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Speech Therapy Services Market Insights 2024: Trends, Growth, and Key Providers
Speech Therapy Services Market Insights
According to The Business Research Company's, The speech therapy services market size has grown strongly in recent years. It will grow from $9.15 billion in 2023 to $9.78 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to growing awareness of speech and language disorders, the rise in the incidence of congenital disorders, changed demographics, and increased screening for speech and hearing impairment.
The speech therapy services market size is expected to see strong growth in the next few years. It will grow to $12.94 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to teletherapy expansion, integration of AI and digital tools, focus on early intervention, globalization of services, and demand from aging populations. Major trends in the forecast period include mobile applications for therapy support, personalized treatment approaches, virtual reality integration, remote monitoring and data analytics, and interdisciplinary collaboration.
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Market Drivers and Trends:
The increasing incidence of communication disorders is expected to propel the speech therapy services market going forward. Communication disorders refer to difficulties in speech, language, voice, fluency, and swallowing that affect an individual's ability to communicate effectively. The increasing incidence of communication disorders can be attributed to neurological disorders due to damage to the brain's speech and language centers. Speech therapy services are essential for diagnosing and treating various communication disorders, such as dysphagia, aphasia, and voice disorders, through specialized interventions and techniques. For instance, in March 2024, according to the National Institute on Deafness and Other Communication Disorders (NIDCD), a US-based government agency, developmental language disorder had a prevalence of 7%, or approximately 1 in 14 children. Approximately 2% of children with a language disorder also have an existing medical condition, such as autism or an intellectual disability. 5% of U.S. children ages 3-17 have a speech disorder that lasted for a week or longer during the past 12 months. Therefore, the increasing incidence of communication disorders is driving the growth of the speech therapy services market.
Major companies operating in the speech therapy services market are focusing on developing advanced technological solutions, such as AI-based speech therapy platforms, to gain a competitive edge in the market. AI-based speech therapy platforms refer to digital systems or software applications that utilize artificial intelligence (AI) technology to provide speech therapy services remotely. For instance, in August 2023, Better Speech, a US-based provider of speech therapy services, launched Jessica, a groundbreaking AI speech therapist, offering personalized therapy sessions accessible 24/7 from any device. Jessica uses advanced technologies, such as speech recognition and natural language processing, to assess and improve speech patterns, making therapy more engaging, convenient, and affordable.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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Major Key Players of the Market:
Children's Hospital of Eastern Ontario, Reliant Rehabilitation Holdings Inc., Tender Touch Rehab Services Inc., Reliant Medical Group, The Speech Pathology Group, Linguarama International Group, Therapy Solutions LLC, Speech Language and Educational Associates, Benchmark Therapies Inc., Reliant Pediatric Therapy Services PC, Expressable Inc., Humanus Corporation, Vertis Therapy, Achieve Therapy Inc., Therapy Tree AZ, TherapyWorks Inc., John McGivney Children's Centre, Speech Therapy Group, Comprehensive Speech and Therapy Center, CST Academy, Speechpathway.net, Glenda Browne Speech Pathology Pty Ltd, TalkTime Speech Therapy LLC, Speech INC., Rhind Speech Therapy
Speech Therapy Services Market 2024 Key Insights:
• The speech therapy services market size is expected to see strong growth in the next few years. It will grow to $12.94 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• Rising Incidence Of Communication Disorders Fuels Growth In The Speech Therapy Services Market
• Innovative AI-Based Solutions In Speech Therapy Market
• North America was the largest region in the speech therapy services market in 2023
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