Covina, July 17, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights Virtual Hospitals Market Size is expected to reach at USD 13.3 million in 2024 and is projected to grow at a CAGR of 26.9% to reach USD 116.4 million by 2034.
Virtual Hospital Market Report Definition
- How big is Virtual Hospital Market?
Virtual Hospital is a division of Virtual Healthcare Limited and is a non-governmental organization at an international level. Virtual Hospital provides healthcare to underdeveloped nations by using telemedicine techniques. Virtual Hospital bridges the gap between the west and underdeveloped countries by connecting hospitals in the West with the key county hospitals through telemedicine. Through a traditional healthcare referral system, Virtual Hospital sends the medical records of a patient to a GP at the Virtual Hospital (Hub) after e-clinics in remote third-world communities gather them via computer or mobile device. After that, the HUB working GP makes the diagnosis or guides him to the relevant Virtual Hospital Department that brings special consultants of the world together on the Internet.
The virtual hospital is 'an online doctor's office where patients get to see a medical professional virtually, one that does provide quick answers about their condition.' As such, it enables visits to the doctor from the comfort of one's own home or office, time useably saved from sitting in waiting rooms, driving to the appointments, and filling out paperwork. Virtual set-ups of hospitals can be run almost as effectively as the real ones; in fact, doctors can access the case history of a patient and the tests recently conducted on the patient before treating him. They also allow patients more flexibility in choosing an appointment time and date, thereby fitting into the hectic modern life more easily. Doctors in virtual hospitals can help patients for a variety of health issues ranging from flu to skin problems. However, they do not replace an full functioning emergency room, and patients with emergencies still have to benefit by going in person. Virtual hospitals often help in treating patients while such patients do not have to leave their homes or offices, thus helping with quarantines and isolation exercises. They also bypass high overhead costs associated with brick-and-mortar facilities.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Virtual Hospitals Market is characterized by rapid growth, technological innovation and fierce competition. Companies are expanding their global presence, focusing on sustainability and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Teladoc Health
- American Well
- MDLive
- Philips
- Cerner Corporation
- Epic Systems Corporation
- McKesson Corporation
- Abbott Laboratories
- Medtronic
- Omron Corporation
- Seha Virtual Hospital
- Cleveland Clinic
- Mayo Clinic
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Analyst View:
Through telemedicine, Virtual Hospital, a subsidiary of Virtual Healthcare Limited, connects remote third-world populations to Western hospitals. The medical records are then transmitted to a general practitioner (GP) at the Virtual Hospital Hub), who either diagnoses the patient or refers the patient to the appropriate Department at the Virtual Hospital. In this regard, virtual hospitals do not use waiting rooms, and as such, avoid much paperwork, economizing on both money and time. They also do not replace emergency rooms. Virtual hospitals have resulted from increasing pressure for access to healthcare in remote places; however, medical licensure, payment, and coordination of care are still a concern.
Market Dynamics:
Drivers:
Growing demand for greater access to healthcare, particularly in rural areas
- What has been slowly gaining attention as an important period in the development of virtual hospitals is an increasing demand for access to healthcare in rural areas. The shortage of healthcare professionals, long distances one had to travel and the financial problems been faced by the hospitals in the rural areas are all contributors to this. At the very center of virtual hospitals is the core technology of telemedicine, where patients can connect to healthcare professionals through video conferencing. It makes life easier, helps in the expansion of specialist care, and aides in treating chronic diseases like diabetes or heart disease. Although there are several advantages, some difficulties such as access to broadband, digital literacy, and concerns about privacy may arise in effectively applying virtual healthcare. The lack of reliable high-speed internet access in some rural areas thus becomes an intrinsic limitation of virtual healthcare, and some patients might not feel comfortable or have the skill to use telehealth technology.
Global patient population growth and a physician shortage
- It is envisaged that the increasing population will increase the cost of health drastically, thus pressurizing the traditional and virtual healthcare systems. Increasingly, more people are required for healthcare services, for which adjustments have to be made in the virtual hospitals. However, there is a lack of skilled doctors who can manage such complexity in virtual care. Some of those solutions include the integration of artificial intelligence into technology-assisted care, advanced practice providers to supervise physicians in providing care to patients, and telehealth training for practicing physicians. Challenges faced in these solutions include the complexities of medical licensure and practice laws in all states, ensuring appropriate reimbursement for virtual consultations, and care coordination within many virtual healthcare systems.
