New York, May 23, 2024 (GLOBE NEWSWIRE) -- Market Overview:
According to Polaris Market Research analysis, the Speech Therapy Services Market Size was valued at USD 32.25 billion in 2023. By 2032, it is anticipated to reach USD 68.66 billion at a CAGR of 8.8% during the forecast period of 2024–2032.
Speech therapy services provide treatment for issues related to speech and communication. This covers the various methods used to treat patients according to their disease. It involves strengthening the muscles and enhancing voice clarity and articulation through physical exercises, speech drills, sound protection techniques, etc.
Speech therapy is the treatment for improving one's ability to speak and use other language skills. It facilitates communication between people and helps one communicate ideas. It can also enhance cognitive abilities like problem-solving and remembering, which boosts the speech therapy services market demand.
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Key Findings from the Report:
- The rise in intellectual impairments, neurological conditions that impair hearing and pronunciation, injured vocal cords, and individuals with stuttering, dysarthria, apraxia, and voice abnormalities (dysphonia) are among the major drivers driving the market's growth.
- The speech therapy services market segmentation is mainly based on the therapy type, indication, end-use, age group, and region.
- In 2023, North America dominated the market.
Market Key Players:
- Benchmark Therapies Inc. (U.S.)
- Great Speech Inc. (U.S.)
- John McGivney Children's Centre (U.S.)
- Humanus Corporation (U.S.)
- Reliant Medical Group (U.S.)
- Speech Therapy Services London Ltd (UK)
- Smart Speech Therapy (U.S.)
- Speech Therapy Talk Services LLC (U.S.)
- SPEECH THERAPY SOLUTIONS INC. (U.S.)
- Speechpathway.net (U.S.)
- CHEO (U.S.)
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Speech Therapy Services Market Scope:
| Report Attributes | Details |
| Market value in 2024 | USD 34.84 billion |
| Market value in 2032 | USD 68.66 billion |
| CAGR | 8.8% from 2024 – 2032 |
| Base year | 2023 |
| Historical data | 2019-2022 |
| Forecast period | 2024-2032 |
Important Market Developments:
Growth Drivers:
Communication difficulties in children and adults are driving the speech therapy services market growth worldwide. With the assistance of skilled speech therapists, these services encourage patients to improve their speaking, language, and pronunciation. Communication problems impact a person's capacity to comprehend the ideas required for effective communication. Also, these conditions are likely to cause problems in language, hearing, & speech.
Trends:
The creation of advanced mobile tools and applications has increased the breadth and accessibility of speech therapy, enabling patients to receive more convenient and individualized therapies. AI in speech therapy also offers tailored exercises, algorithms that can assess a child's speech patterns and areas for development, and exercises designed to address certain difficulties.
Challenges:
Many people and families might not be entirely aware of the advantages of speech therapy services or the warning signals of swallowing issues and communication challenges. One of the key elements that could hinder the growth of the speech therapy services market share during the forecast period is this lack of knowledge.
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Regional Insights:
North America: The rise of the speech therapy services market in North America can be attributed to several factors, including rising costs for research and development related to communication problems, raising public awareness of the advantages of speech therapy, advancements in voice therapy, and the application of artificial intelligence in speech articulation.
Asia Pacific: With a robust compound annual growth rate (CAGR) over the forecast period, the Asia Pacific region is anticipated to grow at the quickest rate due to a number of factors, including rising public awareness of and acknowledgment of communication disorders, the development of new healthcare facilities, the introduction of new government policies and initiatives, and others.
Segmentation Overview:
By Indication Outlook:
- Autism Spectrum Disorder (ASD)
- Speech and Language Disorder
- Neurological Conditions
- Others
By Therapy Type Outlook:
- Articulation Therapy
- Language Intervention Therapy
- Oral Motor Therapy
- Others
By Age Group Outlook:
- Pediatric
- Geriatric
- Adults
By End-Use Outlook:
- Hospitals and Clinics
- Rehabilitation Centers
- Homecare Settings
By Region Outlook:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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