Speech Generating Device Market to Reach $733.3 Million by 2034: Fact.MR Analysis

Emergence of Smart and Reliable Speech Generating Devices with Integration of Advanced Language Processing Technologies

ROCKVILLE, MARYLAND, UNITED STATES, June 15, 2024 /EINPresswire.com/ -- Fact.MR, a market research and competitive intelligence provider, reveals in its recently updated research report that the global speech generating device market is estimated at US$ 282.7 million in 2024 and is forecasted to increase to a value of US$ 733.3 million by 2034.

Rising prevalence of communication disorders is primarily boosting the sales of speech generating devices. Technological advancements are set to boost speech generating device market growth over the coming years. Integration of advanced technologies such as artificial intelligence, machine learning, and language processing technologies is set to offer advanced speech generating devices (SGDs) with improved user experience. With the help of predictive text and personalized suggestions, AI-based speech generating devices are better at meeting individuals' needs.

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Increasing cases of hearing disorders, paralysis, and autism spectrum are driving up the need for speech generating technologies. Increasing importance of speech-generating devices is driving their demand growth in both healthcare and education settings. Hearing loss is also a major health issue among the older population across the world.

• According to the report by the World Health Organization on Deafness and Hearing Loss, around 2.5 billion people are expected to have some degree of hearing loss by 2050, and at least 700 million will require hearing rehabilitation.

North America will offer lucrative opportunities for speech generating device manufacturers due to the presence of supportive reimbursement policies and high investments in healthcare research. Rapidly increasing geriatric population is driving the sales of speech generating devices in the Asia Pacific region.

Key Takeaways from Market Study

• The global speech generating device market is foreseen to increase at a CAGR of 10% from 2024 to 2034.

• The United States market is projected to reach US$ 81.3 million by 2034.

• Canada is estimated to hold 33.6%of the North American market share in 2024.

• The Japan market is approximated at US$ 18.3 million in 2024.

• Sales of text-to-speech devices are calculated to reach US$ 334.4 million by 2034.

“Miniaturization trend is set to boost the sales of compact and convenient speech generating devices in the years ahead,” says a Fact.MR analyst.

This report profiles key players such as Abilia AB, Tobii AB, AMDi, Toby Churchill Ltd., Lingraphica, Attainment Company, Inc., Prentke Romich Company Inc., Jabbla, Saltillo Corporation, Textspeak Corporation, Nuance Communication, Inc., Tobii Dynavox, Zygo USA, Amazon Web Services, Inc., and Zyteq Pty. Ltd. These businesses are at the forefront of innovation and development in the assistive technology sector, driving growth and breakthroughs in speech-generating equipment.

Competitive Analysis

Leading manufacturers of speech generating devices are investing heavily in the production of advanced products. Personalization trend is opening lucrative opportunities for manufacturers to provide customizable speech generating devices according to individuals’ needs. Key producers are collaborating with healthcare and research institutions to spread awareness and develop effective and reliable speech generating devices.

• In March 2024, bioengineers from UCLA, United States, developed a flexible self-powered device. This device can stick to the neck of an individual and translate the larynx muscle movements into audible speech.

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Recent Developments:-

To increase their market position, key players in the voice producing devices market are focusing on quick and smooth regulatory approval strategies, the launch of technologically advanced goods, and acquisitions and collaborative agreements with other companies. In addition, firms are working tirelessly to provide portable voice generating equipment.

New businesses are growing their market reach and profit margins by providing novel product offers. They are investing extensively in R&D to provide technologically superior and innovative products and obtain a competitive advantage.

• Researchers at UCSF and UC Berkeley revealed that more natural speech decoding is possible using the latest digital technologies such as artificial intelligence AI. In 2023, these researchers introduced an implantable AI-powered device. This device effectively translates brain signals into modulated speech and facial expressions.

• In September 2021, EyeTech Digital Systems announced the launch of a new EyeOn Go speech generating device (SGD). This lightweight communication SGD is a convenient and on-the-go language support for verbally impaired individuals.

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Hearing Protection Device Market: The global hearing protection device market size is valued at US$ 2.28 billion in 2023 and is forecasted to expand at a CAGR of 10.1% to reach a size of US$ 5.98 billion by the end of 2033.

Hearing Aid Market: The global hearing aid market size is projected to be worth US$ 8,973.1 million in 2024. The market is expected to register a CAGR of 5.3% through 2034. It is projected to reach US$ 15,053.2 million by 2034.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global speech generating device market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights on the market based on product type (synthesized speech devices, text-to-speech devices, picture communicators), display (static displays, dynamic displays), technology (manual devices, head tracking technologies, eye tracking technologies), and distribution channel (hospitals, specialty clinics, e-Commerce), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).

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