Rising Prevalence of Speech-Based Disorders and Growing Awareness Drives the Global Speech Generating Devices Market, According to New Report by Global Industry Analysts

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GIA announces the release of a comprehensive global report on Speech Generating Devices markets. The global market for Speech Generating Devices (SGDs) is projected to reach US$505 million by the year 2018, driven primarily by the rising prevalence of speech-based disorders. Growing media coverage, greater availability of information on the Internet, and R&D activity focusing on developing technologically superior devices represents other factors that are expected to significantly impact the growth prospects of SGDs in future.

Speech Generating Devices: A Global Strategic Business Report

Follow us on LinkedIn – Speech Generating Devices (SGDs), also known as voice output communication aids, help individuals with restricted verbal interaction capability to communicate effectively, and partake more easily in community programs. Over the years, technological advancements have enabled SGDs to emerge as a refined tool, capable of addressing numerous requirements of the speech impaired populace. Presently, a wide range of devices are available for patients based on the various levels of cognitive and physical abilities and include text-based communication devices, symbol systems, tongue switches, and eye tracking system.

Despite the various benefits offered by the systems, the market for Speech Generating Devices is considerably under-penetrated as very few patients are benefiting from the technology due to lack of prescriptions. Also, the role played by various funding sources for SGD devices, such as the Government and third party providers, renders substantial impact on the demand for speech generating devices. Another major reason cited for the low penetration of SGD devices, is the extensive research and development activity embarked upon by the manufacturers, which has made SGD devices expensive. Also, with the revenue earning capacity of Governments taking a dive during the recession period, Governments across the world are persistently trimming public fund, and are expected to continue doing so in the near future. Subsequently, Government funded sectors, such as the healthcare and education, are slated to continue witnessing budget slashes. Speech generation devices market is also expected to face the heat of the ongoing budgetary slashes, primarily because a major portion of the funding of SGD devices is channelized through public schools, Government, and third party sources.

While macro-economic challenges would continue to haunt the market in the near term, the continuing research and development activity focusing on developing technologically superior devices are poised to increase the uptake of SGD devices in the near future. Also, the fact that the market is hugely under penetrated gives sufficient scope for the SGD device market to develop further. The prevalence rate of speech impairment shows that approximately 1.0% of the entire population in countries such as the US, Canada, and Australia suffers from speech impairment. In the US alone, this estimate translates into a significant number of 3.1 million people. Altogether, a considerable number of people across the globe suffer from speech disorders that results from a wide range of causes. The business potential of advanced Speech Generating Devices (SGDs) is significant with regards to the rehabilitation of these patients that include both the younger and the elderly population.

The United States represents the largest and the fastest growing market for SGDs, as stated by the new market research report on Speech Generating Devices. The region is forecast to increase at a CAGR of 16% over the analysis period. In the US, institutions or individuals purchasing SGDs are usually reimbursed by third party sources, such as managed care plans, foreign and local Government initiatives that include Medicaid and Medicare, as well as the private insurance plans. The type and cost of SGDs purchased relies on the access to and the range of coverage provided. Additionally, in the US, sales of SGDs are driven by demand from public schools that rely on funds provided by foreign, local, state, and federal Governments. Over the recent past, the US schools at elementary and secondary levels received better funding from both federal and state Governments through enhanced legislations, one of them being ‘No Child Left Behind’. However, latest implemented and proposed reforms in the legislations related to the healthcare industry in the US are creating an atmosphere of uncertainty as the affect of the modified policies and regulations on the current and future demand for SGDs is still under speculation.

As technology continues to drive various industries across the globe, Speech Generating Devices companies are focusing on developing products that can offer high level of accuracy and user-friendliness. Arrival of touch screen devices, such as iPhone, iPads, and other devices along with innovative Augmentative and Alternative Communication based applications have revolutionized the speech generating devices market. Convenience of a small size, light weight and touch-screen interface in the form of iPhones, iPads, iPod touches, Android phones as well as the latest Android tablets eliminates the inconvenience of carrying big and heavy versions of the earlier SGDs. Further advancements are expected to increase the devices’ appeal and usability as well as expand the range of patients that would be able to use these devices.

Major players profiled in the report include Advanced Multimedia Devices Inc., DynaVox Inc., Jabbla BVBA, Lingraphicare America Inc., Prentke Romich Company, Saltillo Corp., Tobii Technology AB, Toby Churchill Limited, Words+ Inc., ZYGO-USA, among others.

The research report titled “Speech Generating Devices: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of the SGD market, current market trends, growth drivers, product overview, product introductions, mergers and acquisitions, and other strategic industry activities, and profiles of major/niche global and regional market participants. This single segment report provides market estimates and projections for the SGD market for the years 2010 through 2018 for the United States, Japan, Europe, and Rest of World regions. A six year historic review is provided for the years 2004 through 2009 for an additional perspective.

For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Speech_Generating_Devices_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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