Increase in Incidence of Neurological Disorders Creates Opportunities for Speech Therapy Services Market
- Speech therapy is a treatment that helps improve speech impairments and other related disorders. Various methods of the treatment include physical exercises, speech drills, and sound production practice.
- The treatment for speech therapy can take place in a number of settings. These include home, neighborhood, and school. Services are provided at home for patients younger than three years of age. Preschoolers may be offered services in daycare settings, while treatment programs for school-age children usually are integrated into the classroom.
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Key Drivers and Restraints of Global Speech Therapy Services Market
- Rise in number of geriatric population is boosting the speech therapy market. Hearing loss is one of the key issues associated with the elderly. Therefore, rapid growth in geriatric population is anticipated to lead to a rise in number of people with hearing and balance impairments. Increase in demand for contract based or direct speech therapy services is also estimated to boost the market in the near future.
- Members of the baby boom generation now face the possibility of neurological disorders and hearing impairments. Birth asphyxia, brain malformation, and hydrocephalus require speech therapy. According to a paper published in the National Center for Biotechnology Information (NCBI) in 2012, the overall prevalence of neurological disorders stood at 38.7% in the year. According to the paper, neurological disorders are more common in children with the Down syndrome than in general population.
- Government regulation on reimbursement lower patient access, thereby adversely affecting the demand for speech therapy services. Speech therapy services are usually covered under private health insurance.
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High Demand for Speech Therapy Services for Children
- Based on patient pool, the global speech therapy services market can be segmented into adult and children
- Adult and children can be affected by various types of speech disorders. According to the National Institute on Deafness and Other Communication Disorders data, an estimated 17.9 million U.S. adults aged 18 or older (7.6%) are reported of having had a problem with their voice in the past 12 months. As per the American Speech-Language-Hearing Association data, overall, 2.3% to 24.6% of school-aged children were estimated to have speech delay or speech sound disorders.
High Growth Potential for Speech Disorder Segment
- Based on indication, the global speech therapy services market can be divided into speech disorder, language disorder, apraxia, autism spectrum disorder (ASD), and others
- Increase in incidence of congenital disorders, rise in awareness about speech defects, early diagnosis, and launch of new services are anticipated to drive the global speech therapy services market during the forecast period
- According to the National Institute on Deafness and Other Communication Disorders data, approximately 1 in 12 (7.7%) U.S. children aged between 3 years and 17 years has had a disorder related to voice, speech, language, or swallowing over the last 12 months
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Market in Asia Pacific Estimated to Expand at High CAGR
- In terms of region, the global speech therapy services market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is estimated to lead the global speech therapy services market during the forecast period. It is projected to be followed by Europe. This can be ascribed to the rise in incidence of congenital disorders and increase in geriatric population.
- The market in Asia Pacific is likely to expand at a rapid pace during the forecast period, due to the rise in standard of living, lifestyle changes, increase in awareness about speech disorders, and growth in health care expenditure in the region
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Key Manufacturers Operating in Market
The global speech therapy services market was highly fragmented in 2018. Key manufacturers operating in the global market are:
- Smart Speech Therapy
- Therapy Solutions Inc.
- Glenda Browne Speech Pathology
- Benchmark Therapies, Inc Corporate
- Talk Speech Pathology Pty Ltd
- Speech Therapy Services
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