The 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 involves services aimed at treating speech and swallowing problems associated with neurological disorders, developmental delays, accidents, or other health impairments. Speech therapists treat conditions affecting areas like language, articulation, fluency, voice and swallowing. Speech therapy plays a significant role in improving communication, cognitive processing and quality of life.
Market key trends:
One of the major trends driving growth of the U.S. Speech Therapy Market is the increasing prevalence of speech and language disorders. According to a study by Centers for Disease Control and Prevention (CDC), currently around 2 to 3 out of every 20 children have some type of diagnosed speech or language disorder in the United States. Moreover, stroke, head injuries, brain tumors or developmental conditions like autism are also leading to increasing instances of speech disorders. Rising geriatric population is another factor fueling the need for speech therapy as risk of conditions causing speech impairments like Parkinson's disease, and Alzheimer's disease increases with age. In addition, growing awareness regarding the importance of early diagnosis and treatment of speech disorders is expected to boost the adoption of speech therapy over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the U.S. speech therapy market is low as it requires high initial investments and established distribution channels.
Bargaining power of buyers: The bargaining power of buyers is moderate as speech therapy is an essential service but buyers have options to compare prices across providers.
Bargaining power of suppliers: The bargaining power of suppliers is low in this market as the required resources and equipment are easily available.
Threat of new substitutes: There exists low threat from substitutes as speech therapy offers specialized services essential for conditions like stroke and developmental delay.
Competitive rivalry: Intense amongst existing players.
SWOT Analysis
Strength: High demand for speech therapy due to increasing prevalence of speech disorders. Experienced therapists.
Weakness: Shortage of speech therapists. High costs associated with service.
Opportunity: Growing geriatric population prone to conditions like stroke driving the market. Online service providers expanding access.
Threats: Reimbursement issues affecting service affordability. Suboptimal access in rural areas.
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 prevalence of conditions like autism and stroke requiring speech rehabilitation services.
The Western region dominates the U.S. speech therapy market currently. However, the South region is expected to register highest growth rate during the forecast period owing to growing healthcare infrastructure and spending in 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, 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. The fragmented nature of the market is anticipated to intensify competition during the next few years.
For more details on the report, Read - https://www.dailyprbulletin.com/new-avenue-for-the-u-s-speech-therapy-market-size
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