Certain scalar-tensor theories have the property of endowing stars with scalar hair, sourced either by the stars own compactness (spontaneous scalarization) or, for binary systems, by the companions scalar hair (induced scalarization) or by the orbital binding energy (dynamical scalarization). Scalarized stars in binaries present different conservative dynamics than in General Relativity, and can also excite a scalar mode in the metric perturbation that carries away dipolar radiation. As a result, the binary orbit shrinks faster than predicted in General Relativity, modifying the rate of decay of the orbital period. In spite of this, scalar-tensor theories can pass existing binary pulsar tests, because observed pulsars may not be compact enough or sufficiently orbitally bound to activate scalarization. Gravitational waves emitted during the last stages of compact binary inspirals are thus ideal probes of scalarization effects. For the standard projected sensitivity of advanced LIGO, we here show that, if neutron stars are sufficiently compact to enter the detectors sensitivity band already scalarized, then gravitational waves could place constraints at least comparable to binary pulsars. If the stars dynamically scalarize while inspiraling in band, then constraints are still possible provided the scalarization occurs sufficiently early in the inspiral, roughly below an orbital frequency of 50Hz. In performing these studies, we derive an easy-to-calculate data analysis measure, an integrated phase difference between a General Relativistic and a modified signal, that maps directly to the Bayes factor so as to determine whether a modified gravity effect is detectable. Finally, we find that custom-made templates are equally effective as model-independent, parameterized post-Einsteinian waveforms at detecting such modified gravity effects at realistic signal-to-noise ratios.