The demand of speech therapy has been dynamically increasing in the U.S., owing to increasing prevalence of language and speech disorders. The National Institute on Deafness and Other Communication Disorders, a member of the U.S. National Institutes of Health, reported in 2016, around 5% children of age three to 17 years in the U.S. have speech disorder that lasted for a week or longer during the past 12 months. In order to meet this demand several new market players are entering into the speech therapy market to provide speech therapy services. For instance, in May 2021, Expressable, a digital speech therapy startup company which connects patients to speech-language pathologists (SLP) via telehealth services, was launched in the U.S., after raising approximately US$ 4.5 million seed round.
Market Dynamics
Market players are focusing on various inorganic growth strategies such as partnerships and agreements, which is anticipated to augment the market growth over the forecast period. For instance, in July 2018, Mount Sinai Health System (MSHS), a hospital network in New York City, U.S., entered into an exclusive joint venture agreement, with Novotalk, Ltd., a startup company, to commercialize innovative speech and language solutions to address the therapeutic need of patients with speech impairments in the U.S. and Canada.
Moreover, several market players are focusing on expanding their speech therapy offerings by opening new clinics which is expected to propel the market growth over the forecast period. For instance, in February 2017, Judevine Center for Autism, the premier provider of autism services, expanded it offices in order to include for Speech/Language Therapy (ST) and Applied Behavior Analysis (ABA) services in their portfolio.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Key pointers provided are also applicable to other companies covered in the scope of the report.
*Browse 20 market data tables and 54 figures on “Speech Therapy Market” – U.S. Forecast to 2028.
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