July 21, 2024
U.S. Speech Therapy Market

Rising Demand For Speech-Language Pathologists To Drive Growth Of The U.S.Speech Therapy Market

The global U.S.Speech Therapy Market is estimated to be valued at US$ 4.83 Bn or Mn 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:

The U.S.Speech Therapy Market involves providing therapeutic intervention to individuals having communication disabilities resulting from injuries, illnesses, or other health conditions.Speech Therapy is crucial for conditions like strokes, hearing loss, intellectual disabilities, developmental delays, autism, and cleft palate. Therapists evaluate the individuals and design customized treatment plans involving various techniques like voice exercises, repetition practice, communicative strategies, and assistive technologies.Speech Therapy aims to improve an individual’s ability to communicate either verbally or non-verbally.

Market key trends:

One of the key trends in the U.S.Speech Therapy Market is the rising demand for speech-language pathologists. According to the Bureau of Labor Statistics, employment of speech-language pathologists is projected to grow 19% during the 2020-2030 period, much faster than the average for all occupations. This is attributed to factors like an aging population, advances in medical technology allowing people to survive conditions like strokes, growing prevalence of children diagnosed with autism, and awareness regarding communication disorders. Additionally, teletherapy is emerging as a popular service delivery method in the market. Technological advancements are enabling virtual visits and remote patient monitoring through smartphones and online platforms, which has proven beneficial especially during the COVID-19 pandemic. Teletherapy provides better accessibility and convenience to patients while alleviating volume pressure on clinical practices.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low due to high costs associated with setting up the practice, certification and licensing requirements.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are many existing players providing substitute services. However, buyers still have less negotiating power due to their dependence on therapies.

Bargaining power of suppliers: The bargaining power of suppliers is low as the requirements can be met from various suppliers and switching to alternative suppliers does not require high costs.

Threat of new substitutes: The threat of new substitutes is moderate as alternative therapies like physical therapy, occupational therapy, audiology are a substitute to a certain extent.

Competitive rivalry: High as the existing players compete on service quality, price and client satisfaction.

Key Takeaways

The global U.S.Speech Therapy Market Share is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing prevalence of speech disorders among geriatric population. The market size for 2023 is US$ 4.83 Bn.

Regional analysis – North America holds the major share of the U.S.Speech Therapy market owing to high healthcare expenditure and rising awareness levels regarding early diagnosis and intervention. Asia Pacific is expected to witness fastest growth over the forecast period due to rapid economic development and improving access to healthcare facilities across the region.

Key players operating in the U.S.Speech Therapy market are Genesis Rehab Services,Speech Therapy Solutions, Inc., Reliant Rehabilitation, Kindred Healthcare, LLC, SmartSpeech Therapy LLC, BenchMark Physical Therapy Institute, Rehabilitation Associates, Inc., EasySpeech Therapy Center, LASpeech 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