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.
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
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.
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 fromneurological 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.
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