US Speech Therapy Market Research Report: Information By Type (Speech Disorders, Language Disorders, Neurological Conditions, Swallowing Disorders, and Others), By Age (Pediatrics and Adults), - Market Forecast Till 2032

US Speech Therapy Market Overview

US Speech Therapy Market Size was valued at USD 4.6 Billion in 2022. The speech therapy market industry is projected to grow from USD 4.9 Billion in 2023 to USD 8.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.60% during the forecast period (2023 - 2032). The growing number of infants with neurological problems and speech-related illnesses, as well as the aging population and increased prevalence of speech disorders, are all contributing market drivers to the burgeoning speech therapy market in the US.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Speech Therapy Market Trends

• Growing number of elderly people with Alzheimer's disease to boost the market growth

The growing incidence of neurological disorders and speech-related problems is driving growth in the U.S. speech treatment market. According to the Federal Interagency Forum on Aging-Related Statistics, 16% of American families include a member with a mental handicap, and 20 million Americans suffer from neuropathy to some extent. Of those 85 years of age and older, 35.8% suffer from moderate to severe memory loss. Of the 1.2 million diagnoses made each year, the two most prevalent adult-onset brain disorders are stroke and Alzheimer's disease, with 51.3% and 21% of cases, respectively. In addition, the market expansion is anticipated to be fueled by expanding government spending and research and development into neurogenerative illnesses like Alzheimer's. By 2060, it is anticipated that this number would rise to 13.8 persons. According to the Alzheimer's Association's March 2021 study, the nation's expenses related to Alzheimer's and other dementias came to about USD 355 billion in 2021. Furthermore, it is anticipated that this sum will increase to more than USD 1.1 trillion by 2050. As people age, their likelihood of developing Alzheimer's dementia rises. Alzheimer's dementia affects roughly 3% of persons 65 to 74, 17% of those 75 to 84, and 32% of those 85 and above. As a result, it is anticipated that the growing number of elderly people with Alzheimer's disease will drive market expansion.

There's a growing need for effective treatment therapy due to the rising number of Americans with speech and language impairments include stuttering, aphasia, and articulation problems. In the US, over 2 million adults had aphasia in 2021, according to the National Aphasia Association. An estimated 100,000 to 180,000 Americans develop aphasia annually, according to the American Speech-Language-Hearing Association. Moreover, studies indicate that a greater proportion of individuals with neurological illnesses, like Parkinson's disease and stroke, also experience speech and vocal abnormalities, which can affect a patient's quality of life if left untreated. For instance, according to a 2022 study by the Parkinson's Foundation, the number of Americans receiving a Parkinson's disease diagnosis each year is close to 90,000, a 50% rise over the previous projected rate of 60,000 diagnoses yearly. The demand for these therapies is increasing in the US owing to the rising prevalence of speech problems and the country's advantageous payment regulations for speech-language pathology services. Over the course of the forecast period, these factors are anticipated to drive the expansion of the speech therapy market in the US. Thus, driving the speech therapy market revenue.

Speech Therapy Market Segment Insights

Speech Therapy Type Insights

The US Speech Therapy market segmentation, based on type includes Speech Disorders, Language Disorders, Neurological Conditions, Swallowing Disorders, and Others. The speech disorders segment dominated the market mostly due to the rising incidence of various speech impairments, such as articulation difficulties, apraxia, and aphasia. As a result, there are more patients in the US, which raises demand for the range of treatment alternatives that are accessible.

Speech Therapy Age Insights

The US Speech Therapy market segmentation, based on age, includes Pediatrics and Adults. The pediatrics category generated the most income. The prevalence of speech-language and swallowing difficulties in children is rising, and the government is taking more and more steps to provide care in all American schools and educational facilities, which is why the dominance is occurring. As a result, more children are being diagnosed as needing this therapy, which is driving up demand for and use of the program. For instance, the National Institute on Deafness and Other Communication Disorders in the United States (2016) reports that in the previous year, approximately 1 in 12 (7.7%) American children aged 3 to 17 experienced a voice, speech, language, or swallowing impairment.

Figure 1: US Speech Therapy Market, by Age, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Speech Therapy Country Insights

Over the course of the forecast period, US is anticipated to hold a sizable share of the market. The market share is anticipated to increase due to factors including the growing senior population, the prevalence of Alzheimer's disease and its reimbursement policies, and the rise in newborn screening tests. About 6.2 million Americans 65 years of age and older have dementia associated to Alzheimer's disease, according to the Alzheimer's Association's March 2021 study. By 2060, it is anticipated that this number would rise to 13.8 persons. As a result, the growing incidence of Alzheimer's in the area is probably going to spur market expansion. Early detection initiatives and the favorable reimbursement climate in the area should accelerate the market's expansion in US. Moreover, the region's market is expected to grow at a faster rate if screening programs and reimbursement for speech impairments are expanded. Additionally, the major advancements made by industry participants should further boost the market's expansion in the area. A new USD 4.5 million seed round was raised, for example, by the US-based digital voice treatment startup Expressable in May 2021. Serving the five million or more youngsters in the US who suffer from communication disorders is the primary goal of this early-stage startup enterprise.

Speech Therapy Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the speech therapy market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, speech therapy industry must offer cost-effective items.

Major players in the speech therapy market are attempting to increase market demand by investing in research and development operations includes Kindred Healthcare, LLC (U.S.), Powerback Rehab (U.S.), BenchMark Physical Therapy Institute (U.S.), Reliant Rehabilitation (U.S.), Humanus Corporation (U.S.), Smart Speech Therapy (U.S.), Therapy Solutions Inc. (U.S.), and Rehabilitation Associates, Inc. (U.S.).

Key Companies in the speech therapy market include

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  Kindred Healthcare, LLC (U.S.)

  
  


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  Powerback Rehab (U.S.)

  
  


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  BenchMark Physical Therapy Institute (U.S.)

  
  


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  Reliant Rehabilitation (U.S.)

  
  


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  Humanus Corporation (U.S.)

  
  


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  Smart Speech Therapy (U.S.)

  
  


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  Therapy Solutions Inc. (U.S.)

  
  


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  Rehabilitation Associates, Inc. (U.S.)

  
  

Speech Therapy Industry Developments

May 2022:In order to offer physical therapy services, including manual therapy, injury prevention, and speech therapy, BenchMark Physical Therapy Institute established an outpatient clinic in Indian Springs Village, Alabama.

February 2021:A joint venture was formed by Kindred Healthcare, LLC and UofL Health to construct and run an inpatient rehabilitation facility in Louisville, Kentucky.

Speech Therapy Market Segmentation

Speech Therapy Type Outlook

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  Speech Disorders

  
  


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  Language Disorders

  
  


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  Neurological Conditions

  
  


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  Swallowing Disorders

  
  


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  Others

  
  

Speech Therapy Age Outlook

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  Pediatrics

  
  


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  Adults