Speech Therapy Market size was valued at USD 9,372.5 Million and is poised to grow at a significant CAGR of 6.1% over the forecast period of 2022-2028. Treatment of issues connected to speech and communication is the central aspect of speech therapy services. This covers the many ways to treat patients based on the problem to strengthen the muscles and enhance voice clarity and articulation. These include physical exercises, speech drills, sound production practice, etc. People who have difficulty pronouncing words correctly are also treated in speech therapy. According to market trends for speech therapy, end users, including schools, bilingual programs, workplaces, and private practices, will require more treatments, boosting the speech therapy services market soon. Loss of speech and communication is closely related to aging. As the number of people with speech issues rises quickly, the aging population will present opportunities for speech therapy service providers to balance deficits. This increase in the prevalence of speech problems will increase the speech therapy market size in the forecast period. The growing number of hearing impairments linked with neurological illnesses affecting baby boomers will increase the demand for speech pathologists who, along with the therapy, also treat the pathological reason behind the problem. Thus, the speech pathology market will soon flourish with the increasing difficulty of neurological disorders related to speech, hearing, and swallowing. Premature newborns, trauma, and stroke sufferers now have a higher survival rate due to advance medical technology, which necessitates evaluation and potential therapy for speech-related issues as trauma mainly affects the neurological pathway for proper speech and understanding of words. This incorporates speech therapy as a mandatory procedure for the completion of treatment. Thus, the market for speech therapy gets a new potential to flourish in the upcoming decades. Over the following years, demand for speech therapy services will rise as people become more aware of the value of early diagnosis and identification in newborns. More babies are being screened for speech and hearing difficulty to get adequate treatment services, creating new opportunities for established and up-and-coming market participants. The demand for speech therapy services is rising for kids in special education in elementary and secondary schools. The need for contract-based and natural treatments for patients in hospitals, schools, and healthcare facilities is anticipated to increase soon, driving the expansion of speech therapy services. Low reimbursement is the primary restraint for the speech therapy market from growing. Moreover, the non-coverage of health insurance is also a significant inhibitor to the smooth growth of the speech therapy market.
In August 2022, The National Association for Child Development announced the re-release of their very effective and successful app that addresses Childhood Apraxia of Speech/dyspraxia, as well as apraxia of speech in adults.
In March 2022, two pediatric speech and language therapists launched the world’s first online speech therapy club to address the global crisis affecting preschoolers worldwide in the hope of helping this generation start talking.