Virtual Hospitals Market Report Scope
| Report Attributes | Details |
| Market value in 2024 | USD 13.3 Million |
| Market value in 2034 | USD 116.4 Million |
| CAGR | 26.9% from 2024 – 2034 |
| Base year | 2023 |
| Historical data | 2019-2022 |
| Forecast period | 2024-2034 |
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Market Trends:
Technological developments in telecommunications and growing uptake of digital health services
- With such strong impact within the area of telecommunications, particularly high-speed internet, telepresence, and VR, the virtual health industry has very strongly been impacted. From this have come RPM systems to be capable of continuing monitoring of the patient with a variety of chronic conditions. Digital health services, which include patient portals and secure messaging, are also increasingly becoming a practice. Last but not least, telehealth apps will let patients easily schedule virtual appointments, get access to their medical records, and perform part of self-diagnostics. AI has been harnessed in the analysis of medical images in the identification of potential health risks. However, in terms of data security and privacy, the robustness of cybersecurity measures, and the digital literacy gap, challenges still prevail. When technology changes fast, it is important to put in place clear guidelines and regulations that assure the quality and safety of virtual healthcare services.
Segmentation:
Virtual Hospitals Market is segmented based on Component, Consultation Type, Application, and Region.
Compound Insights
- This has led to the domination of the software and services segment, comprising state-of-the-art solutions such as patient portals, virtual care platforms, data analytics tools, security software, installation services, training, and maintenance for these technologies. The hardware segment includes devices for remote patient monitoring, diagnostics, and consultations.
Consultation Type Insights
- Video consultation is the most popular modality of virtual consultation, which facilitates videoconferencing in real-time. When there is no requirement for video consultations, it becomes easier and more convenient for patients to avail of audio consultations. This also brings under its umbrella the encrypted messaging services along with the capability of audio and telephone consultations. Under messaging, which is fundamentally text-based interaction between patients and doctors, are sub-segments such as secure messaging applications and patient portals.
Application Insights
- Virtual consultations are ideal for general care, urgent care, management of chronic diseases, and mental health services. They provide preventive care, medication management, regular checkups, and referral to experts. It is from the comfort of their home that patients, through virtual urgent care, can obtain a treatment plan and consultation with a medical practitioner. Medication reminders, online monitoring, and any teaching materials are included in the management of chronic illness. This would easily open access to mental health professionals for anxiety-stricken, sad, or those ailing from other kinds of mental sicknesses through virtual therapy sessions.
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Recent Development:
- In July 2024, Queensland Virtual Hospital to offer emergency care and more briefs. The Queensland state government has allocated A$27 million ($18 million) to expand the Queensland Virtual Hospital's emergency care services. The new service will cover non-life-threatening urgent conditions like acute respiratory illnesses, allergic reactions, and burns. The Queensland Telestroke Service will be integrated into the hospital at the end of the year.
- In February 2024, New Dassault Systèmes Virtual Twin Experience Helps Protect Vulnerable Patients and Educate Caregivers at Saint-Louis Hospital AP-HP in Paris. Dassault Systèmes utilized its 3DEXPERIENCE platform to develop a virtual twin experience for hospital stakeholders, enhancing understanding of viral respiratory transmission and optimizing patient care. The simulation and augmented reality enabled visualization and prediction of viral particle circulation in dialysis units, promoting risk awareness among health professionals.
Regional Insights
- North America: Early adoption of any new technology is part of the culture in North America, where a well-built healthcare infrastructure and government support for any new telehealth initiative, in addition to the high concentration of top technology companies, make waves at the forefront.
- Asia Pacific: With increasing internet penetration, a growing middle class bestowed with an associated rise in disposable income, and government support to telehealth projects, this forms one of the fastest-growing virtual hospital regional markets. Added to the geographical spread and presence of large rural populations, the appeal of virtual care to improve access to medical care becomes all the more enhanced.
Browse Detail Report on “Virtual Hospitals Market By Component (Software & Services, Hardware), By Consultation Type (Video Consultation, Audio Consultation, Messaging), By Application (Primary care, Urgent care, Chronic disease management, Mental health care), By End User (Hospitals & Clinics, Pharmacies, Payers), and By Region - Trends, Analysis and Forecast till 2034” with complete TOC @ https://www.prophecymarketinsights.com/market_insight/virtual-hospitals-market-5487
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