With 6.0% CAGR, US Speech Therapy Market Size Hit USD 6.52 Billion in 2029
According to Fortune Business Insights, The US speech therapy market size was valued at USD 4.13 billion in 2021. The market is projected to grow from USD 4.35 billion in 2022 to USD 6.52 billion by 2029, exhibiting a CAGR of 6.0% during the forecast period.
Pune, India, Dec. 12, 2022 (GLOBE NEWSWIRE) — The US speech therapy market size was valued at USD 4.13 billion in 2021. The market is projected to grow from USD 4.35 billion in 2022 to USD 6.52 billion by 2029, exhibiting a CAGR of 6.0% during the forecast period.
This information is provided by Fortune Business Insights, in its report, titled, “U.S. Speech Therapy Market, 2022-2029.”
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US Speech Therapy Market Report Scope & Segmentation :
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 6.0% |
| 2029 Value Projection | USD 6.52 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 4.13 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 63 |
COVID-19 Impacts:
Decline in Patient Visits Hindered Market Growth during COVID-19
The coronavirus outbreak little affected the marketplace. Due to the government-imposed lockdown limitations, a decrease in the number of referrals to Speech-language Pathologists (SLP) was seen in the nation during the pandemic. The adoption rate of speech language treatment among Americans was also constrained by a lack of infrastructure for virtual speech therapy.
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Segments:
Rising Prevalence of Key Speech Disorders Led to Segmental Dominance
Based on type, the market is segmented into speech disorders, language disorders, neurological conditions, swallowing disorders, and others. The speech disorders segment held a dominant U.S. speech therapy market share in 2021.
Pediatrics Segment to Dominate Market during the Forecast Period
Based on age, the market is categorized into pediatrics and adults. Among them, the pediatrics segment held a dominating share in 2021. The dominance is due to the increasing incidence of speech-language and swallowing disorders among children and the surging initiatives by the government to provide care across all schools and education facilities in the U.S.
Report Coverage:
The report offers a detailed study of the market and a keen examination of the major segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur the U.S. speech therapy market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective. The regional dynamics and how they shape the market in an upward curve are presented in the following report. Moreover, COVID-19 impacts have been added for additional information and how it is expected to affect the demand for speech therapy in the near future.
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Drivers and Restraints:
Rising Prevalence of Speech & Language Disorders in the U.S. to Fuel Market Growth
There is a huge demand for effective treatment therapies since the U.S. population is becoming more and more affected by speech and language problems such as articulation, aphasia, stuttering, and others. Furthermore, according to numerous studies, a greater proportion of people with neurological illnesses such as Parkinson’s and stroke suffer from speech and vocal abnormalities, which, if left untreated, can have a negative impact on a patient’s quality of life.
The need for this therapy in the U.S. is expected to be primarily driven by the rising prevalence of speech disorders, their rising early diagnosis rate, and the demand for effective treatment. The cost-benefit ratio of the therapy, however, cannot be supported.
Competitive Landscape:
Important Business-related Decisions by Key Players to Influence Market Dynamics
Fundamental companies in the market often make crucial announcements regarding some business moves, which, in turn, affect the market either positively or negatively. Players acquire companies, launch new products, engage in partnership deals, sign contracts with government organizations, and so on.
Key Industry Development:
May 2022: In the Birmingham area, BenchMark Physical Therapy Institute launched an outpatient facility in Indian Springs Village to offer physical therapy services such as manual therapy, injury prevention, speech therapy, and others.
List of Key Players Mentioned in the Report:
- Kindred Healthcare, LLC (U.S.)
- Genesis Rehab Services (U.S.)
- BenchMark Physical Therapy Institute (U.S.)
- Reliant Rehabilitation (U.S.)
- Humanus Corporation (U.S.)
- Smart Speech Therapy (U.S.)
- Therapy Solutions Inc. (U.S.)
- Rehabilitation Associates, Inc. (U.S.)
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Table Of Contents :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Overview of Regulatory & Reimbursement Scenario, U.S.
- Recent Key Developments, Mergers, and Acquisitions, Key Players
- Prevalence of Key Indications Leading to Speech Difficulty, U.S., 2021
- Impact of COVID-19 on the Market
- U.S. Speech Therapy Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Type
- Speech Disorders
- Language Disorders
- Neurological Conditions
- Swallowing Disorders
- Others
- Market Analysis, Insights and Forecast – By Age
- Paediatrics
- Adults
- Market Analysis, Insights and Forecast – By Type
- Competitive Analysis
- U.S. Market Share Analysis (2021)
- Company Profiles (Overview, Services, SWOT Analysis, Recent Developments, Strategies, financials (Based on Availability))
- Kindred Healthcare, LLC (U.S.)
- Genesis Rehab Services (U.S.)
- BenchMark Physical Therapy Institute (U.S.)
- Reliant Rehabilitation (U.S.)
- Humanus Corporation (U.S.)
- Smart Speech Therapy (U.S.)
- Therapy Solutions Inc. (U.S.)
- Rehabilitation Associates, Inc. (U.S.)
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