Pune, India, Oct. 10, 2023 (GLOBE NEWSWIRE) -- The US speech therapy market size was valued USD 4.35 billion in 2022 and market is expected to reach USD 6.93 billion by 2030, exhibiting a CAGR of 6.1% over the study period. The expansion can be credited to the favorable policies for reimbursement of language-speech pathology services in the country.
Fortune Business Insights™ provides this information in its research report, titled “US Speech Therapy Market, 2023-2030”.
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Key Industry Development:
June 2022- Ascension Saint Thomas and Kindred Rehabilitation Services unveiled the opening of a new Ascension Saint Thomas rehabilitation hospital in Nashville, US This move helped provide care to people recovering from surgeries, illnesses, chronic medical conditions, and debilitating injuries.
Key Takeaways:
- The American Speech Language Hearing Association reports that around 5% to 10% of the US population experiences some type of communication disorder.
- In 2020, the increase in demand for speech therapy services was amplified by the US government's reimbursement policies for virtual services.
- The National Aphasia Association reported that in 2021, over 2 million adults in the US were afflicted with aphasia.
- The American Speech-Language-Hearing Association states that approximately 100,000 to 180,000 individuals in the United States develop aphasia annually.
Discover the Leading Players Featured in the Report:
Powerback Rehab (US), BenchMark Physical Therapy Institute (US), Reliant Rehabilitation (US), Humanus Corporation (US), Smart Speech Therapy (US), Therapy Solutions Inc. (US), Rehabilitation Associates, Inc. (US), Kindred Healthcare, LLC (US)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 6.1% |
| 2030 Value Projection | USD 6.93 billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 4.59 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 63 |
| Segments covered | By Type and Age |
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https://www.fortunebusinessinsights.com/u-s-speech-therapy-market-105574
Segmentation:
Speech Disorders Segment Leads due to Rising Incidence of Speech Disorders
On the basis of type, the market is divided into language disorders, swallowing disorders, speech disorders, neurological conditions, and others. The speech disorders segment accounted for the largest market share in 2022. The segment’s growth is attributed to the high burden of speech disorders such as apraxia, articulation disorders, aphasia, and others and the increased demand for treatment options.
Pediatrics Segment Dominates due to Favorable Government Initiatives Offering Care across Schools
In terms of age, the market is bifurcated into adults and pediatrics. The pediatrics segment accounted for the largest US speech therapy market share in 2022. The government in the country is taking initiatives to provide care across education facilities and schools. This factor is bolstering segment growth.
By Type
- Speech Disorders
- Language Disorders
- Neurological Conditions
- Swallowing Disorders
- Others
By Age
- Pediatrics
- Adults
Driving factor:
Surging Prevalence of Language and Speech Disorders to Bolster Market Growth
The US speech therapy market growth is driven by the growing incidence of speech and language disorders. The cases of such disorders, including aphasia, stuttering, articulation, and others, are rising. This factor has increased the demand for effective treatment therapy. As per the American Speech-Language-Hearing Association, the US reports around 100,000 to 180,000 cases of aphasia annually.
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Report Coverage:
The US speech therapy market report highlights the competitive strategies devised by prominent market leaders to gain a competitive edge. Other aspects of the report include the driving and restraining factors and the COVID-19 impact on the market growth. It further highlights the key segments and the latest trends in the market.
Competitive Landscape
Major Players Focus on Capacity Expansion Strategies to Reinforce their Market Positions
Leading market players are deploying competitive strategies such as mergers and acquisitions, partnerships, joint ventures, and others to capture the largest market share. Several market players are also focusing on capacity expansion strategies to extend their industry footing and broaden product portfolios.
FAQs
How big is the US Speech Therapy Market?
US Speech Therapy Market size is USD 4.59 billion in 2023.
How fast is the US Speech Therapy Market growing?
The US Speech Therapy Market will exhibit a CAGR of 6.1% during the forecast period, 2023-2030
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