The recently published market study by Fact.MR highlights the current trends that are expected to influence the dynamics of the Speech Generating Devices Market in the upcoming years. The report introspects the supply chain, cost structure, and recent developments pertaining to the Speech Generating Devices Market in the report and the impact of the COVID-19 on these facets of the market. Further, the micro and macro-economic factors that are likely to impact the growth of the Speech Generating Devices Market are thoroughly studied in the presented market study.
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The global speech generating devices market is expected to exhibit a staggering expansion at 12.2% CAGR over the forecast period 2017 to 2024, according to a report by Fact.MR. The report anticipates the market to account for revenues worth US$ 168.6 Mn in 2017, and the market is further estimated to reach nearly US$ 300 Mn by 2024-end.
Various developments in electronic technology have been witnessed over the past decade, rendering the speech generating devices portable and more user interactive. Speech generating devices exist in several variants on the basis of levels of cognitive abilities, physical abilities, symbol system, tongue switches, text, and eye tracking system. Growth of the global speech generating devices market is primarily attributed to increasing availability of user-friendly devices and advancements in technology. According to the National Institute of Deafness & Other Communication Disorders (NIDCD), it is estimated that approximately 7.5 Mn of the U.S. population is affected with some kind of speech related disorders.
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Global leaders in speech generating devices market are focusing on enhancement of touch-screen devices for the provision of easy navigation to users. In addition, these manufacturers are providing speech generating devices with the ability to connect with variety of smart phone versions such as iPhone and Android. On the back of speech generating devices’ portable nature, demand for these devices is gaining higher traction among patients with speech impairments. This is further expected to create huge opportunities for manufacturers of speech generating devices. However, factors such as low penetration of speech generating devices, coupled with their high cost are expected to inhibit growth of the market during the forecast period.
Projections for the Global Speech Generating Devices Market
- North America will continue to be the most lucrative region for growth of the speech generating devices market, followed by Europe. Revenue from sales of speech generating devices in North America is expected to reach US$ 126.7 Mn by 2024-end.
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- Sales of speech generating devices in Asia-Pacific excluding Japan (APEJ) will continue to register the fastest expansion during the forecast period.
- Synthesized speech devices will remain preferred among products in the market, followed by picture communicators.
- Sales of text-to-speech devices are expected to register the highest CAGR in the market through 2024.
- On the basis of display, although static display for speech generating devices will remain sought-after in the market, sales of dynamic display will exhibit a comparatively faster expansion throughout the forecast period.
- Specialty clinics are expected to remain the largest distribution channel for sales of speech generating devices, expanding at the highest CAGR through 2024.
- Hospitals will continue to hold second position in the market based on distribution channel, to account for more than US$ 100 Mn by 2024-end.
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- By technology, manual speech generating devices will witness largest adoption, followed by head tracking and eye tracking technology-based speech generating devices.
- Fact.MR’ report profiles key players in the global speech generating devices market, which include Tobii Dynavox, Prentke Romich Company, Inc., Lingraphica, Abilia Toby Churchill Limited, AMDi, Textspeak, Saltillo Corporation, Zyteq Pty Ltd., and Zygo USA.
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