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Speech Therapy Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

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  • 120 Pages
  • April 2023
  • Region: Global
  • Mordor Intelligence
  • ID: 5617093
UP TO OFF until Dec 31st 2023

Quick Summary:

Navigating the dynamic landscape of the Speech Therapy Services market requires a comprehensive understanding of its evolving requirements and rapid transformations. To empower informed decision-making, we offer an indispensable market research report tailored to your strategic needs. The report delves deep into trends, drivers, and identified growth obstacles within the burgeoning Speech Therapy Services market.

The research elaborates on key driving factors such as the increasing geriatric population likely requiring more speech therapy services, coupled with trends of heightened newborn speech and hearing screening. Furthermore, the report identifies potential growth hindrances, such as children and adults' complex long-term speech and language therapy needs. Instead of operating in an information vacuum, utilize our market research report and harness detailed, actionable insights to devise strategies that would thrive in the Speech Therapy Services Market.

The speech therapy services market is projected to register a CAGR of 5.9% during the forecast period.

The COVID-19 pandemic had a significant effect on the speech therapy services market. Various research studies have provided insight into the effect of the pandemic on the studied market. For instance, in February 2021, a research study published by PubMed stated that the pandemic had affected neurorehabilitation and speech and language therapy (SLT) services broadly. Referral patterns were different, usual care was disrupted, and interventions were modified, which had an impact on patient outcomes both positively and negatively. Some patients with COVID-19 required and benefitted from SLT intervention.

Similarly, in May 2021, a research study published by the Royal College of Speech and Language Therapists stated that children, young people, and adults with speech and language therapy must be associated with long COVID-19 heterogeneous presentations. Services need to be equipped to respond to these individuals' increased demand and complex presentations. Thus, the pandemic had a significant impact on the market’s growth. With the pandemic subsiding, speech therapy services are being provided normally. Thus, the studied market is expected to have stable growth.

Factors such as increasing screening for speech and hearing impairment in newborns and the increasing geriatric population are expected to drive market’s growth in the coming years. As per UN World Population Prospects 2022 data, the share of the global population aged 65 years or above is projected to rise from 10% in 2022 to 16% in 2050. It is estimated that, by 2050, the number of people aged 65 years or over worldwide is projected to be more than twice the number of children under five years and about the same as that of children under the age of 12. The increasing geriatric population may require more speech therapy services as it is prone to neurodegenerative disorders, which hinder speech-related abilities.

Similarly, various research studies provide insight into increasing trends in newborn hearing screening. For instance, in October 2021, a research study published by the American Academy of Pediatrics stated that notable improvements in reading proficiency after early hearing detection and intervention implementation were demonstrated, as all groups of children with hearing loss became more likely to achieve proficient and advanced reading levels. On the other hand, some disparities increased, with greater improvements in reading proficiency for children in economically advantaged families.

Similarly, the article published in April 2022 by CDC stated that each year, thousands of babies are born deaf or hard of hearing in the United States. Babies diagnosed early with hearing loss and who began intervention early are more likely to reach their full potential.

Hence, due to the rising geriatric population and the rising speech impairment in newborns, the market is likely to grow in the coming years. However, a lack of awareness about speech therapy services may hinder the market’s growth.

Key Market Trends

Geriatric Segment is Expected to Hold a Significant Market Share During the Forecast Period

The geriatric population generally refers to older people who are 65 years or above. The growing R&D for neurogenerative disorders such as Alzheimer's and increasing investments by governments are expected to fuel the segment's growth over the forecast period. With the increasing global population and average lifespan, the prevalence of neurological disorders is on the rise worldwide.

Various research studies provide insight into the effects of Alzheimer's on speech. For instance, in January 2022, a research study published by PubMed Central stated that Alzheimer's disease (AD) is characterized by a progressive worsening of deficits in several cognitive fields, including language. Speech gets crowded with wrong and meaningless words, along with increased pauses. In the very severe stages of AD, speech is often restricted to echolalia and verbal stereotypes. Therefore, the increasing prevalence of AD in the geriatric population may boost the demand for speech therapy in the future.

According to the data published by the UN in 2022, by 2050, the number of people aged 65 years or over worldwide is projected to be more than twice the number of children under 5 years and about the same as that of children under the age of 12. Thus, the increasing geriatric population worldwide is expected to boost the segment's growth.

