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U.S. Speech Therapy is Estimated to Witness High Growth Owing to Opportunity in Telehealth Speech Therapy

Alex Huge
U.S. Speech Therapy is Estimated to Witness High Growth Owing to Opportunity in Telehealth Speech Therapy

Speech therapy in the U.S. involves treating impairments and disorders related to language, communication, voice and swallowing in children as well as adults. Speech therapists help individuals of all ages to develop, maintain and improve the way they communicate. The need for speech therapy is growing significantly due to rise in neurological and language disorders. With growing preference for telehealth services, online speech therapy platforms are gaining popularity as they provide convenience and accessibility.

The global U.S. speech therapy Market is estimated to be valued at US$ 4.83 Bn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Telehealth Speech Therapy

The growing prevalence of patients and the limitation of time and resources of speech therapists have increased demand for telehealth speech therapy platforms. Online speech therapy provides flexible sessions to patients from the comfort of their own home. It allows therapists to see more patients and provide personalized care to those in remote locations. The telehealth model is expected to expand access and lower costs for speech therapy. With telehealth reimbursement policies increasingly supporting tele-speech services, this alternative mode of therapy delivery is poised to witness significant growth over the coming years.

Porter's Analysis

Threat of new entrants: Low due to high capital requirements and regulatory policies. Bargaining power of buyers: Moderate due to non availability of substitutes and indispensability of services. Bargaining power of suppliers: Low due to availability of substitute materials and services.Threat of new substitutes: Low as speech therapy is crucial for conditions like developmental delays, stuttering, voice disorders etc. Competitive rivalry: High due to presence of many competitors offering speech therapy services.

SWOT Analysis

Strengths: Growing prevalence of speech disorders, Rising healthcare expenditure, Awareness about speech therapy. Weaknesses: Shortage of trained therapists, Geographic limitations, High service costs, Lack of insurance coverage. Opportunities: Untapped rural areas, Online therapy services, Emerging technologies like VR/AR. Threats: Alternate treatment options, Reimbursement policies, Stringent regulations.

Key Takeaways

The U.S. speech therapy market size is expected to witness high growth during the forecast period due to rising cases of communication disorders.

Regional analysis: The southern region holds the largest share in the U.S. speech therapy market mainly due to presence of prominent healthcare facilities in states like Texas and Florida. As per estimates, over 60% of speech therapy clinics are located in this region. However, the western region is expected to witness fastest growth during the forecast period attributed to increasing health awareness initiatives by regional governments.

Key players operating in the U.S. SPEECH THERAPY market are Exxon Mobil Corporation, Total S.A., Royal Dutch Shell plc, Isu Exachem, Mehta Petro Refineries, Avani Petrocehm P. Ltd., Raj Petro Specialties P. Ltd., and Eastern Petroleum Private Limited.

Get more insights on this topic: https://www.trendingwebwire.com/u-s-speech-therapy-market-market-size-and-opportunity-analysis-2023-2030/

Alex Huge
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