April 14, 2024

U.S. SPEECH THERAPY Market is Estimated to Witness High Growth Owing to Advancement in Neurorehabilitation Techniques

Speech therapy is the treatment of communication and swallowing disorders. It involves various techniques to treat issues related to articulation of sounds, fluency, voice and resonance of speech. The increasing cases of neurological conditions such as stroke, Parkinson’s disease, traumatic brain injury and autism are generating significant demand for speech therapy services in the country. Speech therapy utilizes neurorehabilitation techniques like neuromuscular electrical stimulation, transcranial direct current stimulation and virtual reality which enhances the recovery process and improves speech functions.

The Global 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 from 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. The market presents ample opportunities for service providers to leverage technologies like telehealth and focus on early diagnosis and intervention. Advancements such as non-invasive brain stimulation devices, implanted brain-computer interfaces and virtual assistants are further fueling the growth of the market.

Market drivers

The rising prevalence of communication and swallowing disorders across different age groups is a major market driver. With increasing life expectancy in the US, the incidence of neurological disorders has risen significantly. According to estimates, over 6.5 million Americans suffer from aphasia due to conditions such as stroke, traumatic brain injury etc. This wide patient pool needing rehabilitation and management of speech and swallowing issues contributes to the growing demand for speech therapy services in the country.

Current challenges in the U.S. SPEECH THERAPY Market:
– Shortage of speech therapists. There is a shortage of speech and language pathologists across the country resulting in long wait times for patients to receive therapy and assessment. With more and more clients needing services, there are not enough therapists available to meet the growing demand.
– Higher costs of therapy. Although insurance coverage has improved access, out-of-pocket costs for speech therapy remain high for many families. The cost of private therapy or traveling long distances for specialized treatment can be prohibitive.
– Lack of awareness. Many people are still unaware of the types of communication disorders that can be treated with speech therapy. Creating more public awareness of speech therapy and the conditions it addresses is needed.

SWOT Analysis
Strength: Speech therapy can help improve communication skills across all ages from young children to seniors. Addressing speech issues early leads to better outcomes.
Weakness: Reimbursement policies make it difficult for clinics in rural areas to be financially sustainable. Shortage of providers impacts timely access to care.
Opportunity: With an aging population, there is growth in markets like stroke rehabilitation and dysphagia management. Technology solutions can expand reach through telepractice.
Threats: Budget pressures may lead payers to further limit coverage. Consolidation among hospitals and clinics impacts pricing power of independent providers.

The geographical region where the U.S. SPEECH THERAPY market in terms of value is most concentrated is the Southern region of the United States. States like Texas, Florida, North Carolina and Georgia have amongst the highest number of patients seeking speech therapy services due to large and growing populations.

The Western region of the United States represents the fastest growing market for speech therapy within the country over the forecast period from 2024 to 2031. States like California, Washington and Colorado are expected to see double digit annual growth in the number of patients as awareness increases about conditions like childhood apraxia of speech. Rising immigration is also contributing to the growing diversity of needs within this region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it