Market Is Estimated To Witness High Growth Owing To Rising Geriatric Population and Increased Awareness About Benefits of Speech Therapy
The U.S. Speech Therapy Market is estimated to be valued at US$ 4.35 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Speech therapy, also known as speech-language pathology, is a field of expertise practiced by a clinician known as a speech-language pathologist (SLP). SLPs are trained to evaluate, diagnose, treat and help prevent speech, language, social communication, cognitive-communication, and swallowing disorders in children and adults. It typically involves various techniques and exercises tailored to an individual's specific needs.
Market Dynamics:
Rising geriatric population in the U.S. experiencing conditions like strokes, Parkinson's disease, and dementia requiring speech therapy is a major growth driver for this market. According to the UN estimates, more than 30% of American population will be aged 65 years or older by 2050. Growing prevalence of speech disorders is also boosting market growth. For instance, as per CDC, about 1 in 12 children exhibit significant difficulties in speech sound production. Furthermore, rising awareness about the benefits of speech therapy amongst individuals and families is supporting the market growth. National Institute on Deafness and Other Communication Disorders runs various programs to spread awareness.
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