Apple is aiming to release its first wearable device by this October, with an expected production run of 3 million to 5 million smartwatches a month during its initial run, according to a report by Nikkei.

Specifications are currently being finalized, though the devices will likely sport curved organic light-emitting diode (OLED) displays and sensors that are capable of collecting health data from blood glucose and calorie consumption to sleep activity, according to the Japanese news website.

Analysts have expected Apple to unveil a smartwatch ever since Samsung Electronics' introduced its Galaxy Gear watches.

Google is reportedly working on its own device in the category as well.

Approximately 5 million smartwatches were sold last year, and 15 million unit are expected to be sold before the end of 2014, according to research firm NextMarket Insights.

Apple has declined to comment so far, according to the site.

Wall Street is interested to see if a new Apple device helps the former stock market darling's share price and ends a years-long drought of ground-breaking devices.

"We believe Apple's HealthKit will revolutionize how the health industry interacts with people," John Noseworthy, president and CEO of Mayo Clinic, said in a statement supplied by Apple, according to Varity.com. "We are proud to be at the forefront of this innovative technology with the Mayo Clinic app."

Apple CEO Tim Cook has publicly stated that "new product categories" will be introduced before the end of 2014.

The report comes the same week that Apple introduced its next generation iOS 8 system and the OS X Yosemite for PCs.

The systems debuted at Apple's 2014 Worldwide Developers Conference.

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