Speech Therapy Market Segments, Top Key Players, Drivers And Trends 2022

According to Precision Business Insights (PBI), the latest report, the speech therapy market is expected to be worth USD 9,838.3 million in 2022, growing at a 6.1% CAGR from 2022 to 2028. Increased geriatric population, speech disorders in prematurely born babies, and trauma survivors due to improvement in health care services will drive the demand for speech therapies and speech pathologists, which will be the main driving factor for the speech therapy market and speech pathology market to grow in the upcoming decade.

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Speech Therapy Services for Children in the Speech Disorder Segment to Flourish the Most in Forecast Period:
As per the American Speech-Language-Hearing Association data, an estimated 24.6% of school going population is affected by speech disorder. Thus, the service for children is in increasing demand and will boost the speech therapist market in the forecast period. Moreover, the governmental-level effort in raising awareness is also maintaining the thrust for market growth. The high prevalence of autism, language disorder, apraxia, etc. in the US (estimated 7.7% of The US population) will boost the speech disorder segment in the analysis period. As speech disorders are related to children and trauma survivors, the geriatric population, and patients from other neurological disorders, the high morbidity of these is also propelling the speech disorder segment to grow the most in the Speech Therapy Market.

North American Region to Dominate the Speech Therapy Market:
In 2020, North America dominated the speech therapy market, followed by Europe and Asia-Pacific. North America to experience an increase in the demand for speech therapy services as the patients with speech disorders like accident survivors, prematurely born babies, autism-affected children, violence survivors, stroke affected, and the geriatric population are increasing. Further, the proper awareness campaign by the authorities and health care providers increased the number of patients seeking a solution rather than accepting the disorder as a misfortune, driving the growth of the speech therapy market size in the prophecy period.

Strategic New Product Launches, Mergers, Acquisitions, And Agreements Are the Key Strategies Adopted by Market Players:
The global Speech Therapy market further reveals that the key players are increasingly adopting strategies such as launching newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In March 2022, the Ontario government is creating 22 new SmartStart Hubs across the province. The new Hubs will provide early intervention and child development services such as speech and language services. In February 2022, Expressable, a comprehensive virtual speech therapy solution that has pioneered a research-based and family-centered model of care, announced a $15 million Series A financing led by F-Prime Capital. Existing investors, Lerer Hippeau, NextView Ventures, and Amplifyher Ventures, also participated.

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The speech therapy market is segmented based on Age, Indication, End User, and Geography
Based On the Age, The Market is Segmented into the Following:
• Pediatric
• Adults
• Geriatric

Based On Indication, The Market is Segmented into the Following:
• Speech Disorder
• Language Disorder
• Apraxia
• Autism Spectrum Disorder (ASD)
• Others

Based On End User, The Market is Segmented into The Following:
• Schools
• Bilingual Programs
• Workplaces
• Hospitals
• Others

Based On Geography, The Market is Segmented into the Following:
• North America
• Europe
• Asia-Pacific
• Middle East and Asia
• Latin America

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Key players' profiles in the Speech Therapy Market are Benchmark Therapies, Smart Speech Therapy, Language Therapy, John McGivney Children's Centre, Therapy Solutions, Speech Pathways, Glenda Browne Speech Pathology, Speech Plus, Talk Speech, and CHEO.

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This release was published on openPR.