As per latest industry analysis published by Fact.MR, the global speech generating devices market reached a valuation of around US$ 205 Mn in 2020, and is slated to accelerate at a CAGR of 10% through 2031. Demand for text-to-speech devices is high and set to remain so, increasing at a CAGR of 9%.
Overall, the worldwide speech generating devices market is projected to expand 2.7X and top a valuation of US$ 550 Mn over the decade.
|Market Size Value in 2020||US$ 205 Mn|
|Market Forecast Value for 2031||US$ 550 Mn|
|Global Growth Rate (2021 to 2031)||10% CAGR|
|Top 5 Companies’ Share||45%|
Demand Analysis of Speech Generating Devices from 2016 to 2020 Vs Market Outlook for 2021 to 2031
As per Fact.MR, a market research and competitive intelligence provider, the global market for speech generating devices was valued at US$ 205 Mn in 2020.
Significant technological advancements in electronic gadgets and rising selection of impairment diagnosis will boost demand for speech generating devices. Because of the portability of speech-generating devices, their use is increasing among patients suffering from speech-related disorders.
Growing government associations' investments in industry players to innovate and create items at low cost to make the devices more user-friendly for patients will aid in the expansion of the market for speech-generating devices.
Continuous enhancements in touch screen devices, as well as modern communication gadgets have profoundly impacted the market.
These factors are expected to drive the market at a 10% CAGR across 2021 to 2031.
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How are Advancements in Touchscreen Mobile Devices Reshaping the Market?
Technology is evolving rapidly. Speech generating devices are portable and user friendly because of continuous progress in technology. These new technologies have resulted in increased capability, productivity, sensitivity, specificity, and, ultimately, improvement in the speech-impaired people.
Convenience provided by small-size, lightweight, and touchscreen interfaces has rendered large and heavy SGDs outdated. Hence, rising demand for speech generating touchscreen devices is set to fuel speech generating devices market growth through 2031.
Manufacturers are focusing on improving touch-screen devices to provide users with simple navigation and allowing speech generating devices to connect with smartphones.
Latest trends of speech generating devices and technological evolvement of touchscreen devices are expected to provide more opportunities for players in the global market for speech generating devices.
What are the Restraints being Faced by Speech Generating Device Providers?
There are a number of benefits of speech generating devices for individuals with speech impairments, but some restraints, such as lack of prescriptions, negatively affect market growth.
Funding for speech generating devices is provided by public schools, third-party sources, and governments, but cost constraints limit market growth. Furthermore, rising R&D spending has made SGDs prohibitively expensive, limiting their market penetration.
Low penetration and high cost may hinder market growth for speech generating devices to some extent over the coming years.
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Which Region Offers Huge Opportunity for Speech Generating Device Manufacturers?
North America is the global market leader in speech generating devices and is anticipated to stay the most dominant region, Revenue in the North America region is expected to double by 2031.
Government organizations initiating to supply speech generating devices to the students via special school policies is anticipated to increase the revenue in the region.
Growing demand for speech generating devices with dynamic displays in health care services and rising sales of picture communicator devices are other factors likely to boost the market in the region.
Increasing sales of synthesized speech devices in Russia, growing demand for text-to-speech devices in South Korea, and rising sales of picture communicators in Japan are contributing to global market growth prospects for speech generating devices and expanding opportunities for top manufacturers globally.
What is the Speech Generating Devices Demand Outlook for the U.S.?
Value of the speech generating devices industry in the United States is expected to increase 1.5X by 2031.
According to the National Institute of Deafness & Other Communication Disorders (NIDCD), nearly 7.5 Mn people in the U.S. are affected by speech-related disorders such as speaking difficulties and others.
High healthcare spending, latest innovations in speech generation by eye tracking technology, and increased government involvement are expected to drive growth of the U.S. speech generating devices market over the decade.
Why are Sales of Speech Generating Devices Flourishing in China?
China is seeing a tremendous increase in demand for speech generating devices.
New health reforms implemented by the government in China have expanded the insurance coverage of patients and improved the country’s primary healthcare system, further paving the way for manufacturers of speech generating devices in China.
Increasing geriatric population, growing demand for speech generating through head tracking technology, and rising sales of synthesized speech devices are expected to contribute notably toward the country’s market over the forecast period.
An increase in the cases of speech disorders, presence of regional and international market players, and high speech generating text-to-speech device demand across China are some of the key factors that have driven demand for portable speech generating devices in the country.
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Why is Demand for Text-to-Speech Devices Rising Rapidly?
Other segments are expected to grow slowly, while demand for speech generating text-to-speech devices is expected to increase 2.5X over the forecast period.
A text-to-speech system can improve people with visual impairments and learning disorders in a variety of ways. People with visual impairments or reading disabilities can use text-to-speech software to listen to written words on a computer or mobile device.
Individuals with dyslexia or reading disabilities have a difficult time decoding text. The letters may not make sense to them and thus remain unknown to them. Text-to-speech technology can help such people by converting their texts into an auditory format and making them easier to understand.
