Speech-Language Pathology Industry Quiz

Speech-Language Pathologists Industry Overview

• The Speech-Language Pathologists industry has experienced steady revenue growth of 4.0% annually, reaching $4.6 billion over the five years to 2021.
• Industry comprises health practitioners who evaluate, diagnose, and treat speech, language, cognitive-communication, and swallowing disorders in school facilities, healthcare facilities, and hospitals.
• Stable student enrollment rates have driven demand for diagnostic and treatment services in recent years.
• Increased access to health insurance due to healthcare reform has enabled more individuals to afford industry services.
• The Patient Protection and Affordable Care Act (PPACA) has expanded private health insurance enrollment, leading to increased access to industry services.
• The aging population is expected to increase demand for industry services as people typically require more medical care as they age.
• Industry revenue is projected to rise by 9.6% in 2021 due to an increase in the number of people with healthcare coverage.
• The industry's major markets, student and elderly populations, are expected to continue to grow, driving industry demand.
• The number of K-12 students and adults aged 65 and older are key external drivers for industry demand.
• Increased government restrictions on reimbursement for industry services may reduce patient access and hurt demand despite expected growth in federal funding for Medicare and Medicaid.
• Per capita disposable income is expected to rise in 2021, which may increase the likelihood of people having private health insurance and using speech-language pathologist services.
• Revenue for the industry has grown steadily over the five years to 2021, with demand dependent on the prevalence of speech and language disorders in the industry's downstream markets, and the availability of health insurance and household finances.

Speech-Language Pathologists Industry Impact and Overview

• The COVID-19 pandemic led to a shift to remote service delivery for Speech-Language Pathologists to limit the spread of the virus, particularly among vulnerable populations, with encouragement from new policies by the Centers for Medicare and Medicaid Services (CMS).
• Industry operators are affected by new guidelines for businesses issued by the Centers for Disease Control and Prevention (CDC) in response to the coronavirus pandemic.
• The federal government passed significant stimulus measures, including the Coronavirus Aid, Relief and Economic Security (CARES) Act in 2020 and the American Recovery Act (ARA) in 2021, to aid the economy, which apply to industry operators.
• The Speech-Language Pathologists industry primarily evaluates, diagnoses, and treats speech, language, cognitive communication, and swallowing disorders, with major activities including monitoring patients' progress, developing treatment plans, and instructing clients in communication techniques.
• The major products and services in the industry include addressing hearing loss, auditory processing disorder, autism spectrum disorder, and various speech and language disorders.
• The industry's supply chain includes related fields such as psychologists, social workers, physical therapists, and mental health and substance abuse clinics.
• Key statistics show the industry generated $4.6 billion in revenue, experienced 4.0% annual growth from 2016-2021, and had 44,219 businesses operating within it.
• The industry has a low life cycle growth, high capital intensity, low industry globalization, and low industry concentration, with medium revenue volatility and medium technology change.
• Key trends include increased government funding for primary and secondary education, rising employment, and an expected growth in the number of K-12 students during the outlook period.
• The industry faces challenges such as falling Medicare and Medicaid reimbursement rates and is influenced by increased access to health insurance enabling individuals to afford industry services.
• The industry has low barriers to entry, high competition, and high barriers to entry, and opportunities for high revenue growth are driven by federal funding for Medicare and Medicaid.
• The industry's SWOT analysis highlights strengths like a high and steady level of assistance growth and opportunities for high revenue growth, while facing threats such as low outlier growth and low performance drivers.