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The wait for Apple's iWatch seems to be ending as a report by Wall Street Journal published on Friday revealed new details about the device from "people familiar with the matter." 

According to the report by WSJ, the device is coming out in October with the Apple's new mobile operating system iOS 8. 

The report suggested that the iWatch is going to have a big health element and would be used in conjunction with the new Health app released by Apple recently used for syncing fitness trackers and keeping data all in one place. 

If rumors are to be believed it would also come in different versions with different style screens. 

According to another report by Reuters, Apple plans to sell 50 million units in the first year. Experts believe that this is a huge number especially for a product that is yet to be popular. In comparison, the company sold 71 million iPads last year.

The report by Reuters added that Taiwan's Quanta will begin mass production of Apple's first smartwatches from July, in time for an October launch. 

As expected, Apple is yet to disclose anything about the upcoming product.