The U.S. Speech Therapy Market is estimated to be valued at US$ 4.35 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Speech therapy, also known as speech-language pathology, is a field of expertise practiced by a clinician known as a speech-language pathologist (SLP). SLPs are trained to evaluate, diagnose, treat and help prevent speech, language, social communication, cognitive-communication, and swallowing disorders in children and adults. It typically involves various techniques and exercises tailored to an individual's specific needs.
Market Dynamics:
Rising geriatric population in the U.S. experiencing conditions like strokes, Parkinson's disease, and dementia requiring speech therapy is a major growth driver for this market. According to the UN estimates, more than 30% of American population will be aged 65 years or older by 2050. Growing prevalence of speech disorders is also boosting market growth. For instance, as per CDC, about 1 in 12 children exhibit significant difficulties in speech sound production. Furthermore, rising awareness about the benefits of speech therapy amongst individuals and families is supporting the market growth. National Institute on Deafness and Other Communication Disorders runs various programs to spread awareness.
SWOT Analysis
Strength:
- High demand for speech therapists due to increasing incidence of neurological disorders in the U.S.
- Growing geriatric population requiring rehabilitation services is driving market growth.
- Increasing awareness about benefits of early intervention speech therapy.
Weakness:
- Shortage of qualified speech therapists in the U.S. hampers market growth.
- High cost associated with speech therapy limits its accessibility.
Opportunity:
- Untapped growth potential in rural areas presents an opportunity for market expansion.
- Growing healthcare expenditure in the U.S. is expected to boost the speech therapy market.
Threats:
- Alternative treatment options such as medications can pose a threat to the speech therapy market.
- Economic slowdowns can limit the spending on rehabilitation services.
Key Takeaways
The 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.
Regional analysis
The Western region dominates the U.S. speech therapy market currently. This is attributed to growing geriatric population and increasing healthcare expenditure in states such as California. The Southern region is expected to exhibit the fastest growth over the forecast period owing to rising incidence of conditions requiring rehabilitation therapies.
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.
