Speech Impairment Market Poised for Growth, Expected to Reach $12.73 Billion by 2028

LANDON, GREATER LANDON, UK, June 20, 2024 /EINPresswire.com/ -- The speech impairment market, which encompasses conditions hindering speech production or comprehension, is witnessing robust growth. Valued at $9.34 billion in 2023, it is projected to reach $10.03 billion by 2024, growing at a CAGR of 7.4%. It will grow to $12.73 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.This growth is fueled by factors such as the increasing geriatric population, heightened awareness of cognitive health's link to speech, lifestyle changes, advances in AI, and the rising aging demographic.

Rise in Incidence Driving Market Growth

The prevalence of speech disorders is on the rise, prompting a surge in demand for diagnostic tools, therapies, and assistive technologies. A notable increase in diagnoses among children underscores this trend, with infants and toddlers aged 0–2 experiencing a 136% rise, and children aged 3 to 5 seeing a 107% increase in 2022 compared to pre-pandemic figures. This rise in incidence is a key driver propelling the speech impairment market forward.
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Major Players and Market Trends

Key companies like Google LLC, Microsoft Corporation, and IBM are leading the market with innovative technologies such as speech recognition apps. These apps enable individuals with speech disabilities to communicate effectively by converting spoken language into text. For example, Violet, an Israeli startup, launched a patented speech recognition app in June 2021, catering specifically to individuals with motor-speech disabilities and accents.
Trends in the Forecast Period

Anticipated trends in the speech impairment market include advancements in speech recognition technology, strategic collaborations between healthcare institutions and tech firms, and the proliferation of home-based interventions. These developments aim to enhance accessibility and efficacy in speech therapy and pathology services, driving market growth.

Segments of the Speech Impairment Market

Type: Speech Disorder, Language Disorder, Apraxia, Autism Spectrum Disorder (ASD), Other Types
Age: Pediatrics, Adults, Elderly
End-User: Specialty Clinics, Rehabilitation Centers, Speech Therapy Centers, Bilingual Classes, Hospitals, Community Health Centers
Geographical Insights: Asia-Pacific Leading Growth

North America dominated the speech impairment market in 2023, while Asia-Pacific is expected to emerge as the fastest-growing region in the forecast period. Detailed regional dynamics and growth opportunities are covered comprehensively in the report.

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Speech Impairment Global Market Report 2024 from TBRC covers the following information:

Market size data for the forecast period: Historical and Future
Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Speech Impairment Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on speech impairment market size, speech impairment market drivers and trends, speech impairment market major players, competitors' revenues, market positioning, and market growth across geographies. The speech impairment market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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