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The Role of Wearable Technology in Transforming Healthcare

SWIN BUR * NE . SWINBURNE UNIVERSITY OF TECHNOLOGY Swinburne University INF20029 Assignment 1 Outline - Individual Words Expectation: 2000 +/-10% Weighting: 30% Due date: See Unit website Assignment 1 submission details · All references should be appropriately cited using the APA Referencing style . Submit your report as ONE Microsoft Word document . Save your file as follows: [student number_A1.filetype] e.g. 123456_A1.docx · Submit your assignment via INF20029 Canvas> Assignments > Assignment 1 Assignment Specifications Background The healthcare sector constitutes the 3rd most substantial allocation in the Australian government's national budget, amounting to $98.4 billion. This allocation surpasses the national defense budget by nearly 2.9 times and the national education budget by 2.3 times (Commonwealth of Australia, 2021). Analyst reports, exemplified by Deloitte's 2022 Global Health Care Outlook analysis report (Allen, 2021), consistently project a surge in global health care costs along with annual increases. Thus, the imperative for both the government and private medical providers lies in devising strategies to minimize costs and enhance efficiency within the health system. As the healthcare landscape grapples with clinical, operational, and financial challenges, stakeholders are envisioning a future empowered by data-rich digital technologies to transform business and care delivery models. Embracing digital technologies presents an opportunity to address current obstacles and establish a robust foundation for accessible, high-quality, and cost-effective health care. To realize this vision, all stakeholders must actively participate in shaping the future, moving away from a reactive "sick care" system that merely treats illnesses to a proactive approach focused on health care, fostering well-being, prevention, and early intervention. By working collectively towards this goal, the dream of a sustainable, accessible, and affordable health care model gains a higher probability of becoming a reality. In recent years, the healthcare wearable technology has garnered significant attention due to advancements in information technology and the growing concern for healthcare. The concept behind wearable technology is simple yet profound, representing a natural extension of how existing mobile devices, particularly smartphones, can serve as central hubs for low-powered, short-distance network ancillary devices that enhance user support and value. The commercial availability of wearable devices commenced in 2012, catalyzed by the introduction of Google Glass, which triggered a wave of wearable innovations. These wearable devices come in various forms and brands, including iWatch, Fitbit, Samsung Active wristbands, smartwatches, and many more. Notably, Chan et al. (2012) highlighted that one of the most significant applications of wearable devices lies in the healthcare and medical fields. The healthcare wearable device market has witnessed remarkable growth, with a prediction by P&S Market Research indicating a staggering $1630.3 million market size by 2020 and a remarkable growth rate of 46.6% during the years 2015-2020. One of the standout features of healthcare wearable devices is their ability to combine health attributes with technological capabilities, providing users with real-time tracking and transformation of their health information (Chan et al., 2012). This integration of health and technology offers unique advantages, revolutionizing how individuals monitor and manage their well-being. As people increasingly