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Speech Therapy Market Projection by Technology, Top Key Players, Growth, Revenue, CAGR, Regional Analysis Industry Forecast - 2028
Speech Therapy Market Forecast 2021-2028
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Market Overview:
The U.S. speech therapy market size is projected to grow from USD 4.10 billion in 2021 to USD 6.08 billion in 2028. Several renowned companies operating in this industry are constantly striving to fulfill the unmet needs of patients through teletherapy. Therapy Solutions Inc., for instance, organized a virtual summer camp in July 2020 for its younger patients to the Philadelphia Zoo. It was arranged to provide effective therapy sessions amid the COVID-19 pandemic. This information is published by Fortune Business Insights™ in a study titled, "U.S. Speech Therapy Market, 2021-2028." As per the study, the market stood at USD 3.94 billion in 2020. It is set to exhibit a CAGR of 5.8% in the forecast period during 2021-2028.
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Kindred Healthcare, LLC Partners with OSF HealthCare to Provide LTAC in Central Illinois
In May 2021, Kindred Healthcare, LLC collaborated with OSF HealthCare to deliver long-term acute care (LTAC) and rehabilitation hospital services in central Illinois. Both companies are aiming to change the former's wholly-owned hospital. The LTAC beds would provide care to medically complex, critically ill, and difficult-to-treat patients, such as patients with wounds, traumatic injuries, respiratory failure, and others. As per a company official, "This partnership will help us to provide high-quality care to patients in the Peoria community. It would also aid in improving patient's quality of life." These initiatives by key companies are set to propel the U.S. speech therapy industry in the upcoming years.
Vocal Cord Injuries in COVID-19 Patients Owing to Ventilators will Elevate Growth
During Q1 to Q4 2020, the COVID-19 pandemic reduced the number of outpatient department visits in the U.S. Health Leaders, for instance, declared that critically ill COVID-19 patients are often reporting damages in their vocal cords and muscles due to the insertion of mechanical ventilators. Hence, rehabilitation services have proved to be very beneficial for them. Besides, the rising usage of telehealth services by speech-language pathologists is estimated to drive this industry amid the pandemic.
Report Coverage-
The report provides intelligent insights on new product developments, R&D activities, and future technologies. At the same time, it offers elaborate information about recent investments, developments, and untapped geographies. Besides, our analysts have assessed manufacturing capabilities, strategies, and shares of renowned vendors in U.S. speech therapy.
Drivers & Restraints-
Rising Prevalence of Neurological Conditions to Accelerate Growth
The U.S. has various favorable reimbursement policies revolving around speech-language pathology services. It is anticipated to spur the U.S. speech therapy market growth in the near future. According to various studies, multiple patients suffering from neurological conditions, such as strokes and Parkinson's disease, also suffer from speech and voice disorders. If left untreated, it can severely affect their quality of life. Cleveland Clinic, for instance, stated that approximately 8.0% to 60.0% of patients living with strokes suffer from a type of speech disorder named dysarthria.
However, the National Centre for Biotechnology Information mentioned that the treatment of stuttering and apraxia could go for up to 6 to 18 months. But, still, these conditions cannot be fully cured. It may hinder this industry.
Segments-
Speech Segment Dominated in 2020 Stoked by Higher Number of Patients with Speech Disorders
By type, this market is divided into speech disorders, language disorders, neurological conditions, and others. Out of these, the speech disorder segment remained dominant and held the largest U.S. speech therapy market share in 2020. The rising number of patients living with speech disorders undergoing therapies is set to aid Growth.
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Competitive Landscape-
Key Companies Aims to Provide Better Care to Patients through Collaborations
The U.S. speech therapy industry houses various companies that are presently trying to compete with their rivals. Genesis Rehab Services and Kindred Healthcare, LLC are the leading players with a wide range of service portfolios. They are also focusing on partnerships and collaborations to provide better care to patients in the country. Below is one of the industrial developments:
February 2020: Genesis Healthcare signed an agreement with New Generation Health to transition operational responsibility for nineteen facilities in Nevada, Washington, California. It would help the former to strengthen its portfolio optimization strategy.
A list of prominent companies presents in the U.S. speech therapy industry:
Genesis Rehab Services (Pennsylvania, United States)
Therapy Solutions Inc. (Pennsylvania, United States)
Reliant Rehabilitation (Texas, United States)
Kindred Healthcare, LLC (Kentucky, United States)
Humanus Corporation (Pennsylvania, United States)
Smart Speech Therapy (New Jersey, United States)
BenchMark Physical Therapy Institute (Georgia, United States)
Rehabilitation Associates, Inc. (Connecticut, United States)
Other Players
Related Article @ https://marketresearchreportsfbi.wordpress.com/2021/10/21/mhealth-apps-market
NOTE: Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. We aim to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
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Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
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