United States Speech Therapy Market to Reach USD 6.35 Billion by 2028
Published | 09 August 2022
United States Speech Therapy Market is flourishing owing to the rising neurological conditions and hearing loss, growing technological advancements along with the increasing shifts of patients toward teletherapy..
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the United States Speech Therapy Market was worth USD 3.84 billion in the year 2021. The market is projected to grow at a CAGR of 7.5%, earning revenues of around USD 6.35 billion by the end of 2028. The United States Speech Therapy Market is booming because of the development of advanced healthcare facilities in industrialized nations. Another factor driving the market for speech pathology services is the growing need for speech therapy services in elementary and secondary schools for the education of special needs pupils. Furthermore, the United States Speech Therapy Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, the lack of speech pathologists in remote areas reduces the adoption of speech pathologist services, further limiting the market growth.
Increasing Elderly Population drives the United States Speech Therapy Market
The market for speech treatment is growing as the elderly population grows. One of the main difficulties affecting the elderly is hearing loss. Therefore, it is projected that the number of people with hearing and balance impairments would increase as the senior population grows quickly. Shortly, it is anticipated that demand for contract-based or direct speech therapy services would rise. There is now a chance that baby boomers will have neurological conditions and hearing loss. Speech therapy is needed for birth asphyxia, brain malformations, and hydrocephalus. A 2012 report that was published in the National Center for Biotechnology Information (NCBI) estimated that 38.7% of people in the United States had neurological illnesses that year. The study claims that children with Down syndrome have neurological illnesses more frequently than children in the general population. As a result, the United States Speech Therapy Market is predicted to develop at a significant rate during the forecast period (2022-2028).
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Increase in Swallowing Disorders
Children in elementary and secondary schools receiving special education are increasingly in need of speech therapy services. According to the National Institute on Deafness and Other Communication, 7.7% of American children between the ages of 3 and 17 had a voice, speech, language, or swallowing impairment the year before. Children aged 3 to 10 who have a voice, speech, language, or swallowing disability are more likely to have additional communication or swallowing disorders, at a rate of 34%, while those aged 11 to 17 are more likely to have multiple abnormalities at a rate of 25.4%. In the preceding year, 5% of children in the US between the ages of 3 and 17 experienced a speech problem that lasted at least a week.
Challenge: Pricey and short on speech therapists
During the anticipated period, the US Speech Therapy Market's expansion is anticipated to be constrained by the high cost of speech therapy services (2022-2028). For instance, the average cost of a speech treatment session in 2021 will be between $100 and $250. Additionally, a lack of speech therapists has been reported in the US, which is anticipated to impede market expansion during the projection period.
Segmental Coverage
United States Speech Therapy Market – By Indication
Based on indication, the United States Speech Therapy Market is segmented into Speech Disorders, Language Disorders, Apraxia, Autism Spectrum Disorder (ASD), and Others. Among these, the speech disorder segment holds the largest market share. This is due to the increase in the incidence of congenital disorders, increased awareness about speech defects, early diagnosis, and the launch of new services. According to data from the National Institute on Deafness and Other Communication Disorders, approximately 1 in 12 (7.7 percent) of U.S. children aged 3 to 17 years had a voice, speech, language, or swallowing disorder in the previous 12 months.
Impact of COVID-19 on United States Speech Therapy Market
Several original equipment manufacturers have been impacted by the COVID-19 pandemic-induced lockdown and economic crisis. Throughout the year, many suppliers faced significant resource constraints in their material supply and logistics chains, which had a significant negative impact on their operations. Furthermore, the nationwide lockdown had a significant impact on the Speech Therapy Market in the United States. According to a Health Leaders article, speech-language pathologists were effective in assisting severely ill COVID-19 patients in recovering from the harm caused by mechanical ventilators, which included impairment of the vocal cords and muscles. To meet the needs of patients during the epidemic, speech-language pathologists shifted to telemedicine services. As a result of this and U.S. government reimbursement regulations for telehealth services, demand for these services increased in 2020.
Competitive Landscape
The leading market players in the United States Speech Therapy Market are The Hello Foundation, Team Work Therapies, Smart Speech Therapy, LA Speech Therapy, Easy Speech Therapy, Kindred Healthcare, Reliant Rehabilitation, Genesis Rehab Services, and Speech Therapy Solutions, and other prominent players. The United States Speech Therapy Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the United States Speech Therapy Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the United States Speech Therapy Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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