U.S. SPEECH THERAPY MARKET ANALYSIS

Speech therapy is the treatment of cognitive-linguistic skills, voice production, swallowing function, speech/language production, and/or general communication abilities that have been impaired as a result of a disease, injury, developmental delay, or surgical procedure.

The purpose of speech therapy is to provide necessary services such as speech therapy for the diagnosis and treatment of disabilities or changes in speech/language production, general communication deficits, impairments, voice production, functional limitations, swallowing function, cognitive-linguistic skills, and compensatory communication abilities. Speech therapy is medically necessary to help restore functional speech, swallowing and other functions following the onset of their impairment

U.S. Speech Therapy Market - Impact of the Coronavirus (COVID-19) Pandemic

Coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19 as pandemic on March 11, 2020. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 277.9 million cases and 4.68 million deaths due to coronavirus (COVID-19) were reported till September 19, 2021, across the globe. According to the same source over 87.8 million cases and 2.1 million deaths due to coronavirus (COVID-19) were reported in the America region till September 19, 2021

Impact of COVID-19 on Demand and Supply of Speech Therapy

The COVID-19 pandemic and lockdown in various countries across the globe have impacted the financial status of businesses across all sectors including private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry mainly due to strict lockdown in several regions. The COVID-19 pandemic has affected the economy of various regions across the globe in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets. Several countries such as Thailand, Indonesia, and Singapore are facing problems with regards to transportation and distribution of healthcare products.

However, market players operating in speech therapy market have come up with various solutions such as online speech therapy in order to ensure a steady growth in the U.S. speech therapy market even during COVID-19 pandemic. For instance, in July 2020, Great Speech, Inc., a pioneer in the online speech therapy space, entered into a partnership with Ignyte Healthcare Strategies LLC, a company which specializes in diverse Telehealth / eHealth technologies, to increase consumer access to virtual speech therapy services.

The U.S. speech therapy market is estimated to be valued at US$ 4.35 Bn in 2021, and is expected to exhibit a CAGR of 5.4% over the forecast period (2021-2028).

Figure 1: U.S. Speech Therapy Market Share (%) Analysis, By Age Group, 2021

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The increasing prevalence of speech disorders is the major factor that is expected to drive growth of the U.S. speech therapy market over the forecast period.

The increasing prevalence of speech disorders is expected to drive growth of the U.S. speech therapy market. For instance, the National Institute on Deafness and Other Communication Disorders, a member of the U.S. National Institutes of Health, reported in 2016 that around 7.6% U.S. adults aged 18 or older (17.9 million) had a problem with their voice in the past 12 months and approximately 9.4 million (4.0%) adults had a problem in using their voice which lasted one week or longer during the last 12 months.

Increasing Investments by Private Equity Firms

Several private equity firms are investing in companies which focus on providing specializes in providing speech therapy, occupational therapy, and mental health services, which is expected to provide lucrative growth opportunities for players operating in the U.S. speech therapy market. For instance, in November 2020, New Capital Partners (NCP), a private equity firm, and OSF Ventures (OSF), part of the OSF Health System, announced their investment in DotCom Therapy, Inc (DotCom Therapy), a virtual behavioral health solution serving children and adults across the U.S. Dotcom Therapy provides a network of therapists and a proprietary platform to deliver speech therapy, occupational therapy, therapy for Autism Spectrum Disorder (ASD), and mental health counseling to schools and homes across the U.S.

Figure 2: U.S. Speech Therapy Market Share (%) Analysis, By Indication, 2021

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U.S. Speech Therapy Market – Restraints

High cost for speech therapy services is anticipated to hinder the growth of the U.S. speech therapy market over the forecast period. For instance, in 2021, speech therapy session prices range from US$ 100 to US$ 250 on average. Moreover, shortage of speech therapist has been observed in the U.S., which is also anticipated to restraint the market growth over the forecast period.

U.S. Speech Therapy Market – Competitive Landscape

Major players operating in the U.S. speech therapy market include Genesis Rehab Services, Speech Therapy Solutions, Inc., Reliant Rehabilitation, Kindred Healthcare, LLC, Smart Speech Therapy LLC, BenchMark Physical Therapy Institute, Rehabilitation Associates, Inc., Easy Speech Therapy Center, LA Speech Therapy Solutions, LLC, Teamwork Therapies, and The Hello Foundation