Virtual Hospitals Market Size to Gain USD 116.4 Million by 2034 | CAGR of 26.9%

According to the research report, the global virtual hospitals market size was valued at USD 13.3 Million in 2024 and is expected to reach USD 116.4 Million by 2034 growing at a CAGR of 26.9%.

A virtual hospital is, in a way, an online doctor's office where one can see a medical professional virtually to get quick answers about their condition. One is able to communicate with their doctor from home or work, avoiding the pain of lost time in waiting rooms, driving to appointments, or filling out paperwork. The operation of virtual hospitals can almost match that of physical ones, whereby doctors can refer to a patient's medical record and some of the recent tests before handling a patient. It also allows flexibility in choosing a time and date, which makes it easy to fit into a busy life.

Doctors in the virtual hospital help patients with various health concerns, from flu to skin conditions. They, however, are no substitute for a fully functioning emergency room, and there are clear advantages for patients with emergencies to attend in person. However, often virtual hospitals can provide treatment without the patient having to leave home or office, thus enabling quarantine and isolation. They bypass high overhead costs associated with brick-and-mortar facilities.

This virtual hospital market is characterized by innovation in technology, intense competition, and high growth. In order to sustain competition, businesses diversify their service offerings with a focus on sustainability while increasing their footprint across the globe.

Top Virtual Hospital Companies

• 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

Recent Advancements

• In July 2024, Queensland Virtual Hospital will provide emergency care and more briefs. The Queensland state government has allocated A$27 million ($18 million) to expand the Queensland Virtual Hospital's services to include emergency treatment. The new Virtual Emergency Care Service will treat non-life-threatening urgent ailments such as acute respiratory illnesses, allergic reactions, rashes, bites, discomfort, infections, burns, fever in youngsters, diarrhea, and vertigo.

Virtual hospitals increase the access to care for geographically remote, mobility-impaired, or people with no transportation. They improve access to specialists, reduce traveling time, and ensure health equity. Teleconsultation is very effective in patients suffering from mental disorders due to the extinction of the long waits in brick-and-mortar clinics, allowing appointments to fit into evenings or weekends. Virtual care allows more personalization of care, with more focused interventions and concerns being addressed based on risk factors. Two-way communication enables patients to express their concerns and questions more freely and provide better collaboration in care.

It is segmented into three categories: hardware, software & services, and consulting types. Advanced technologies such as virtual care platforms and patient portals have captured the software and services market. Remote monitoring and consultation devices of patients are part of the hardware segment of the market. Audio consultations, although more convenient for patients, are not as common as video consultations for communication and visual diagnosis. Text messaging will be required for prescription refills and to schedule appointments. Virtual consultation will be used for primary care, urgent care, management of chronic illness, and mental health. The clinics and hospitals will use virtual care solutions to increase access and reduce wait times. Virtual pharmacy consultation is used while reviewing and helping with drug adherence. Insurer interest is rising as virtual care makes its case for reducing medical spending while improving patient outcomes.

North America leads the way due to its well-established healthcare infrastructure, active government support for telehealth, and high influence from leading technology firms, which places it at the forefront of adopting early versions of new technologies related to virtual care. The growth of virtual hospitals will experience one of its fastest increases in the Asia Pacific region due to increasing internet penetration, a growing middle class, and government support for telehealth projects. This can be particularly so because of the vast rural population and geographical dispersion; as such, virtual care is especially in demand.