Pune, India, Aug. 09, 2021 (GLOBE NEWSWIRE) -- The U.S. speech therapy market size is set to gain traction from the rising adoption of teletherapy by various medical associations in the country. It has proven to be an effective model for people suffering from aphasia, dysarthria, and articulation disorders. The American Speech-Language-Hearing Association (ASHA), for instance, officially stated in 2020 that speech-language pathologists could gain multiple opportunities for providing care by using teletherapy amid the COVID-19 pandemic. As per a published report by Fortune Business Insights™, titled, “U.S. Speech Therapy Market, 2021-2028,” the market stood at USD 3.94 billion in 2020. It is projected to grow from USD 4.10 billion in 2021 to USD 6.08 billion in 2028 at a CAGR of 5.8% during the forecast period.
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Focus of SLPs on Critically Ill COVID-19 Patients to Affect Growth Negatively
The COVID-19 pandemic resulted in the declining number of referrals to speech-language pathologists (SLP) in the U.S., especially because of lockdown measures imposed by the government. But, the government put forward new norms that compelled speech-language pathologists to offer essential rehabilitation services to COVID-19 positive patients. We provide detailed reports to help you select the best strategy that you can adopt to surge revenues in the U.S. speech therapy industry.
Segments-
Pediatrics Segment Held 71.2% Share in 2020: Fortune Business Insights™
Based on age, the market is bifurcated into adults and pediatrics. Out of these, the pediatrics segment earned 71.2% in terms of the U.S. speech therapy market share in 2020 and remained dominant. The rising initiatives by the government in the country to deliver care across all educational facilities and schools are responsible for this growth.
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Report Coverage-
Our detailed research reports offer comprehensive coverage of this industry, ensuring a deep and holistic understanding of the market. It also provides granular and actionable data. We strive to ensure that you receive the best strategies for increasing the sales of your products. Our key mission is service orientation. We also conduct extensive primary and secondary research to help you track the latest innovations, regulatory developments, and competitive landscape.
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Drivers & Restraints-
Rising Cases of Articulation, Aphasia, and Stuttering to Bolster Growth
The surging prevalence of speech & language disorders, such as stuttering, aphasia, and articulation among the pediatric population, is set to drive the demand for effective treatment therapies and accelerate the U.S. speech therapy market growth. In 2019, for instance, the National Institute on Deafness and Other Communication Disorders declared that children between 3 to 17 years suffering from a speech disorder in the U.S. were 5.0%. These disorders lasted for a longer duration. However, the cost of these therapies is very high. Hence, not many people can afford them, which may obstruct the industry.
Competitive Landscape-
Key Players Focus on Joint Ventures & Partnerships to Compete in Industry
The industry contains a large number of big, small, and medium-sized companies. Most of them are participating in the partnership strategy to add the expertise of prominent players in their range of services. A few others are focusing on forming joint ventures with local companies to develop novel healthcare facilities. This would help them in gaining a competitive edge in this industry. Below are the two important industry developments:
- February 2021: Kindred Healthcare, LLC announced a joint venture with UofL Health to operate and develop an inpatient rehabilitation hospital in Kentucky. It would help people to gain access to high-quality inpatient rehabilitation services.
- November 2020: Diversicare Healthcare Services, Inc. joined hands with Reliant Rehabilitation to offer efficient therapy services to patients. This partnership would also help blend the core strength and expertise of both companies to address the expectations and demands from patients during the new normal era.
A list of renowned companies present in the U.S. speech therapy industry:
- Genesis Rehab Services
- Therapy Solutions Inc.
- Reliant Rehabilitation
- Kindred Healthcare, LLC
- Humanus Corporation
- Smart Speech Therapy
- BenchMark Physical Therapy Institute
- Rehabilitation Associates, Inc.
- Other Players
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Major Table of Content for U.S. Speech Therapy Market:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of Regulatory & Reimbursement Scenario, U.S.
- Recent Key Developments, Mergers, and Acquisitions, Key Players
- Prevalence of Key Indications Leading to Speech Difficulty, U.S., 2020
- Number of Speech Language Pathologists, U.S.
- Impact of COVID-19 on the market
- U.S. Speech Therapy Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Speech Disorders
- Language Disorders
- Neurological Conditions
- Others
- Market Analysis, Insights and Forecast – By Age
- Paediatrics
- Adults
TOC Continued…
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