Pharmacy benefit management market nears $1t as chronic diseases rise

By region, the Asia Pacific region is expected to record the fastest growth.

The global pharmacy benefit management (PBM) is projected to reach $962.93b by 2034, expanding at a compound annual growth rate of 5.5%, according to a Polaris Market Research report.

The expansion is being driven by healthcare systems' focus on controlling prescription drug costs and improving medication access.

An increase in chronic diseases is also one of the key factors accelerating the demand. Another important growth driver is the expansion of retail and online pharmacy networks.

By service, the pharmacy claims processing segment accounted for the largest share of the market in 2024.

Meanwhile, the specialty pharmacy services segment is expected to witness the fastest growth during the forecast period.

By region, the Asia Pacific region is expected to record the fastest growth, driven by rising healthcare coverage, and increasing chronic disease prevalence.

Moreover, expanding retail and online pharmacy networks are supporting market expansion in countries such as China and Japan.