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The increasing number of newborns suffering from such speech-related conditions is expected to boost the global speech pathology services market over the forecast period. North America emerged as the largest market for the global speech pathology services market, with a 30.2% share of the market revenue in 2022.
Newark, March 15, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the speech pathology services market will grow from USD 4.59 billion in 2022 and reach USD 6.67 billion by 2030. In just eight years, speech pathology services has moved from an uncertain, standalone niche use case to a fast-growing, high return on investment (ROI) application that is truly delivering value to users. Speech-language pathologists work closely with people of all age groups, such as adolescents, children, adults, and seniors; those have communication disruptions due to mental or physical developmental disabilities or delays.
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Key Insight of Speech Pathology Services Market
North America to account for largest market size during the forecast period
North America is expected to have the largest market share in the speech pathology services market. Key factors favouring the growth of the speech pathology services market in North America are the increased government initiatives for speech therapy, well-developed healthcare infrastructure, a significant hold of the key players, and a high majority of speech conditions disorders. In proliferation, cutting-edge technology for speech therapy further expands market growth. Regardless, Asia-Pacific is anticipated to notice the highest growth rate for the speech therapy market throughout the projection period. The vital factor propelling the market development in the region is the growth in the prevalence of speech disorders. Moreover, the advancement in the number of hospitals and centres for speech disorders treatment in the APAC region further stimulates market development.
Pediatric Segment Accounted for the Largest Market Share of 34% in 2022
The age group segment is divided into adults, pediatric, and geriatric. The pediatric segment dominated the market, with a market share of around 34% in 2022. The pediatric population amounts to a significant share as their problems related to speech are reported at a higher rate.
Neurological Conditions Segment Accounted for the Largest Market Share of 27% in 2022
The type segment is divided into neurological conditions, autism spectrum disorder, speech disorder, and others. The neurological conditions segment dominated the market, with a market share of around 27% in 2022. Neurologic voice disorders are part of an underlying neurologic condition like multiple sclerosis, Parkinson’s disease, myasthenia gravis, or ALS. They can also happen as a result of a stroke. These conditions can impact the strength of the voice box muscles and affect the voice’s control.
Hospitals Segment Accounted for the Largest Market Share of 19% in 2022
The end-users segment is divided into specialty clinics, rehabilitation centers, speech therapy centers, bilingual classes, hospitals, and community health centers. The hospitals segment dominated the market, with a market share of around 19% in 2022.
Browse Detailed Summary of Research Report with TOC: https://www.thebrainyinsights.com/report/speech-pathology-services-market-13219
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2030 |
| Forecast CAGR | 4.80% |
| 2030 Value Projection | USD 6.67 Billion |
| Base Year | 2021 |
| Historical Data | 2019-2020 |
| No. of Pages | 230+ |
| Segments Covered | Age Group, Type, End-Users, Regions |
| Speech Pathology Services Market Growth Drivers | Reduced anxiety and improved confidence |
Advancement in market
In October 2017, Dynatronics Corporation successfully achieved a US-based manufacturer of speciality patient care and orthopaedic soft goods, Bird & Cronin, Inc. The investment is expected to widen and diversify the market position of Dynatronics Corporation.
Market Dynamics
Drivers: Enhanced Communication
Speech therapy can help a child, beginning at the most basic level, to communicate their needs and wants. The communication may be nonverbal, like via facial expressions, gestures, sign language, or a picture exchange system; children can be taught to use simple sounds or approximations to ask what they want or need if they aren’t yet able to say whole words or sentences. Communication can also take the shape of a voice output device, where a child learns to use technology as their spoken voice.” The power to communicate in any form is mighty and begins at a very young age. Speech therapy continues to help improve communication abilities over time.
Restraints: Expensive Education Fees
The amount of education required to be a speech-language pathologist is an undergraduate degree. The average net expense of attendance for full-time undergraduate students attending 4-year institutions is about USD 14,000 at public institutions, compared with USD 28,000 at private nonprofit institutions. Also, the master’s degree will cost around USD 24,000 to USD 76,000 for tuition and fees each year at a public institution. All these courses include a hefty price to practice as a Speech Pathologist.
Opportunities: Speech Therapy helps to educate and empower patients and their families
Speech-language pathologists work closely with people of all age groups, such as adolescents, children, adults, and seniors; those have communication disruptions due to mental or physical developmental disabilities or delays. The speech pathologists will educate and empower the patients and their families by witnessing and treating speech, language, cognitive communication, and swallowing disorders. The person will also be treated with feeding, augmentative, and alternative augmentative communication. The goal is to help them function in day-to-day life better, which can lead to a more fulfilling life.
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Some of the major players operating in the speech pathology services market are:
• Benchmark Therapies Inc
• Dynatronics Corporation
• Ekso Bionics Holdings Inc
• GF health Products, Inc
• Medline Industries, Inc
• Smart Speech Therapy LLC
Key Segments cover in the market:
By Age Group:
• Adults
• Pediatric
• Geriatric
By Type:
• Neurological Conditions
• Autism Spectrum Disorder
• Speech Disorder
• Others
By End-Use:
• Specialty Clinics
• Rehabilitation Centers
• Speech Therapy Centers
• Bilingual Classes, Hospitals
• Community Health Centers
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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