Speech Therapy Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Age, by End User : Global Opportunity Analysis and Industry Forecast, 2021-2031

Speech Therapy Market Research, 2031

The global speech therapy market size was valued at $9.9 billion in 2021, and is projected to reach $17 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031. Speech therapy is used in language disorders, speech disorders, swallowing problems and neurological conditions. It improves the communication by giving various therapies such as articulation therapy, language intervention activities, and others. Both speech and language disorder patients have difficulty in a communication.

Increase in prevalence of speech disorders and neurological conditions is the key factor that drives the speech therapy market growth. In addition, increase in government support for healthcare infrastructure improvements further boost the growth of the market.

Moreover, surge in initiatives taken by government to provide facilities related to communication disorders for all schools and education facilities in the U.S. contribute toward the growth of the market. However, high cost of speech therapy and shortage of speech therapist in the U.S. may hamper the growth of the market. In contrast, increase in neurological conditions will provide the speech therapy market opportunity. 

Impact of COVID-19

The outbreak of COVID-19 has disrupted workflows in the health care sector across the world. The disease has forced a number of industries to shut their doors temporarily, including several sub-domains of health care. However, there has been a negative effect on speech therapy industry due to decline in number of speech language pathologists in U.S. For instance, in February 2021, a research study published "Impact of COVID-19 on the Speech and Language Therapy Profession and Their Patients" stated that the pandemic has affected the neurorehabilitation and speech language therapy services such as routine care have been disturbed.

In addition, therapies have been modified, which had an influence on patient outcomes both positively and negatively. However, some market players offer speech therapy through online tele therapy service which gives steady market growth during pandemic. Similarly, in May 2021, research study published by the Royal College of Speech and Language Therapists titled "Long COVID and speech and language therapy patients with COVID-19 who were not hospitalized may also need speech and language treatment for voice, swallowing, and communication issues due to in covid-19 patients respiratory symptoms can cause dysphagia and dysphonia to appear as a result of a breakdown in the connection between breathing, swallowing, and voice production, respectively. Thus, during COVID-19 have steady growth for speech therapy industry.

SPEECH THERAPY MARKET 

The speech therapy market size is segmented into type, age, end user and region. By type, the market is categorized into speech disorder, neurological condition, and others. By age, it is bifurcated into pediatrics and adults. By end user, it is classified into hospitals, clinics and rehabilitation centers. Region wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).

Segment Review

Depending on type, the market is segmented into speech disorder, neurological condition, and others. The neurological conditions segment was dominated the global market in 2021 and is remain dominant during the forecast period. The major factor which drives the growth of this segment include, rise in geriatric population as geriatric population more prone to the neurological conditions. For instance, according to the World Population Ageing report (2020), in South Korea, the population aged 65 years or over is expected to reach 5,232,000 (19.7%) of the total population in 2050 from 2,376,000 (9.3%) of the total population in 2019. Thus, increase in geriatric population is likely to require more speech therapy services as it is prone to neurodegenerative disorder.

On the basis of age, the market is bifurcated into pediatrics and adults. The pediatrics segment was accounted for the largest revenue in 2021. This is attributed to rise in prevalence of speech and language disorders. For instance, according to National Institute on Deafness and Other Communication Disorders in U.S. 2016, around 1 in 12 (7.7 %) U.S. children aged between 3-17 had a disorder related to voice, speech, language, or swallowing in the past 12 months.

However, the adults segment is projected to register highest CAGR of 6.1% during the forecast period. This is attributed to increase in incidences of speech disorders and neurological conditions due to brain injury, stroke in adults which boost the market growth.

On the basis of end user, the market is segmented into hospitals, clinics and rehabilitation centers. The hospitals segment was accounted for the largest speech therapy market share in 2021 and is expected to remain dominant during forecast period. This is attributed to rise in services for communication disorders.

In addition, rise in geriatric population with communication disorders and occurrence of cognitive disorders in infants has increased the demand for speech therapy in hospitals which drive the market growth. For instance, according to, Alzheimer’s Association 2019, 5.0% of people age 65 to 74, 13.1% of people age 75 to 84 and 33.2% of people age 85 or older have Alzheimer’s dementia.

Region wise, North America acquired a major speech therapy market share, owing to the presence of key players, rise in government initiatives, well-developed healthcare infrastructure, and increase in prevalence of speech disorders. In addition, advanced technology for speech therapy further boost the market growth.

However, Asia-Pacific is expected to witness the highest growth rate for the speech therapy market throughout the forecast period with a CAGR of 5.6%. The major factors that drive the growth of the market in this region is the increase in prevalence of speech disorders. In addition, technological advancements, and increase in government initiatives to promote healthy lifestyle are driving the market growth. Moreover rise in number of hospitals and centers for speech disorders treatment in this region further boost the market growth.

 
The key market players profiled in the report include are BenchMark Physical Therapy Institute, Humanus Corporation, LifePoint Health (Kindred Healthcare), Madonna TherapyPlus, National Institute of Physical Medicine and Rehabilitation (NIPMR), Powerback Rehabilitation, Rehabilitation Associates, Inc., Reliant Rehabilitation, Therapy Solutions, Inc., and Orient Speech Therapy Limited.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the speech therapy market analysis from 2021 to 2031 to identify the prevailing speech therapy market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the speech therapy market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global speech therapy market trends, key players, market segments, application areas, and market growth strategies.

  Speech Therapy Market Report Highlights