According to the March 2021 report of the Alzheimer’s Association, approximately 6.2 million people aged 65 years and above in the United States are living with Alzheimer’s-related dementia. This number is projected to increase to 13.8 people by 2060. As per the same source, in 2021, the country incurred about USD 355 billion in Alzheimer’s and other dementia costs. By 2050, this amount is projected rise to more than USD 1.1 trillion. The percentage of people with Alzheimer's dementia increases with age. About 3% of people aged 65-74, 17% aged 75-84, and 32% aged 85 and older have Alzheimer's dementia. Thus, the increasing prevalence of Alzheimer's disease in the geriatric population is expected to fuel the growth of the segment.

In addition, the government is spending huge amounts to support the R&D of neurodegenerative diseases. For example, the National Institutes of Health (NIH) has funded many research processes in the concerned market. The NIH provides funding of USD 2,869 million for Alzheimer's disease, including Alzheimer's Disease-related Dementias Diseases. The NIH also increased its funding amount from USD 1,571 million in 2010 to USD 4,021 million in 2021 due to the increasing incidence and mortality rate associated with these diseases. The NIH estimated this number to reach USD 4,266 million by 2022, which may further lead to the healthy growth of the market over the forecast period.

Hence, the increasing geriatric population and the rising prevalence and burden of geriatric diseases like Alzheimer's are expected to enhance the segment's growth.

North America is Expected to Hold a Significant Share in the Market During the Forecast Period

North America is expected to hold a significant share of the market over the forecast period. Factors such as the rising geriatric population, increasing Alzheimer's disease and reimbursement policies, and increasing screening tests for babies are expected to boost the market share. For instance, according to the data published by Statistics Canada in July 2022, around 7,330,605 people are aged 65 years or older in Canada, accounting for 18.8% of the total population.

Similarly, according to the 2022 updates from the Alzheimer's Association, the number of New Mexico residents aged 65 and older living with Alzheimer's is 43,000, which is expected to reach 53,000 by 2025. Alzheimer's disease typically destroys neurons and their connections in parts of the brain that maintain proper brain functioning, including cognitive abilities such as speech. Hence, the increasing prevalence of Alzheimer's disease in the region is likely to increase the market's growth. The positive reimbursement situation in the region and early detection programs are expected to boost the market's growth in North America.

The CDC's Early Hearing Detection and Intervention (EHDI) program works with the states to ensure that all babies are screened for hearing loss and receive any required follow-up tests and services. Increasing reimbursement and screening programs for speech disabilities are likely to boost the market's growth in the region.

The key developments by market players are also expected to enhance the market's growth in the region. For instance, in May 2021, Expressable, a US-based digital speech therapy company, raised a new USD 4.5 million seed round. This early-stage start-up company is focusing on serving approximately five million children in the United States with a communication disorder.

Therefore, owing to the rising geriatric population, the increasing prevalence of speech disorders, and the key developments by market players, the market is expected to grow in North America during the forecast period.

Competitive Landscape

The speech therapy devices market is moderately fragmented in nature. Most of the players are based in developed countries due to more technological advancements. However, due to the ease of connectivity in modern times, these players have also penetrated developing countries and are trying to establish a market. The market consists of several major players, including Smart Speech Therapy, Speech Therapy Services London Ltd, John McGivney Children's Centre, Speechpathway.net, and Speech Plus.

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Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Screening for Speech and Hearing Impairment in Newborns
4.2.2 Increasing Geriatric Population
4.3 Market Restraints
4.3.1 Lack of Awareness About Speech Therapy Services
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Indication
5.1.1 Speech Disorder
5.1.2 Language Disorder
5.1.3 Autism Spectrum Disorder (ASD)
5.1.4 Other Indications
5.2 By Age Group
5.2.1 Geriatric
5.2.2 Adult
5.2.3 Pediatric
5.3 By Geography
5.3.1 North America United States Canada Mexico
5.3.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.3.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.3.4 Middle East and Africa GCC South Africa Rest of Middle East and Africa
5.3.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 Benchmark Therapies Inc.
6.1.2 CHEO
6.1.3 Humanus Corporation
6.1.4 John McGivney Children's Centre
6.1.5 Reliant Medical Group
6.1.6 Smart Speech Therapy
6.1.7 Speech Plus
6.1.8 Speech Therapy Services London Ltd
6.1.10 Speech Therapy Talk Services LLC
6.1.11 Speechpathway.net
6.1.12 Talk About Speech Pathology

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Benchmark Therapies Inc.
  • CHEO
  • Humanus Corporation
  • John McGivney Children's Centre
  • Reliant Medical Group
  • Smart Speech Therapy
  • Speech Plus
  • Speech Therapy Services London Ltd
  • Speech Therapy Talk Services LLC
  • Speechpathway.net
  • Talk About Speech Pathology