Middle East & Africa Pharmacy Benefit Management Market Outlook

the middle east & africa pharmacy benefit management (pbm) market is expected to witness significant growth due to the increasing prevalence of chronic diseases in the region, as well as the growing demand for cost-effective pharmaceutical and therapeutic solutions. this market is projected to grow at a cagr of 7.5% during the forecast period of 2018-2032. the most prominent factor propelling the growth of the pbm market in the middle east and africa region is the urgent need for cost-containment solutions in pharmaceuticals through various forms such as pharmacy benefit managers (pbms). as the cost of medical treatments and services continues to rise, pbms offer the ability to reduce costs through various schemes such as utilization of generic drugs and reviewing of the respective prescribing pattern. additionally, the government of several countries in the region are actively taking initiatives to improve their healthcare infrastructure, and these factors are expected to help the growth of the pbm market. on the other hand, the growth of the pbm market in the middle east & africa region is hindered by the limited government funds and the presence of local traditional practices. these practices, such as the lack of organized physician referral networks, are disrupting the growth of the market. in terms of country-wise analysis, the highest demand for pbm solutions is expected from saudi arabia, followed by the united arab emirates. the country’s large population and infrastructure development plays an important role in the growth of the pbm market. similarly, in sudan, egypt, algeria, south africa, and other countries, infrastructure development and the government’s inclination towards improving healthcare services are expected to fuel the pbm market over the forecast period. the pbm market is highly competitive, and the entry of new players is expected to intensify the competition. to stay ahead of the competition, established players are expected to focus on product expansion and technological advancements, as well as innovative services and applications such as virtual pharmacy concepts. this would enhance the customer base of the players across the region.