July 21, 2024

The growing need for speech therapy in the U.S drives the U.S. SPEECH THERAPY Market

Speech therapy provides specialized treatment techniques associated with speech disorders, language disorders, social communication disorders, and voice disorders. Speech therapy aims to treat problems with communication and swallowing through specific exercises, techniques, and strategies targeting the improvement of speech and language skills. Speech therapy is used to treat conditions like stuttering, delayed speech development, articulation problems, voice disorders, dysphagia, and others. With the growing prevalence of communication disorders in the U.S., speech therapy has emerged as an important treatment option. According to statistics, around 2 million people receive speech therapy in the U.S. every year to address various speech, language, communication, and swallowing disorders. Speech therapy delivers long-lasting benefits and significantly improves the quality of life for those suffering from communication difficulties. The global U.S. SPEECH THERAPY Market is estimated to be valued at US$ 4.83 Bn in 2024 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 key trends:

One of the major trends in the U.S. speech therapy market size is the rising adoption of telepractice. Due to the Covid-19 pandemic, there is an increased demand for virtual speech therapy sessions owing to social distancing measures and restrictions on in-person interactions. Telepractice allows speech therapists to effectively evaluate, assess, and provide treatment and therapy to patients remotely through video conferencing tools and digital platforms. This has significantly improved access and convenience for both patients and providers. Growing evidence of its effectiveness is further propelling the adoption of telepractice in the speech therapy field. Another key trend is the utilization of mobile apps for speech therapy. Various apps offer evidence-based speech therapy exercises, assessments, and educational games to improve communication skills at home in a self-guided manner. This provides an engaging and accessible alternative to clinic-based sessions. Mobile apps complement in-person therapy and support ongoing practice between sessions. Their widespread use will continue to enhance the scope and reach of speech therapy in the country.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the U.S. speech therapy market due to low brand loyalty and high capital requirements for setting up facilities.

Bargaining power of buyers: The bargaining power of buyers is high as speech therapy services are available from multiple providers. Buyers can negotiate on price and switch between providers easily.

Bargaining power of suppliers: As there are many colleges and universities providing speech therapy courses, the bargaining power of suppliers is low.

Threat of new substitutes: There are limited substitutes for speech therapy services. Other allied health services like physical therapy act as substitutes to some extent.

Competitive rivalry: The competitive rivalry in the U.S. speech therapy market is high due to the presence of many regional and local players.

Key Takeaways
The global U.S. speech therapy market is expected to witness high growth. Growth in this market is attributed to increasing incidence of communication and swallowing disorders. The South region is currently dominating the market owing to better penetration of speech therapy services.

Regional analysis: By region, the South region currently dominates the U.S. speech therapy market due to higher patient awareness levels and availability of advanced healthcare facilities. States like Texas and Florida have a large number of speech therapy clinics. The West region is also growing at a significant rate with states like California emerging as major hubs.

Key players: Key players operating in the U.S. speech therapy 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. Most key players focus on development of innovative products and service offerings to cater to unmet needs.

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