  We applied a modified vector meson dominance (VMD) model to analyze the
electromagnetic form factors of the $\Lambda_c$ hyperon in the time-like
reaction $e^+e^-\rightarrow \Lambda_c^+ \bar{\Lambda}_c^-$. In the model, we
include the contributions from $\omega(782)$, $\omega(1420)$, $\omega(1650)$,
$\phi(1020)$, $\phi(1680)$ and $\phi(2170)$, as well as charmed mesons and
their resonance states $\psi(1S)$, $\psi(2S)$, $\psi(3770)$, $\psi(4040)$,
$\psi(4160)$ and $\psi(4415)$. We perform a combined fit to the available data
on the Born cross section in reaction $e^+e^-\rightarrow \Lambda_c^+
\bar{\Lambda}_c^-$ and the ratio of the electromagnetic form factors
$|G_E/G_M|$ to obtain the values of the model parameters. Our results show that
the vector meson dominance model can simultaneously describe the data of
electromagnetic form factors from the Bell and BESIII Collaboration, and the
model result for $|G_E/G_M|$ qualitatively agrees with the data from BESIII.
With the fitted parameters, we predict the relative phase $\Delta\Phi$ between
$G_E$ and $G_M$. Moreover, we predict the single and double polarization
observables in $e^+e^-\rightarrow \Lambda_c^+ \bar{\Lambda}_c^-$ reactions,
which are experimentally accessible in the polarized process. We also obtain
the form factors of the $\Lambda_c$ hyperon in the space-like region via
analytic continuing the time-like form factors.
