Market Overview: The U.S. speech therapy market is estimated to be valued at US$ 4.35 Bn in 2023 and provides speech, language and swallowing therapy to treat conditions like articulation problems, lingual problems, apraxia, dysarthria and dysphagia through techniques like visual cueing, gesture training and muscle strengthening exercises.
Market Dynamics: The U.S. speech therapy market is expected to grow at a CAGR of 5.4% over the forecast period 2021-2028. Two key factors driving the market include rising prevalence of neurological conditions requiring speech therapy and increasing acceptance of telehealth and virtual sessions for uninterrupted care during COVID-19 pandemic. The growing geriatric population suffering from conditions like Parkinson’s disease and Alzheimer’s disease demands intense speech therapy services. Moreover, the pandemic encouraged healthcare providers as well as patients to adopt telehealth services to ensure continuity of care while maintaining social distance, thus propelling the market growth.
Market key trends:
The U.S. speech therapy market has been witnessing significant growth driven by the rising prevalence of communication and speaking disorders among people. Communication disorders have become more common debilitating conditions in the country. According to recent studies, around 7 million Americans struggle with a communication disorder. Furthermore, neurological conditions like Parkinson’s disease, stroke, and cerebral palsy which require speech therapy are also on the rise in the U.S. due to the growing aging population. In addition, increasing awareness about available speech treatments and their effectiveness is positively impacting the market growth.
SWOT Analysis
Strengths: High prevalence of speech disorders creates significant market demand. Growing geriatric population increases need for speech services.
Weaknesses: Shortage of speech therapists limits access to care. High costs of specialized therapy can deter patients.
Opportunities: New therapy techniques and digital technologies offer new avenues for growth. Rising demand from children with special needs presents opportunities.
Threats: Economic downturns may reduce funding for non-essential services. Entry of substitute treatment services poses threats.
Key Takeaways
The U.S. Speech Therapy Market was valued at US$ 4.35 Bn in 2021 and is expected to reach US$ 7.71 Bn by 2028, expanding at a CAGR of 5.4% over the forecast period. The high growth is attributed to increasing prevalence of neurological and physical disorders requiring speech rehabilitation in the country.Regionally, Western and Mid-western U.S. accounted for over 50% share of the market in 2021 due to concentration of population and healthcare facilities in states like California, Texas and Ohio.
Key players operating in the U.S. speech therapy market are Genesis Rehab Services, Speech Therapy Solutions, Inc., Reliant Rehabilitation, Kindred Healthcare, LLC, Smart Speech Therapy LLC, BenchMark Physical Therapy Institute, Rehabilitation Associates, Inc., Easy Speech Therapy Center, LA Speech Therapy Solutions, LLC, Teamwork Therapies, and The Hello Foundation. Major players are focused on adopting latest digital health technologies to improve the reach, efficacy and convenience of speech therapy services.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
