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Residential Intellectual And Development Disability Care Market Size, Latest Trends, Growth Status, Top Major Players And Forecast To 2033
Residential Intellectual And Development Disability Care Market
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According to The Business Research Company's, The residential intellectual and development disability care market size has grown strongly in recent years. It will grow from $164.65 billion in 2023 to $176.54 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to increasing awareness and diagnosis, the expansion of government funding and support programs, improvements in care practices and standards, an increase in the aging population, and increasing private investment in the sector.
The residential intellectual and development disability care market size is expected to see strong growth in the next few years. It will grow to $234.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to the shift towards personalized and person-centered care, efforts to address workforce shortages and improve training and education, increasing demand for specialized services, changes in policies and regulations at the federal and state levels, and growth in community-based and integrated care options. Major trends in the forecast period include the integration of advanced technologies, increasing collaborations, enhanced workforce training and development, the incorporation of behavioral health services and supports within residential care settings, and the utilization of data analytics and electronic health records.
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Market Drivers and Trends:
The increasing federal funding for programs catering to individuals with intellectual disabilities is expected to propel the growth of the residential intellectual and development disability care market going forward. Increased federal funding for programs catering to individuals with intellectual disabilities is driven by growing awareness of their needs, advocacy for improved services, and a commitment to inclusive policy initiatives aimed at enhancing quality of life and equal opportunities. Federal funding for programs catering to individuals with intellectual disabilities enhances residential care by providing financial resources for services, support, and infrastructure improvements. For instance, in December 2022, according to the data published by Education Week, a US-based news organization that covers K-12 education, federal spending on special education through the Individuals with Disabilities Education Act (IDEA) rose from $13 billion to $15.5 billion for the period from October 2022 to September 2023. Furthermore, in September 2023, the United States Department of Health and Human Services (HHS), a US-based federal government agency, invested $8 million in the year 2023 to enhance the training of caregivers for residential intellectual and developmental disability care. Therefore, increasing federal funding for programs catering to individuals with intellectual disabilities is driving the growth of the residential intellectual and developmental disability care market.
Major companies operating in the residential intellectual and developmental disability care market are focusing on post-secondary education programs that offer life skills, job readiness, and social integration for students within university communities. These specialized programs provide academic, vocational, and life skills training to support the transition of students with intellectual and developmental disabilities into adulthood and employment. For instance, in January 2023, the University of Missouri (Mizzou) launched the Preparing Adults for Work and Society (PAWS) program, a residential initiative designed to provide post-secondary education opportunities for these students. The program fosters social integration by encouraging interactions between students with disabilities and their peers, promoting inclusivity and reducing isolation. PAWS is also pursuing accreditation as a Comprehensive Transition Post-Secondary (CTP) Program through the U.S. Department of Education.
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Major Key Players of the Market:
Commonwealth of Pennsylvania, Texas Health and Human Services, Acadia Healthcare, Sheppard Pratt Health System Inc., Cerebral Palsy Associations of New York State, Merakey Allegheny Valley School, WellLife Network Inc., Alliance Health, PERFORMCARE, Texana Center, Cuyahoga County Board of Developmental Disabilities, Lutheran Family Services Rocky Mountains, The Home Care Spot., Metrocare Services, The Arc of the United States, Health Standards Organization (HSO), New Vista Nursing and Rehabilitation Center, Residential Support Services, Lutheran Services in America Inc., St. Joseph's Center, The Commonwealth Fund, Beacon Health Options Inc., SPOT Rehabilitation & Home Health Care, Durham County Community Living Programs Inc.
Residential Intellectual And Development Disability Care Market 2024 Key Insights:
• The residential intellectual and development disability care market size is expected to see strong growth in the next few years. It will grow to $234.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• The Impact Of Federal Funding On The Residential Intellectual And Developmental Disability Care Market
• Expanding Post-Secondary Education For Students With Disabilities Mizzou's PAWS Program Leads The Way
• North America was the largest region in the residential intellectual and development disability care market in 2023
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