The U.S. speech therapy market is a growing segment providing care and treatment options for patients suffering from speech, language, cognitive-communication, and swallowing disorders. Speech therapy products help patients improve their communication and swallowing abilities and reduce disorder risks through direct therapy programs. The market offers services including speech-language pathology, speech and language screenings, cognitive rehabilitation, and guidance on independent living after head and neck cancers or strokes.
Global U.S. speech therapy market is estimated to be valued at US$ 5.57 Mn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in The U.S. Speech Therapy Market are Exxon Mobil Corporation, Total S.A., Royal Dutch Shell plc, Isu Exachem, Mehta Petro Refineries, Avani Petrocehm Pvt Ltd., Raj Petro Specialties P. Ltd., and Eastern Petroleum Private Limited. The aging population susceptible to speech and swallowing disorders is driving higher demand for therapy and rehabilitation services. Furthermore, rising incidence of neurological illnesses and injuries is also propelling the market growth. The market players are also expanding globally through collaborations and service offerings to address rising needs worldwide.
Market Key Trends
One of the key trends witnessed in the U.S. speech therapy market is increased adoption of digital health solutions and teletherapy. The emergence of telehealth platforms allows providers to offer remote consultations and virtual therapy sessions to improve access. This trend has further gained prominence amidst the COVID-19 pandemic. Advanced technologies like mobile apps and online video platforms are enabling continuous monitoring and care. Such virtual care models are proving highly beneficial for the aging population and patients in rural locations.
Porter’s Analysis
Threat of new entrants: High fixed costs of hospitals and clinics deter new players.
Bargaining power of buyers: Individual clients have low bargaining power but group buyers like schools have more bargaining power.
Bargaining power of suppliers: Suppliers of equipment and medical supplies have moderate bargaining power due to lack of substitutes.
Threat of new substitutes: Emerging digital applications are substituting some physical therapy sessions.
Competitive rivalry: Fierce competition exists among existing players due to no differentiation and intense advertising.
Geographical Regions
The United States speech therapy market is concentrated in regions with higher population and population density like California, Texas, Florida, New York etc. These four states alone account for over 35% of the total market value due to high number of patients seeking speech therapy.
The South-East region of the United States spanning states like North Carolina, South Carolina, Georgia, Alabama etc is witnessing the fastest growth in the speech therapy market. This is attributed to growing elderly population, increasing cases of neurological disorders and growing popularity of speech therapy among school going children with learning difficulties. The annual growth rate in these emerging states is over 10% compared to the national average of 7.7%.
