Market Size of Speech Therapy Services Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.90 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Speech Therapy Services Market Analysis
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.
