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 focuses on helping people with speech difficulties, disorders and communication issues. It aims to treat issues like speech sound disorders, stuttering or fluency disorders, voice disorders, and language disorders .Speech Therapy is an important treatment option for many patients suffering from such conditions to improve their communication abilities.
Market key trends:
One of the key trends in the U.S. Speech Therapy market is the rising prevalence of speech and communication disorders. According to reports, about 1 in 12 children in the United States has a diagnosable speech or language disorder, such as difficulty pronouncing words (speech sound disorder), speaking fluently (stuttering), or putting words together (language disorder). Moreover, stroke, brain injuries, neurological conditions and developmental delays often result in speech and language disorders. This is expected to drive increased demand for Speech Therapy services. Another important trend is technological advancements in Speech Therapy practices like the use of mobile apps, teletherapy and online platforms to make Speech Therapy accessible.
SWOT Analysis
Strength: The U.S. Speech Therapy market has strong growth opportunities due to rising prevalence of speech disorders like autism, stroke, Parkinson’s disease, etc. There is growing awareness among people regarding the benefits of speech therapy.
Weakness: High cost of Speech Therapy services poses a challenge for low-income groups to afford quality treatment. Shortage of speech therapists in the country also affects market growth.
Opportunity: Increasing healthcare expenditure and favorable reimbursement policies are supporting the adoption of advanced Speech Therapy solutions. Growing telehealth and digitalization also provides new opportunities.
Threats: Economic slowdowns can reduce discretionary healthcare spending. Limited insurance coverage for Speech Therapy in some plans also threatens market revenue. Lack of awareness in rural areas is another challenge.
Key Takeaways
Market size: The U.S.Speech Therapy Market Share was valued at US$ 4.83 Bn in 2023. The market is expected to grow at a CAGR of 5.4% during the forecast period due to rising prevalence of communication and swallowing disorders.
Regional analysis: The Western region dominates the U.S. Speech Therapy market currently owing to high expenditure capability and awareness levels. However, the Southern region is expected to witness fastest growth during the forecast period supported by growing health insurance penetration and presence of major market players.
Key players: Some of the prominent 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, Bench Mark Physical Therapy Institute, Rehabilitation Associates, Inc., Easy Speech Therapy Center, LA Speech Therapy Solutions, LLC, Teamwork Therapies, and The Hello Foundation. Benchmark and Smart Speech Therapy are recognized as top service providers in the Western U.S.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
