Speech Therapy Software Market size was valued at $860 million in 2019, and it is estimated to grow at a CAGR of 9.84% during 2020-2025. Speech therapy software includes telepractice, documentation, billing, intake forms and e-claim submission modules designed for speech and language pathologists. The growth is mainly attributed to the increasing investments and funding activities have created a demand for the adoption of advanced software solutions which set to propel the market growth.
Speech Therapy Software Market Segment Analysis – By Type
Cloud-based deployment held the major share of 68.15% in 2019. Cloud-based deployment model is more preferred for mobile and web application security and this is poised to drive the market growth. Cloud deployment provides greater flexibility and offers much less in the means of customization when compared to on-premises. Cloud-based maintenance solutions help in gaining maximum profits and automating equipment maintenance process, effectively. This drives the cloud-based deployment of Speech therapy software.
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Speech Therapy Software Market Segment Analysis – By Industry Vertical
Educational Institutions is the fastest-growing segment in Speech Therapy Software market and estimated to grow at a CAGR of 10.02% during the forecast period 2020-2025. Educational institutions may focus on invest in the adoption of advanced technologies which set to drive the market during the forecast period. Growing awareness of therapies in various sectors create opportunities for the Speech therapy software market during forecast period.
Speech Therapy Software Market Segment Analysis – By Geography
North America dominated the Speech Therapy Software market in 2019 with a market share of 37.46%, followed by Europe and APAC owing to the presence of a large number of players. In addition to these, the high adoption of advanced technologies and high investments in the healthcare sector drive the market growth in this region. Additionally, a rise in the incidence of congenital disorders and an increase in elderly population has increased the demand for speech therapy software.
Speech Therapy Software Market Drivers
Incorporating speech therapy software with various applications
Incorporating speech therapy software with various applications such as board games, games with sports and carnival themes, puzzles, and others set to drive market growth. Especially, many schools are opting for speech therapy software. Speech therapists may work with students individually or in groups, providing treatment in a classroom or office. They assist students using audio-visual aids, physical strengthening exercises, instructive or repetitive practice, and other means. This technology allows the clinician to link the students for assessment, intervention, consultation and this set to drive the market growth.
Benefits associated with speech therapy software
Technological advancements offer promising ways in order to enhance intervention and treatment of speech and language impairments. It is a niche science which provides treatment, support and care for individuals with speech and language problems. The major benefit to use of apps in speech therapy is that it tends to capture a child’s attention. Latest software solutions cover all main speech therapy issues including diagnosis, therapy exercises, performance monitoring instant feedback both to the client and the speech-language pathologist. Use of this type of software drive market growth.
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Speech Therapy Software Market Challenges
High cost and Lack of skilled expertise
High cost is the major concern for speech therapy software. The software cost varies depending upon the monthly or yearly subscription. For instance, monthly subscription starts from minimum $29 per month, whereas for yearly subscription, the prices starts from $19 per month. Additionally, proper use of technology in everyday practice including the use of communication devices to deliver speech and language therapy services hamper the market growth. However increasing investments in developing economies for the adoption of advanced technologies provide opportunities for the market growth. For instance, in 2019, India based startup had launched a first of its kind speech therapy platform for speech disorders in Bangalore.
Speech Therapy Software Market Landscape
Technology launches, Acquisitions, Partnership, and R&D activities are key strategies adopted by players in the Speech Therapy Software market. Speech Therapy Software top 10 companies include Optima Health Care Solutions, Net Health, CrisSoft, CentralReach, Cedaron Medical, PracticePerfect, PT Billing Solution, CrisSoft, VaultMR, CarePoint & CompuGroup Medical, Smart Speech Therapy LLC and others.
In July 2020, Net Health, a leading provider of EHR software for specialized care settings had launched a new fully integrated digital solution for rehab therapists in acute care settings. This increases the Company’s speech therapy software market share.
In July 2019, Net Health had acquired Optima Healthcare Solutions in order to expand its purpose-built electronic medical record platform. This creates opportunities for market growth.
North America dominated the Speech Therapy Software market in term of revenue in 2019 owing to the presence of a major number of players.
Increasing investments and funding activities in the healthcare sector provide opportunities for the market growth.
Cloud-based deployment owing its low cost and flexibility is set to drive the market.
Lack of skilled expertise is the major challenge that hampers the market growth.
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