The market for speech therapy is anticipated to grow at a CAGR of 5.4% from an estimated USD 0.96 billion in 2020 to USD 1.23 billion by 2025. The rising frequency of communication impairments, technological advancements in speech therapy, and government initiatives to encourage speech therapy are the main factors driving the market. As the incidence of premature births, low-birth-weight infants, and genetic diseases rises, so does the prevalence of communication difficulties. Additionally, the prevalence of dementia, Parkinson’s disease, and Alzheimer’s disease is rising, which is anticipated to fuel the market for speech therapy. The use of mobile applications and virtual reality in speech therapy are examples of technical advancements in speech therapy, as are the creation of new treatment modalities like augmentative and alternative communication (AAC). The market for speech therapy is anticipated to expand as a result of these developments. The National Institutes of Health (NIH) launched the National Institute on Deafness and Other Communication Disorders (NIDCD) and the National Institute on Minority Health and Health Disparities as government programmes to promote speech therapy (NIMHD). Between 2019 and 2025, the US speech therapy market is anticipated to expand at a CAGR of over 6%.
Treatment for communication difficulties and associated issues is provided by speech therapy. Problems with the production or reception of spoken or written language are evaluated, diagnosed, and treated. The basic objective of speech therapy is to enhance a person’s capacity for successful communication.
|US Speech Therapy Market Report Scope and Segmentation|
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A variety of communication impairments can be treated with speech therapy, including:
Articulation problems: issues making certain sounds
Fluency disorders: difficulties with speech flow, such as stuttering
Voice disorders refer to issues with voice quality or pitch. Receptive disorders refer to issues with interpreting spoken or written language. Expressive disorders refer to issues with expressing thoughts and ideas.
Speech-language pathologists (SLPs) can offer speech treatment in a range of places, such as schools, hospitals, clinics, and private practises.
The rising incidence of communication impairments, the rise in the number of senior citizens, and the expansion of insurance coverage are the main drivers of the US speech therapy market. The market’s expansion is being held back by the high price of speech therapy and the scarcity of qualified staff.
The categories of articulation problems, fluency disorders, voice disorders, receptive disorders, and expressive disorders make up the US speech therapy industry.
During the projection period, articulation problems are anticipated to rise at the highest CAGR. Disorders of articulation affect the ability to make certain sounds. Misarticulation, or the substitution, distortion, or deletion of sounds, is the most prevalent articulation disease.
Speech flow disturbances are a hallmark of fluency problems. Stuttering, which is characterised by repetitions, prolongations, and blocks in speech, is the most prevalent fluency disorder.
Opportunities in the US market for speech therapy
Between 2019 and 2024, the speech therapy market in the US is anticipated to expand at a CAGR of more than 4%. The market is primarily driven by the increased prevalence of communication problems, an ageing population, and a favourable reimbursement environment.
The National Institute on Deafness and Other Communication Disorders (NIDCD) estimates that around 21 million people in the US, or 7% of the population over the age of 18, suffer from a communication disability. 2 million of these individuals have a speech disorder.
According to the NIDCD, approximately 1.4 million children, or 3% of children aged 3 to 17 years, have a speech issue. Around 15% of Americans over the age of 18 have hearing loss, the most prevalent type of communication problem.
In the nation, the elderly population is likewise expanding quickly. By 2060, there will be 98 million people over the age of 65, up from 48 million in 2018, according to the US Census Bureau. The need for speech therapy services is anticipated to increase as a result of the fact that ageing increases the chance of having communication impairments.
The American reimbursement environment is also favourable for the expansion of the speech therapy business. Speech therapy treatments are covered by Medicare, the federal health insurance programme for the elderly and disabled.
Services for speech therapy are also covered by private insurance providers. However, there may be differences in coverage between insurers. Additionally, some insurers have agreements with particular speech therapy service providers.
There are many small and medium-sized businesses in the American speech therapy market, which is highly fragmented. Easterseals, Inc., National Rehabilitation Hospital, and The Speech and Hearing Center, Inc. are a few of the major competitors in the sector.
Restraints on the US Speech Therapy Market
Throughout the projected period of 2020–2025, the US speech therapy market is anticipated to expand at a CAGR of about 5.5%.
The high cost of treatment, a lack of knowledge, and a shortage of qualified therapists are the main factors limiting the growth of the US speech therapy market.
The price of speech therapy can vary based on the kind of therapy, how long it lasts, and where it is provided. The average price of speech treatment in the US is $120 per hour. For specialised therapies, the price may rise to $200 per hour or more.
Another significant barrier impeding the expansion of the US speech treatment business is the general lack of knowledge regarding speech disorders. Only 50% of people with speech difficulties seek therapy, according to the National Institute on Deafness and Other Communication Disorders (NIDCD).
Another significant factor limiting the expansion of the US speech therapy business is a lack of qualified therapists. There is a dearth of speech-language pathologists in the United States, claims the American Speech-Language-Hearing Association (ASHA). By 2025, the ASHA predicts that there will be a shortage of speech-language pathologists.
Key Trends in the US Speech Therapy Market
Due to the rising incidence of communication impairments and increased public knowledge of speech therapy’s advantages, the speech therapy industry in the United States is expanding quickly. The industry is also fueled by the rising number of speech therapy clinics and insurance policies that include the service.
The speech therapy market in the US is divided into types, end users, and geographic regions.
Articulation treatment, fluency therapy, voice therapy, and other sorts of therapy are the different types of therapy that make up the market. Fluency therapy is the second-largest market sector after articulation therapy.
The market is divided into hospitals, rehabilitation facilities, at-home healthcare, and other end-users. The largest end-user of speech therapy services is a hospital, followed by a rehabilitation facility.
