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.
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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, RD 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.
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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.
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