Ever-increasing demand for digitization and comfort is increasing the selection of text-to-speech systems in regular use. With verbal commands and audio instructions in text-to-speech devices, users are no longer required to read lengthy user guides or manuals.
Latest innovations in gadgets are anticipated to extend the inclusion of text-to-speech software into smart devices. Growing adoption of top brands of text-to-speech devices and rising sales of text-to-speech devices are factors set to drive market growth over the next ten years.
Why are Speech Generating Devices with Static Display Highly Sought-after in the Market?
People with communication, speech or cognitive incapacities can utilize speech generating devices with static display. These devices with overlays include words, letters or pictures to convey the message to individuals.
Because there are various devices for different types of speech, many overlays can be used to expand vocabulary options.
Emergence of static display devices, the government spending on education for differently-abled students and the increasing demand for speech generating devices with static display are expected to drive market growth over the forecast period.
Impact of COVID-19
The speech generating devices (SGDs) market has been hit by the COVID-19 pandemic. With the spread of COVID-19, physicians and patients became extremely worried about their own safety, raising doubts about the reuse of medical devices. This had a negative impact on the demand for speech generating devices.
COVID-19 is an incomparable global public health emergency that affected the sales of picture communicator devices, and the long-term effects are projected to impact the market.
As the COVID-19 pandemic spreads globally, medical device companies are finding it more difficult to make informed decisions about their products, supply networks, and regulatory obligations.
As the COVID-19 pandemic spreads, medical and healthcare departments are working at full capacity to treat patients. To capitalize on the looming opportunities, stakeholders in the global SGDs market landscape are expected to innovate, invest in research, and develop new solutions. However, with advancements in technologies and products being used in healthcare, the speech generating devices market size in 2021 is projected to be better.
Our ongoing research amplifies the research framework to ensure the inclusion of underlying COVID-19 issues and potential paths forward.
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Top companies in the speech generating devices market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies to enhance their market presence.
New strategies are being adopted by key players in the market to expand their product portfolios. In addition to that, manufacturers are making relentless efforts to offer portable speech generating devices.
Manufacturers of speech generating devices emphasize developing technologically advanced and innovative products by investing in research & development activities to gain a competitive advantage.
Speech Generating Devices Industry Report Scope
|Historical Data Available for||2016-2020|
|Market Analysis||Value in US$ Mn, Volume in Cu. M|
|Key Regions Covered||
|Key Countries Covered||
|Key Market Segments Covered||
|Key Companies Profiled||
|Pricing||Available upon Request|
Key Segments Covered in Speech Generating Devices Industry Research
- Speech Generating Synthesized Speech Devices
- Speech Generating Text-to-Speech Devices
- Speech Generating Picture Communicators
- Speech Generating Devices with Static Display
- Speech Generating Devices with Dynamic Display
- Speech Generating Through Manual Devices
- Speech Generating Through Head Tracking Technology
- Speech Generating Through Eye Tracking Technology
- Specialty Clinics
Speech Generating Devices Market: Report Scope
A recent study by Fact.MR on the speech generating devices market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates recent market developments, strategic market growth analysis, market size, category market growths, product approvals, product launches, geographical expansions, and technological innovations associated with speech generating devices market!
The study also provides the dynamics responsible for influencing the future status of the speech generating devices market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.
A list of prominent companies manufacturing speech generating devices, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of speech generating devices across the globe.
A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of speech generating devices during the forecast period. Price point comparison by region with global average price is also considered in the study.
Key Questions Answered in Report
- Which are the most lucrative markets for speech generating devices?
- Which factors will impact the growth of the market?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the speech generating devices industry?
- What are the winning strategies of stakeholders in the market?
Analysis on Market Size Evaluation
The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).
Market estimates at global and regional levels for speech generating devices are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global speech generating devices market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the speech generating devices market during the forecast period.
Country-specific valuation on demand for speech generating devices has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value and volume for emerging countries has also been included in the report.
The report sheds light on leading manufacturers of speech generating devices, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering speech generating devices has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the speech generating devices market.
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of speech generating devices market, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.
- FAQs -
The global speech generating devices market is currently valued at more than US$ 205 Mn.
From 2016-2020, sales of speech generating devices registered a CAGR of 6%.
Growing adoption of impairment diagnosis and advancements in electronic technology are factors driving demand for speech generating devices.
Abilia AB, AMDi, Lingraphica, Prentke Romich Company Inc., and Saltillo Corporation are some renowned speech generating device suppliers, holding around 45% market share.
North America, with 50% global market share, will largely contribute to the growth of speech generating devices revenue.
Sales of speech generating devices in Germany will most likely flourish at a CAGR of 8% over the next ten years.
Text-to-speech devices continue to be the highest revenue-generating segment, accounting for 40% of global revenue.
Sales of speech generating devices in Japan are forecasted to reach over US$ 60 Mn by 2031.
The U.S., China, South Korea, Japan, and Russia are expected to drive most of the demand for speech generating devices.
The global market is expected to top a value of US$ 550 Mn by the end of 2031, with sales revenue expected to register a CAGR of around 10%.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
Is a sample of this report available for evaluation?
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