The speech therapy market in the US is divided into five geographic regions: North America, South America, Europe, Asia-Pacific, and the Middle East and Africa. The biggest market for speech therapy is in North America, followed by Europe.
The rising prevalence of communication impairments, rising public knowledge of speech therapy’s advantages, the rising number of insurance plans that cover speech therapy, and the rising number of speech therapy clinics are the main factors driving the market for speech therapy in the United States.
The lack of knowledge of speech therapy, the high expense of speech treatment, and the shortage of qualified speech therapists are the main barriers to the market for speech therapy in the United States.
The development of new speech treatment technology and the expansion of the telehealth industry are the two main market potentials for speech therapy in the United States.
The absence of funding for speech therapy and the competition from other therapies for communication disorders pose the biggest hurdles to the market for speech therapy in the US.
Drivers of the US Speech Therapy Market
In the United States, the area of speech therapy is expanding. According to the US Bureau of Labor Statistics, the number of speech-language pathologists (SLPs) is anticipated to increase by 21% between 2014 and 2024. The population is ageing, there are more persons with disabilities, and there is more awareness of speech and language difficulties, which all contribute to this trend.
The main factor driving the market for speech therapy is the ageing population. People are more likely to require speech therapy as they age if they want to speak properly. Dementia, Parkinson’s disease, and other illnesses that might impact speech and language can all benefit from speech therapy.
People with disabilities are becoming more prevalent. Employers are required to make reasonable accommodations for employees with disabilities under the Americans with Disabilities Act (ADA). This involves ensuring that staff members who struggle with speech or language have the chance to engage at work. Speech therapy services are becoming increasingly necessary as the population of people with disabilities rises.
The public is becoming more aware of speech and language difficulties. This is partly because more diagnoses of disorders like autism and attention deficit hyperactivity disorder (ADHD) are being madetism and attention deficit hyperactivity disorder (ADHD) are being made. They are more likely to seek speech therapy services when these illnesses are detected in more people.
A growing number of persons with impairments, an ageing population, and more awareness of speech and language difficulties are all factors that are driving the demand for speech therapy. The speech treatment market in the US is anticipated to expand as a result of these factors.
Impact of the US Speech Therapy Market, COVID-19
The US speech therapy market has been significantly impacted by the COVID-19 pandemic outbreak. As a result of the virus’s inability to leave the house, fewer people are now seeking treatment for speech difficulties. Additionally, the pandemic has compelled some speech therapists to shut down their operations.
The speech therapy businesses’ revenue has suffered as a result of the reduction in the number of patients seeking care. Additionally, a lack of speech therapists is present in the market due to the closure of numerous offices. As a result, speech therapy services are now more expensive.
The US speech therapy market is anticipated to experience long-term effects from the COVID-19 outbreak. The number of patients seeking therapy for speech difficulties is probably going to go down permanently as a result of the virus. A scarcity of speech therapists is also likely to result from the closure of numerous practises. As a result, future price increases for speech therapy services are anticipated.
Key Industry Developments in the US Speech Therapy Market
During the forecast period, the US speech therapy market is anticipated to expand at a CAGR of 6.7%. (2019-2024). The growing elderly population, the frequency of neurological illnesses, and public awareness of the advantages of speech therapy are the main drivers propelling the growth of the US speech therapy market.
By 2060, there will be 98 million people who are 65 years of age or older, up from 48 million in 2016. The number of persons suffering from age-related neurological illnesses, including Alzheimer’s disease and Parkinson’s disease, is anticipated to climb as the senior population grows. By 2060, there will be three times as many people with Alzheimer’s disease, according to the Alzheimer’s Association. The expansion of the US speech therapy market is anticipated to be fueled by the rise in the number of people who have neurological problems.
The general public is becoming more aware of the advantages of speech therapy. Speech therapy is used to correct speech abnormalities as well as to help people with learning challenges like dyslexia communicate more effectively. The US speech treatment industry is anticipated to develop as more people become aware of the advantages of speech therapy.United States Speech Therapy Market Outlook
The US speech therapy market is anticipated to grow at a CAGR of 6.5% from 2020 to 2025, from USD 2.21 billion to USD 3.05 billion. The two main reasons propelling the growth of this market are the rising prevalence of chronic diseases and the growing geriatric population.
The COVID-19 pandemic is estimated to have a favourable effect on the expansion of the US speech therapy industry in 2020 as a result of an anticipated rise in demand for speech therapy services during the pandemic. Due to the rise in respiratory illnesses like COVID-19 during the pandemic, the number of patients in need of speech therapy is anticipated to rise. In the upcoming months, more patients are anticipated to have COVID-19, which is anticipated to fuel the expansion of the US speech therapy market.
Type, application, end user, and location are the segments used to break down the US speech therapy market. The market is divided into speech therapy services and speech therapy goods according to type. The market for speech therapy services is further divided into three categories: inpatient, outpatient, and home healthcare. The section on speech therapy goods is further divided into speech therapy software, cognitive aids, and augmentative and alternative communication devices.
The US speech therapy market is divided into stroke, Parkinson’s disease, ALS, cerebral palsy, autism spectrum disorder, and other conditions depending on the application. During the forecast period, the stroke sector is anticipated to increase at the greatest CAGR. The incidence of stroke is predicted to rise, which will fuel this market’s expansion.
The market is divided into hospitals, rehabilitation facilities, at-home healthcare, and other end users. During the projection period, the hospital sector is anticipated to increase at the greatest CAGR. The two main drivers driving the growth of this market are the rise in hospitals and the number of patients needing speech therapy.
The Northeast, the Midwest, the South, and the West are the four geographic divisions of the US speech therapy market. During the forecast period, the Northeast area is anticipated to develop at the greatest CAGR.