by The Global U.S. Speech Therapy Market is estimated to be valued at US$ 4.83 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Speech therapy helps patients develop their vocal skills by addressing issues like lisping, stuttering or weak articulation. Speech therapy enables patients to communicate effectively. It also treats swallowing and voice disorders.
Market key trends:
One of the key trend in the U.S. speech therapy market is the rising prevalence of communications disorders. As per CDC, around 2-3% of American population has some kind of communication disorder. Moreover, as per National Institute on Deafness and other Communication Disorders,around 7.5 million Americans have language processing disorder while 2 million Americans have stuttering issues. Rising cases of stroke and neurological disorders like Parkinson’s disease, Alzheimer’s also demand speech therapy services thus driving the market growth.
SWOT Analysis
Strength: The U.S. speech therapy market enjoys strong reimbursement policies under Medicaid and Medicare for services. There is an increasing demand for speech therapy due to rising cases of neurological disorders in the country.
Weakness: High costs associated with advanced speech therapy equipment and therapies may limit their adoption. Shortage of speech therapists also acts as a challenge for market growth.
Opportunity: Growing geriatric population suffering from speech impairments offers new opportunities. Rise in autism disorders among children opens up new avenues. Telehealth and online therapy solutions present promising growth prospects.
Threats: Economic slowdowns can impact the discretionary spending on such therapies. Limited awareness about available treatments and therapeutics poses a threat. Stringent regulations and policies by healthcare authorities also act as threats.
Key Takeaways
The Global U.S. Speech Therapy Market is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing prevalence of neurological disorders. The market size for 2023 is estimated to be US$ 4.83 billion.
Regional analysis
The Western region dominates the U.S. speech therapy market currently. This is attributed to higher adoption of advanced therapeutics and rise in disabled population. The Southern region is anticipated to be the fastest growing market owing to growing healthcare infrastructure and supportive reimbursement structure.
Key players
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
