Report Overview

United States Speech Therapy Market is flourishing owing to the rising geriatric populations, increasing prevalence of speech disorders, and a growing number of infants affected by neurological disorders, and speech-related disorders.

United States Speech Therapy Market - Industry Trends & Forecast Report 2028

United States Speech Therapy Market was worth USD 3.84 billion in 2021 and is further projected to reach USD 6.35 billion by the year 2028, exhibiting a CAGR of 7.5% during the forecast period (2022-2028). The rapid expansion of the market is predominantly due to the senior population being intimately linked to speech disorders and hearing loss, therefore an increase in the elderly population fuels the market for speech pathology services. The market value of speech pathology services is also attributed to the number of newborns with neurological problems and motor speech-related impairments rising. Additionally, the early identification and treatment of infant hearing problems spur the market for speech therapy within the anticipated time frame. The development of advanced healthcare facilities in industrialized regions of the U.S. supports the expansion of the market.

Brake Pad - Overview

Patients who experience speech or communication-related difficulties receive speech therapy. The diagnosis and treatment of problems of speech and language, fluency, apraxia, dysarthria, cognitive-communicative disorder, and swallowing and feeding disorder, among others, are all covered by speech pathology services. The speech pathologist treats patients with speech impairments by using speech pathology services such as drills, audiometers, speech trainer equipment, etc. In children and the elderly, speech impairments are typically prevalent.

United States Speech Therapy Market Forecast and Trends

Growth Drivers

Growing Aging Population

The U.S. speech therapy industry is expanding due to the prevalence of speech-related issues is rising as neurological illnesses become more prevalent. The Federal Interagency Forum on Aging-Related Statistics estimates that 20 million Americans have some degree of neuropathy and that 16% of households in the country have a member who has a mental disability. Moderate or severe memory impairment affects 35.8% of people aged 85 and older. The two most common adult-onset brain illnesses, stroke, and Alzheimer's disease account for 51.3 percent and 21%, respectively, of the 1.2 million diagnoses per year. By 2050, 1 in 6 individuals will be over the age of 65, according to United Nations predictions based on midyear population estimates from the U.S. Census Bureau. It is anticipated to be higher than 1 in 5 in the United States. In 2018, approximately 16% of Americans were 65 years of age or older. Thus, increasing the country's aging population supports market growth.

Medical Advancements

The industry is anticipated to benefit from lucrative growth possibilities due to medical advancements in speech-related treatments. For instance, Expressable began in May 2021 and just secured a $4.5 million seed round to support the nearly five million youngsters in the US who suffer from communication issues. Expresssable's full-time employees who are licensed therapists conduct the therapy in real time using Zoom for Healthcare. Similar to this, Apple Music will introduce "saylists" in March 2021 to help with speech therapy. Using a unique algorithm, a new music-driven project finds tunes that can benefit kids with speech sound abnormalities. All these factors boost the growth of the United States Speech Therapy Market during the forecast period (2022-2028).

Rising Swallowing Disorders

Growing demand for speech therapy services from special education children in elementary and secondary schools. The National Institute on Deafness and Other Communication estimates that 7.7% of American children aged 3 to 17 had a voice, speech, language, or swallowing issue in the previous year. 34 percent of children aged 3 to 10 who have a voice, speech, language, or swallowing impairment also have additional communication or swallowing disorders, while 25.4% of children aged 11 to 17 have multiple abnormalities. In the United States, 5% of kids between the ages of 3 and 17 have had a speech issue for at least a week in the previous year.

Growing Geriatric Population

The senior population, who are prone to such issues, is strongly linked to hearing loss and speech disorders. Therefore, during the analysis, from 2022 to 2028, it is predicted that growth in the geriatric population base is expected to have a direct beneficial impact on the development of the nationwide speech pathology services market. Additionally, a variety of neurological conditions and abnormalities connected to motor and speech development impact young children. Throughout the analysis, it is predicted that the growing number of newborns with certain speech-related impairments is expected to benefit the United States Speech Therapy Market.

