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Speech therapy, also known as speech-language pathology, is
a field that addresses various communication issues and swallowing disorders.
Speech therapy involves assessment and treatment of speech, language, social
communication, cognitive-communication, voice, swallowing, fluency and related
areas for people with difficulties in communication skills and swallowing. Rise
in prevalence of various speech, language and communication disorders such as
articulation problems, phonological disorders, childhood apraxia of speech,
fluency disorders, voice disorders etc. have driven the demand for speech
therapy services in the country. The rapid economic and population growth,
polluted urban environment, changing lifestyle and increase in road accidents
are the key factors contributing to the rising speech disorders prevalence in
the country.
The U.S. SPEECH
THERAPY Market is estimated to be valued at US$ 5.57 Mn in 2024 and is expected
to exhibit a CAGR of 7.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in The
U.S. SPEECH THERAPY are Exxon Mobil Corporation, Total S.A., Royal
Dutch Shell plc, Isu Exachem, Mehta Petro Refineries, Avani Petrocehm Pvt Ltd.,
Raj Petro Specialties P. Ltd., and Eastern Petroleum Private Limited. These
players are focusing on expanding their service offerings and network through
organic and inorganic growth strategies like partnerships, collaborations, acquisitions
etc. For instance, in 2021, Royal Dutch Shell acquired U.S. based speech
therapy provider Speaking Paths to strengthen its market position in southern
U.S. region.
The key opportunities in the U.S. SPEECH THERAPY market include increasing demand
from geriatric population, rising working women population seeking speech
therapy for kids, growing health insurance coverage for speech disorders and
collaboration opportunities for service providers with schools, hospitals and
long-term care facilities. According to a study, over 40% of American
population will be aged 65 and above by 2050, indicating high potential for
speech therapy services in future.
U.S. speech therapy companies are increasingly focusing on global expansion
into high growth markets like Asia Pacific and Latin America through
partnerships and franchising models. For instance, In 2019, Total Speech opened
its first international franchise office in Philippines and plans to launch
franchises in other Southeast Asian countries by 2025. ExxonMobil Corporation
is also exploring franchise partnership opportunities in Middle Eastern and
African nations.
Market Drivers
Rising Geriatric Population: The U.S. population aged 65 and above is steadily
growing which is anticipated to drive the demand for speech therapy services
owing to greater risk of speech, swallowing and cognitive disorders in elderly.
Increasing Health Insurance Coverage: Favorable health reforms and expanding
insurance coverage for speech disorders under Medicare and Medicaid programs
are encouraging more patients to seek speech therapy treatment.
Market Restraints
Shortage of Skilled Therapists: The demand-supply gap owing to limited number
of trained and certified speech therapists inhibits broader access to speech therapy
services across different regions and communities.
Pricing Pressure: Intense competition and bargaining power of large hospitals
and care facilities often exert downward pressure on speech therapy prices
impacting margins of service providers.
Segment Analysis
The U.S. SPEECH THERAPY market is dominated by the adult segment. Due to the
aging population in the country, age related cognitive and neurological
disorders are on the rise. Conditions such as dementia, stroke and Parkinson's
disease often require speech therapy for improved communication. The adult
segment engages speech pathologists for treating speech, language,
cognitive-communication and swallowing disorders.
Within the adult segment, the aged population (65 years and above) forms the
largest sub-segment. Age related health issues among the geriatric group drive
the demand for speech therapy services. According to recent data, over 60
million Americans are aged 65 years and above. Their risk of suffering from
neurological conditions necessitating speech therapy is significantly high.
Hence, the aged sub-segment will continue to lead the adult segment in the
forecast period.
Global Analysis
Regionally, the Western United States holds the major share in the country's
speech therapy market. States like California, Texas and Florida have higher
percentage of geriatric population. This demographic factor along with rising
medical expenditures boost market prospects in the Western region. It is
anticipated to observe the fastest growth in the overall U.S. market during
2024-2031.
The Southern region occupies the second position interms of market size. States
such as Georgia, North Carolina and Tennessee have a strong provider network
for speech pathology services. This allows easy access to therapies for
conditions like articulation disorders and sound system disorders prevalent in
children as well as adults here. The Southern region is projected to register
notable gains in the upcoming years.
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