The global speech therapy market size was valued at USD 1,058.0 billion in 2021 and is poised to grow at a significant CAGR of 9.1% during the forecast period 2023-29. 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. 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.
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The global speech therapy market segmentation:
1) By Age: Pediatric, Adults, and Geriatric
2) By Indication: Speech Disorder, Language Disorder, Apraxia, Autism Spectrum Disorder (ASD), and Others
3) End User: Schools, Bilingual Programs, Workplaces, Hospitals, and Others.
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.
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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.
The global speech therapy market key players 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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