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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- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
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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…
Read More: Virtual Hospitals Market Size to Reach USD 116.4 Million by