to its role in streamlining prescription management and reducing administrative costs.
• In terms of service providers, insurance companies dominated in 2024, supported by their extensive networks and ability to integrate PBM solutions into health plans.
• North America dominated the market in 2024, driven by high healthcare spending and widespread adoption of managed care and digital PBM solutions.
• Asia Pacific is projected to grow fastest during the forecast period, supported by expanding healthcare coverage and rising chronic disease prevalence in China and Japan.
• Key players in the global market include Evernorth Health, Inc., CVS Health, Optum, Inc., Prime Therapeutics LLC, MedImpact, Capital Rx, Inc., EmpiRx Health, LLC., Liviniti, RxSense LLC, LucyRx, CerpassRx, and Abarca Health LLC.

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Polaris Market Research has segmented the market report based on service, service providers, and region:

By Service Outlook (Revenue, USD Billion, 2020–2034)

• Specialty Pharmacy Services
• Benefit Plan Design & Administration
• Pharmacy Claims Processing
• Formulary Management
• Others

By Service Providers Outlook (Revenue, USD Billion, 2020–2034)

• Insurance Companies
• Retail Pharmacies
• Standalone PBMs

By Regional Outlook (Revenue, USD Billion, 2020–2034)

• North America

• U.S.
• Canada

• Europe

• Germany
• France
• UK
• Italy
• Spain
• Netherlands
• Russia
• Rest of Europe

• Asia Pacific

• China
• Japan
• India
• Malaysia
• South Korea
• Indonesia
• Australia
• Vietnam
• Rest of Asia Pacific

• Middle East & Africa

• Saudi Arabia
• UAE
• Israel
• South Africa
• Rest of Middle East & Africa

• Latin America

• Mexico
• Brazil
• Argentina
• Rest of Latin America