Speech Generating Text-to-Speech Devices to Account for Over 40% of Global Revenue: Fact.MR Study
Published : 13 Oct 2021 Industry: Healthcare
As per Fact.MR, a market research and competitive intelligence provider, the global speech generating devices market is anticipated to top US$ 550 Mn by 2031, surging at a CAGR of 10% over the next ten years.
Electronic devices that allow users to select messages to be spoken aloud are known as a speech generating devices. Speech generating devices, also known as voice output communication aids, allow people with severe speech impairments to communicate verbally.
The text and updating vocabulary of SGDs are influenced by a variety of factors, including patient needs and circumstances. Many technological advancements in electronic technology have occurred over time to make devices more user-interactive and portable.
Speech generating devices help individual users with multiple input and display methods of SGDs to communicate effectively and in an easy way. Increasing availability of modern and user-friendly devices is primarily responsible for the growth of the global speech generating devices market.
Key Takeaways from Market Study
- Global speech generating devices market to top US$ 550 Mn by 2031.
- Text-to-Speech devices projected to reach around US$ 140 Mn by 2031.
- Synthesized speech devices projected to record above 8% CAGR over next 10 years.
- Market in North America holds share of more than 50%.
- Market in Canada expected to reach valuation of US$ 50 Mn by 2031.
- Market in Australia to record 7% CAGR over forecast period of 2021 - 2031.
“Continuous enhancement of touchscreen devices, presence of well-established healthcare organizations, and rising adoption in special education programs, especially for those with severe communication disorders, have propelled demand for speech generating devices,” says a Fact.MR analyst.
Companies are extensively investing in research & development to come up with effective solutions for speech-related disorders. These strategies are likely to boost the growth of the market. Speech generating device manufacturers are involved with government initiations through funding and collaboration, which can help the market garner significant growth.
AAC apps in touchscreen devices and automation is used by people with communication needs as well as their caregivers. This innovative change will expand the market for speech generating devices over the decade.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the speech generating devices market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of product (synthesized speech devices, text-to-speech devices, and picture communicators), display (static display and dynamic display), technology (manual devices, head tracking technology, and eye tracking technology), and distribution channel (hospitals, specialty clinics, and e-Commerce), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
Fact.MR’s Domain Knowledge in Healthcare
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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Shambhu Nath Jha
Sr. Consultant - Healthcare