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:
The U.S. speech therapy market consists of services provided by speech-language pathologists and speech therapists to treat various communication and swallowing disorders. The disorders that speech therapy treats include articulation disorders, fluency disorders such as stuttering, language disorders, voice disorders, and neurological conditions that impact communication. Speech therapy aims to improve speaking, understandable speech, and oral motor skills. It may also help improve problems with accent modification or swallowing difficulties. Speech therapy involves evaluation, diagnosis, treatment, and consultation with other professionals and family members. Treatment methods include individualized exercises, techniques, compensatory strategies, counseling and support which help individuals improve their communication skills.
Market Key Trends:
One of the key trends in the U.S. speech therapy market is rising adoption of teletherapy services. The Covid-19 pandemic had a significant impact on all healthcare services including speech therapy. To maintain continuity of care while complying with social distancing guidelines, virtual speech therapy saw tremendous growth. Telerehabilitation helps provide speech therapy services to patients in remote and underserved areas. Growing usage of digital platforms and telehealth reforms are expected to further propel the adoption of teletherapy in speech language pathology. Another trend is increasing preference for non-drug alternative therapies. Concerns around side effects of long-term usage of medications for disorders like Parkinson’s disease have raised demand for alternative therapies like speech therapy.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the U.S. speech therapy market is low due to presence of high capital requirements and existence of huge established players in the market.
Bargaining power of buyers: The bargaining power of buyers is moderate as speech therapy services have various substitutes and buyers can switch between service providers easily.
Bargaining power of suppliers: The bargaining power of suppliers is low in the U.S. speech therapy market as there are many suppliers of therapy-related products and services.
Threat of new substitutes: The threat of new substitutes is moderate as there are alternative options available such as occupational therapy and physical therapy.
Competitive rivalry: High
Key Takeaways
The Global U.S. Speech Therapy Market is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing adoption of speech therapy services for treatment of variety of communication and swallowing disorders.
Regional analysis: The Western region dominates the U.S speech therapy market and is expected to continue its dominance over the forecast period. This is attributed to growing geriatric population suffering from various speech related disorders. States like California, Texas and Washington collectively account for over 30% of the market share in the country.
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. jointly hold over 20% market share in the country.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
