The global U.S. SPEECH THERAPY Market provides speech, language, and swallowing services for individuals with communication difficulties. Speech therapists work with people who have various types of speech, language, social communication, and swallowing disorders such as stuttering, articulation problems, voice disorders, swallowing issues, autism spectrum disorder (ASD), neurological conditions like Parkinson’s disease and strokes, which are on the rise. Speech therapists conduct comprehensive assessments of speech and language skills for individuals with various conditions and design customized treatment plans to help improve their communication skills. 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 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increased Prevalence of Communication Disorders- According to the National Institutes of Health (NIH) statistics, over 7 million Americans currently experience a communication disorder such as speech and language delay or disorders. Rising incidences of developmental disabilities like autism and neurological conditions like strokes, head injuries, Parkinson’s disease that impact communication are expected to drive the need for speech therapy services over the forecast period.
Rising Prevalence of Communication Disorders- Communication disorders can range from mild to severe, affecting people’s ability to express themselves. The most common disorders are stuttering, language delays/disorders, voice disorders, and articulation problems, the prevalence of which is increasing rapidly worldwide. According to Centers for Disease Control and Prevention (CDC) data, 1 out of 6 children in the U.S. have a developmental disability or other special healthcare needs impacting their communication abilities. Therefore, rising cases of communication disorders across all age groups are expected to boost demand for speech therapy services through the forecast period.
Segment Analysis
The U.S. speech therapy market size is broadly segmented into disorders, service types and age groups. Adult neurological disorders segment dominates the market currently holding around 40% share owing to rising prevalence of stroke, Parkinson’s disease and traumatic brain injury among others. Among service types, the diagnostic services constitute the largest segment with over 35% share due to mandatory diagnostic procedures before initiating speech therapy sessions. Among age groups, adult population contributes majorly with around 70% share attributed to increasing elderly population suffering from speech and language disorders.
PEST Analysis
Political: The market growth is positively impacted by increasing government funding for healthcare reforms proposing more accessibility of speech therapy services. Economic: Rising disposable incomes and growing healthcare expenditure is fueling the demand for quality speech therapy in the country. Social: Growing cases of developmental, intellectual disabilities and communication disorders among children is propelling parents to opt for speech therapy. Technological: Innovations in assistive communication devices and mobile-based therapy applications are enhancing remote & virtual therapies improving patient convenience.
Key Takeaways
The global U.S. speech therapy market is expected to witness high growth over the forecast period.
Geographically, the Southern region holds the dominant share currently owing to presence of major players and higher patient awareness levels.
Key players operating in the market 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. The market is highly fragmented in nature with large number of regional and local players. Changing reimbursement scenario and shifting focus towards value-based care are likely to boost consolidation activities among players in coming years. Key players are engaged in new product launches and strategic collaborations with hospitals & rehabilitation centers to solidify their presence.