Restraints

High Cost and Lack of Speech Therapists

The high cost of speech therapy services is expected to stifle growth in the US Speech Therapy Market during the forecast period (2022-2028). For example, in 2021, average speech therapy session prices range from $100 to $250. Furthermore, a shortage of speech therapists has been observed in the United States, which is expected to restrain market growth over the forecast period.

Impact of COVID-19 on United States Speech Therapy Market

The COVID-19 pandemic-induced lockdown and economic crisis have affected several original equipment manufacturers. Many suppliers experienced substantial resource constraints in their material supply and logistics chains throughout the year, which had a notable negative impact on their operations. Furthermore, supply chain disruptions have a significant impact on the United States Speech Therapy Market. According to a Health Leaders article, speech-language pathologists were effective at helping severely ill COVID-19 patients recover from the harm done by mechanical ventilators, which included impairment to the vocal cords and muscles. The shift of speech-language pathologists toward telemedicine services to meet patient requirements during the epidemic further offset this. The demand for these services increased in 2020 as a result of this and U.S. government reimbursement regulations for telehealth services.  

United States Speech Therapy Market - By Age Group

Based on the age group, the United States Speech Therapy Market is segmented into Children (0-17), Young Adults (18-25), Adults (26-64), and Elders (65 and Above). Among these, elders comprising the 65 and above segment account for the largest share in the United States Speech Therapy Market. According to the Alzheimer's Association, Alzheimer's disease is the sixth leading cause of death in the United States, and it is more common in people over the age of 65. This figure is expected to skyrocket in the coming years, as the population of Americans 65 and older is expected to grow from 55 million in 2019 to 88 million by 2050. Furthermore, the percentage of people with Alzheimer's dementia increases with age, with 3% of people aged 65-74, 17% of people aged 75-84, and 32% of people aged 85 and older suffering from the disease. Furthermore, the government is spending a significant amount of money to support the research and development process for neurodegenerative diseases

United States Speech Therapy Market – By Indication

Based on indication, the United States Speech Therapy Market is segmented into Speech Disorders, Language Disorders, Apraxia, Autism Spectrum Disorder (ASD), and Others. Among these, the speech disorder segment holds the largest market share. This is explained by the fact that there is a sizable patient population with speech difficulties and that a larger percentage of these patients receive voice therapy in the United States. Due to the rising number of patients experiencing speech and swallowing difficulties as a result of neurological illnesses, such as dementia, stroke, etc., the neurological conditions market is predicted to grow at a substantial CAGR.

United States Speech Therapy Market - By End-User

Based on end-user, the United States Speech Therapy Market is segmented into Hospitals, Clinics, Rehabilitation centres, and Others. The hospital segment now has the biggest market share and is likely to continue to do so during the forecast period (2022-2028). The rise in the elderly population and the occurrence of cognitive disorders in infants has increased the demand for speech therapy services in hospitals. End-user demand for speech therapy hospital services will rise shortly. As the number of speech therapy centers in developing countries grows, so will the market for speech pathology services. Language-related disorders, such as auditory processing disorders, are becoming more common in the elderly population. It can be treated with an audiometer made by a variety of companies.

Competitive Landscape

The leading market players in the United States Speech Therapy Market are The Hello Foundation, Team Work Therapies, Smart Speech Therapy, LA Speech Therapy, Easy Speech Therapy, Kindred Healthcare, Reliant Rehabilitation, Genesis Rehab Services, and Speech Therapy Solutions, and other prominent players.

The United States Speech Therapy Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.

Recent Development

• In February 2021, Kindred Healthcare, LLC and UofL Health entered into a joint venture to build and operate an inpatient rehabilitation hospital in Louisville, Kentucky.  

Scope of the Report

By Age Group

• Children (0-17)
• Young Adults (18-25)
• Adults (26-64)
• Elders (65 and Above)

By Indication

• Speech Disorders
• Language Disorders
• Apraxia
• Autism Spectrum Disorder (ASD)
• Others

By End-User

• Hospitals
• Clinics
• Rehabilitation Centre
• Others