Speech Therapy Market Update 2023 : Projected to Attain USD 17.0 Billion by 2031

The speech therapy market size was valued at $9.9 billion in 2021, and is estimated to reach $17 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.

• CAGR: 5.6%
• Current Market Size: USD 9,9 Billion
• Fastest Growing Region: APAC
• Largest Market: North America
• Projection Time: 2022-2031
• Base Year: 2022

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Impact of COVID-19 on the Speech Therapy Market

The COVID-19 pandemic has ushered in unprecedented challenges across various industries, including the healthcare sector. One significant area affected by the pandemic is the speech therapy market. The restrictions on in-person interactions, coupled with the broader healthcare crisis, have significantly impacted the delivery and accessibility of speech therapy services worldwide. In this blog, we delve into the current scenario, analyzing the effects of the pandemic on the speech therapy market and provide insights into the future outlook for this crucial sector.

Regional Analysis

In the realm of regional dominance, North America has solidified its position as a major shareholder in the speech therapy market, propelled by the presence of key industry players, amplified governmental initiatives, a well-established healthcare infrastructure, and a rising incidence of speech disorders. Furthermore, the integration of cutting-edge technology into speech therapy practices has provided an additional impetus to the expansion of this market.

Conversely, the Asia-Pacific region is projected to exhibit the most substantial growth rate in the speech therapy market over the forecast period, boasting a promising CAGR of 5.6%. The surge in the prevalence of speech disorders stands as a primary catalyst behind this growth trajectory. Additionally, advancements in technology, augmented government efforts to promote healthy living, and a burgeoning number of hospitals and treatment centers dedicated to addressing speech disorders have collectively propelled the market’s upward surge in this region.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (166 𝐏𝐚𝐠𝐞𝐬 𝐏𝐃𝐅 𝐰𝐢𝐭𝐡 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬, 𝐂𝐡𝐚𝐫𝐭𝐬, 𝐓𝐚𝐛𝐥𝐞𝐬, 𝐚𝐧𝐝 𝐅𝐢𝐠𝐮𝐫𝐞𝐬) @ https://www.alliedmarketresearch.com/speech-therapy-market/purchase-options

Key Players-

• Powerback Rehabilitation
• LifePoint Health (Kindred Healthcare, LLC)
• Therapy Solutions Inc.
• Benchmark Physical Therapy Institute
• Rehabilitation Associates Inc
• Humanus Corporation
• National Institute of Physical Medicine and Rehabilitation
• Orient Speech Therapy Center Limited
• Madonna Therapy Plus
• Reliant Rehabilitation

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the speech therapy market analysis from 2021 to 2031 to identify the prevailing speech therapy market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the speech therapy market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global speech therapy market trends, key players, market segments, application areas, and market growth strategies.

KEY FINDINGS OF THE STUDY

• Based on type, the neurological conditions segment held largest share in the global market in 2021. However, adults segment is anticipated to grow at the highest CAGR of 6.1% during the forecast period.
• On the basis of age, the pediatrics segment held largest market share in 2021.
• Based on end user, the hospitals segment dominated the market in 2021, and is expected to grow at a CAGR of 6.1% during the forecast period.
• On the basis of region, North America held largest share in the global market in 2021. However, Asia-Pacific is anticipated to grow at the highest CAGR of 7.8% during the forecast period.

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Regional Analysis

In 2021, the speech therapy market in North America surged ahead, securing the largest market share. This upward trajectory was primarily fueled by a notable increase in the population afflicted with speech disorders and neurological conditions. Furthermore, the region’s advantageous reimbursement policies for speech therapy services played a significant role in propelling market growth.

Conversely, the Asia-Pacific region is projected to experience the fastest compound annual growth rate (CAGR) during the forecast period. This surge can be attributed to various factors, including a substantial rise in the elderly population grappling with neurological conditions and a notable uptick in the incidence of cognitive disorders among infants. These developments have consequently led to a heightened demand for speech pathology services in the region. Additionally, the ongoing development of healthcare infrastructure across various countries in the Asia-Pacific region has further catalyzed the expansion of the speech therapy market.

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