Speech Therapy Services Market Size (2024 - 2029)

Speech Therapy Services Market Analysis

The Speech Therapy Services Market size is estimated at USD 11.90 billion in 2024, and is expected to reach USD 15.88 billion by 2029, growing at a CAGR of 5.94% during the forecast period (2024-2029).

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.

Speech Therapy Services Industry Segmentation

As per the scope of the report, speech therapy is an intervention service that focuses on improving a patient's speech and abilities to understand and express language, including nonverbal language. 

The speech therapy services market is projected to record a CAGR of 5.9% during the forecast period. The speech therapy services market is segmented by indication (speech disorder, language disorder, autism spectrum disorder, and other indications), age group (geriatric, adult, and pediatric), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.