by The U.S. Speech Therapy Market is estimated to be valued at US$ 4.35 Bn or Mn in 2023 and is expected to exhibit a 5.4% CAGR 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, treats communication and swallowing disorders. It aims to improve or restore a patient’s ability to communicate naturally, through speech, language, and cognition. Speech therapists help people with speech impairments caused due to neurological disorders, accidents or genetic conditions. They assess patients, determine the cause of communication difficulties, and develop customized treatment plans. Therapies may involve behavioral modification through exercises, use of augmentative and alternative communication devices, or surgical interventions. Speech therapy benefits people with impaired speech or swallowing abilities and helps them regain essential skills needed for daily living.
Market key trends:
One of the key trends in the U.S. speech therapy market is rising prevalence of speech and language disorders. According to the Centers for Disease Control and Prevention (CDC), about 2 to 3 out of every 100,000 children in the United States have childhood apraxia of speech. Further, nearly 7 million Americans have a language-based learning disability. Strokes, brain injuries, neurological conditions, developmental delays etc. are other leading causes of speech disorders. With growing geriatric population in the country being more prone to such conditions, demand for speech therapy services is expected to surge over the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as this is a regulated market that requires specialized equipment and certification. However, the growth prospects are attracting new players.
Bargaining power of buyers: The bargaining power of buyers is high as speech therapy services have many substitutes. Buyers can choose between various providers based on price and quality of services.
Bargaining power of suppliers: The bargaining power of suppliers is low as the key resources include therapists who are individual practitioners and not organized.
Threat of new substitutes: The threat of new substitutes is moderate as technologies like online and app-based therapies are emerging but cannot fully replace in-person services.
Competitive rivalry: High as the market is fragmented with many regional and local players competing.
Key Takeaways
The U.S. Speech Therapy Market is expected to witness high growth, exhibiting a CAGR of 5.4% over the forecast period, due to increasing incidence of speech disorders. The market was valued at US$ 4.35 Bn in 2023.
Regional analysis: The South region dominates the U.S. speech therapy market currently due to higher acceptance and availability of services. The West region is expected to grow at the fastest pace during the forecast period supported by growing geriatric population suffering from strokes and other disabilities.
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. Genesis Rehab Services and Speech Therapy Solutions Inc. are the largest players with a pan-US presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
