Apple May Unveil Medical Monitoring Device This Fall

The company could boost demand for health devices with a smart watch.

A green leaf adorns the Apple logo on Earth Day at the company's Fifth Avenue store in Midtown Manhattan on April 22, 2014 in New York City.

Apple may be aiming for October to launch a health-monitoring smart watch.

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Apple may unveil a health-monitoring smart watch in October, according to reports that it will make use of the HealthKit software platform it debuted this week to organize data from the growing number of mobile medical applications.

The tech industry has been gossiping for more than a year about how Apple is secretly developing a device dubbed the "iWatch" to enter the growing wearables space and compete with innovation rival Google, which has already designed the Google Glass smart visor.

[READ: Apple Unveils Health, Smart Home Software]

Apple may be aiming for October to launch that smart watch to measure health statistics like calorie consumption, sleep patterns, and glucose and oxygen levels in blood, which would then be sent to smartphones, Nikkei Asian Review reports. The hardware giant plans to produce 3 million to 5 million units per month, a parts manufacturer told Nikkei.

Tech site Re/code also says October is the target date for a new wearable device. The challenge for Apple is that its business model is based on being a premier technology company that sells cutting-edge devices for a premium price. That means it needs to keep designing cutting-edge products, such as an "iWatch," to maintain that business model.

Smartphones are a part of everyday life, but wearables are still an evolving type of product with room to improve and become must-have devices. While 60 percent of U.S. adults track their weight, diet or exercise routines, only 9 percent follow them using a mobile application or online tool, according to a recent study on the subject from the Pew Research Center.