U.S. Speech Therapy Market to grow US$ 6.31 Bn by end of 2028, Says Coherent Market Insights

U.S. Speech Therapy Market to grow US$ 6.31 Bn by end of 2028, Says Coherent Market Insights

PR Newswire

SEATTLE, Dec. 16, 2021

SEATTLE, Dec. 16, 2021 /PRNewswire/ -- According to Coherent Market Insights, The U.S. speech therapy market is estimated to account for US$ 6.31 Bn in terms of value by the end of 2028. 

Coherent Market Insights

There are many different ways that a speech therapist can help patients. One of these is through a one-on-one consultation. During speech therapy, a speech therapist often uses a variety of oral exercises to help a child build their vocabulary. This allows them to better understand how to pronounce words. Speech therapy can help a child develop pragmatic language skills, which are crucial for interacting with others. Some children have multiple facets of their speech and need special care to improve them. Some adults may also require speech therapy after having a stroke or surgery. A speech therapist may also introduce them to different types of foods to develop their sense of taste and smell. As a result, speech therapy can be a vital component of a child's growth and development. It can improve their ability to communicate with others and improve their self-esteem.

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Market Drivers:

The rise in the aging population in the U.S. is driving growth of the U.S. speech therapy market. According to annual midyear population estimates from the U.S. Census Bureau, the United Nations predicts that 1 out of every 6 people will be over the age of 65 by 2050. In the U.S., it's expected to be more than 1 in 5. About 16% of the U.S. population was 65 years old or older in 2018. 

Growing neurological disorders are increasing the prevalence of speech-related problems. According to the Federal Interagency Forum on Aging-Related Statistics, twenty million Americans experience some form of neuropathy, and 16% of U.S. households contain an individual with brain impairment. 35.8% of persons aged 85 years and older have moderate or severe memory impairment. Annually, of the 1.2 million most frequently diagnosed adult-onset brain disorders, 51.3%, and 21% are due to stroke and Alzheimer's disease, respectively.

Market Opportunities:

Medical advancement in speech-related treatment is expected to provide lucrative growth opportunities to the market. For instance, in May 2021, Expressable has launched has raised a new $4.5 million seed round for serving the approximately five million children in the United States that have a communication disorder. The therapy is done live via Zoom for Healthcare with licensed professionals that Expresssable employs full-time. Similarly, in March 2021, Apple Music launches 'saylists' to aid speech therapy. A new music-led initiative uses a custom algorithm to uncover songs that can help children with speech sound disorders.

Growing demand for speech therapy service from elementary and secondary school for special education students. According to the National Institute on Deafness and Other Communication, nearly 1 in 12 (7.7 percent) U.S. children ages 3-17 have had a disorder related to voice, speech, language, or swallowing in the past 12 months. Among children who have a voice, speech, language, or swallowing disorder, 34 percent of those ages 3-10 have multiple communication or swallowing disorders, while 25.4 percent of those ages 11-17 have multiple disorders. 5 percent of U.S. children ages 3-17 have a speech disorder that lasted for a week or longer during the past 12 months. 

Market Trends:

Increasing spending in the healthcare sector for improving patient care is one of the trends that have been seen in the market. According to the U.S. Centers for Medicare & Medicaid Services, U.S. health care spending grew 4.6 percent in 2019, reaching $3.8 trillion or $11,582 per person. As a share of the nation's Gross Domestic Product, health spending accounted for 17.7 percent.

Growing awareness regarding speech disorders and increasing the focus of healthcare professionals to improve speech disorder treatment will favor the growth of the market. 

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Competitive Landscape:

Glenda Browne Speech Pathology, Therapy Solutions Inc., Smart Speech Therapy LLC, Benchmark Therapies, Inc., Talk Speech and Language Therapy Ltd, Speech Plus and Others.

Market segmentation:

By Age Group

By Indication

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