Speech Therapy Market Expected to Reach $17 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Speech Therapy Market," The speech therapy market size was valued at $9.9 billion in 2021, and is estimated to reach $17 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.

Speech therapy is used to diagnose and treat the speech and communication issues. It is used to treat the speech disorders, language disorders, neurological conditions and others speech related disorder by improving the communication skills. There are several types of speech disorders such as childhood apraxia of speech, stuttering, apraxia, and dysarthria. In addition, language disorder involves receptive language disorder, expressive language disorder, psychopathology of language, and childhood language disorder.

The speech therapy market size is driven by increase in demand for speech therapy in developed countries such as the U.S due to rise in cases of speech related issues. In addition, increase in awareness regarding speech therapy in developed countries is one of the important speech therapy market trends drive the market growth. For instance, according to National Institute on Deafness and Other Communication Disorders (NIDCD), part of the National Institutes of Health (NIH), joins the American Speech-Language-Hearing Association (ASHA) to raise awareness about speech disorders.

Moreover, the speech therapy market is driven by rise in cases of speech disorders and neurological conditions further drive the market growth. For instance, in 2021, according to the Alzheimer Society of Canada, over 500,000 Canadians were living with dementia (language difficulties) and by 2030, this number is expected to increase to 912,000.

COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe respiratory diseases. The COVID-19 pandemic has negatively impacted growth of speech therapy industry. This is attributed to decrease in demand for speech therapy as well as decline in number of referrals to speech-language pathologists due to lockdown restrictions. Furthermore, homecare services was stopped completely during pandemic which negatively affected the speech therapy market growth. However, the market for speech therapy has been growing steadily during coming years due to rise in demand for telehealth services which is expected to propel market growth in near future. 

The speech therapy market is segmented on the basis of type, age, end user and region. By type, the market is segmented into speech disorder, neurological conditions, and others. The others segment further included the language disorder, voice of paralysis, stuttering and others.

The neurological conditions segment was dominated the market in 2021 and is anticipated to continue this trend during speech therapy market analysis. This is attributed to rise in prevalence of neurological conditions such as Alzheimer disease, Parkinson’s disease, stroke, and others. In addition, key players that offer neurological speech therapy for neurological conditions also contribute toward the growth of the segment.

On the basis of age, the market is segmented into pediatrics and adults. The pediatrics segment exhibited highest speech therapy market share in 2021. This is attributed to rise in incidences of speech, language and swallowing disorders among children. For instance, according to National Institute on Deafness and Other Communication Disorders in U.S. 2016, around 34% of children aged between 3-10 have multiple communication or swallowing disorders, while 25.4 % of children aged between 11-17 have multiple disorders.

On the basis of end user, the speech therapy industry is segmented into hospitals, clinics and rehabilitation centers. The hospitals segment dominated the market in 2021 and is expected to remain dominant during speech therapy market forecast. This is attributed to rise in hospital admissions for speech disorders patients due to advantages of hospitals such as availability of services for speech disorders, advance facilities and technologies. In addition, availability of speech therapy, diagnosis test for speech disorders and other services in developed countries, drives the market growth.

North America accounted for the largest speech therapy market share in 2021, owing to increase in population with speech disorders and neurological conditions. In addition, favorable reimbursement policies for speech therapy in this region contribute toward the market growth.

However, Asia-Pacific is expected to fastest CAGR during the forecast period, owing to factors such as rise in elderly population with neurological conditions and increase in incidence of cognitive disorders in infants, which have increased the demand for speech pathology services. Moreover, rise in healthcare infrastructure in this region further drives the market growth.

KEY FINDINGS OF THE STUDY
 
• Based on type, the neurological conditions segment held largest share in the global market in 2021. However, adults segment is anticipated to grow at the highest CAGR of 6.1% during the forecast period.
• On the basis of age, the pediatrics segment held largest market share in 2021. 
• Based on end user, the hospitals segment dominated the market in 2021, and is expected to grow at a CAGR of 6.1% during the forecast period.
• On the basis of region, North America held largest share in the global market in 2021. However, Asia-Pacific is anticipated to grow at the highest CAGR of 7.8% during the forecast period.