Speech Delay

Hi all, this post is with regard to my 2 year old son's speech delay. His correct age is 2 years and 2 months. He is our first child and our's is a single family comprising of me, hubby and our son. We live abroad, so visits by family or our visits to them are only once or twice a year. I had a very healthy pregnancy without any issues. He was born exactly on his due date by normal vaginal delivery. He was an average sized baby weighing at 3.5 kgs and 19.5 inches long. He did not have any issues at all whatsoever ever in his life.

About his characters/behaviour:
1) The only problem we’ve had with him is lack of sleep. Even as a baby in the hospital in the initial stages when babies usually sleep for most of the day, he was the exception. He would not sleep. At the same time, he was not a fussy baby. He did not cry a lot either. He just used to lie and keep looking around. But his sleeping patterns have improved now. He takes a 1-1.5 hr nap in the afternoon and goes to bed at night only after 10.30 PM and sleeps till the morning.
2) He never gets sick – no fevers, ear infections or any other kind. The first time he got a fever was when he started teething around 6 – 7 months which lasted a couple of days. And he never fell sick again till last week when he got a fever again which went away in a couple of days. He is a very healthy boy, quite tall for his age. People always mistake him for a 4 year old. He has always been on time or way ahead with all his milestones. He started walking around 10.5 months.
3) He is a very, very active boy, never sits still for a minute. At the same time, his activity is not restlessness or without purpose. He plays very well by himself, does not need to have anyone to play with. He is like if there is someone to play with, then well and good, if not then he is still fine by himself. He is a very robust little boy, does things (activities in the park) that only kids of 4-5 years do.
4) He is not fussy. If he needs something and starts crying, it only lasts for a few seconds, a minute at the most. He quickly stops crying all by himself and forgets it easily. He does not throw a tantrum and cry for something for a long time.
5) He is a very happy child, always has a smile on his face. With strangers, sometimes he is very open right from the start and sometimes he is very shy for a few minutes and then he becomes open to them.
6) He is a very careful child. In fact, most people comment on how careful he is for his age. Whatever he does, he does it very carefully so much so that I do not even have to keep an eye on him to make sure that he is o.k. In fact, even when he was a baby, and when someone held him in their arms, he would always grab the person’s shirt/dress as though he was scared that they might drop him. With him being so active and constantly on the move always, if he was not as careful as he is, he would have been hurt a lot by now.
7) The other thing about him is his speed. Everyone comments on how fast he is in everything he does. The way he runs is astonishing. And sometimes when he falls down and scrapes/hurts himself, he very rarely cries. He is so tough. When he falls, he just picks himself up, brushes himself off and he is off again.
8) He grasps things very fast. He only has to see us do something once and he imitates it perfectly. His memory is also very good. If I ask him to bring me anything that he had left somewhere even a couple of days ago, he instantly remembers where it is and brings it to me.
9) The only problem with him is his speech. He understands everything we tell him and ask him to do. And he does not shut his mouth, he is always saying something and gesturing with his hands, but we do not understand what he is saying. He imitates the tunes of rhymes and film songs exactly and sings with his babble/ lyrics.
10) Folks on his father’s side were late talkers it seems.
11) One thing I have noticed about him is, once he knows how to say a word, he never says it or repeats it no matter how many times I ask him to say it. His nickname is Bunny, and when he was 10 months old, he would always keep saying Bunny Bunny Bunny and a few other words, but after sometime he stopped saying them. His pediatrician has recommended speech therapy for him, but the evaluation and subsequent visits are so expensive that we are not able to afford them. I feel that he has the ability to say words, but he is just not saying them, because I have noticed him saying words involuntarily when he is busy playing. Also when he is busy and I ask him to repeat some simple words, he does so easily and suddenly he realizes what he is doing and stops repeating. We are south Indians and speak a south Indian language at home, but we use both English and our language words for common things when talking to him like water, run, jump, sit, ball, kick, doggie, his body parts etc and he knows and recognizes the words in both languages.
Please someone suggest some medicine for him. We are expecting out second baby towards the end of this year and I fear that I may not be able to concentrate on him as much as I am doing now and this could lead to a bigger delay in his speech. Thanks in advance.