Apple's iWatch may be unveiled this year, Bloomberg says

The iWatch rumors heat up as consumer await Apple's next new product.

A mock-up of the iWatch.

Apple's rumored iWatch may get its unveiling sooner than later.

The company's potential wristband product may show up this year, according to Bloomberg. The wire service previously reported that Apple had roughly 100 people working on the project.

Media contacted Apple for comment, and we'll update the story when the company responds.

The iWatch may end up being more profitable than Apple's other rumored new business, the television. While the television business is saddled with low margins, a long replacement cycle, and high costs, the watch business boasts higher margins and growth.

The popularity of cellphones has eliminated the need for many to wear watches, but some believe they are coming back thanks to the advent of health monitors and sensors. The Nike Fuelband, for instance, is considered a fashionable watch in addition to a fitness tool.

Bloomberg noted that Apple has filed 79 patents that contain the word "wrist," and indeed more patents showing off an iWatch-like device continue to pop up.

The iWatch would help to offset slowing growth in Apple's key iPhone business, which faces increasing competition from the likes of Samsung Electronics. Samsung is set to debut its own flagship Galaxy S4 in less than two weeks, which should eat into Apple's momentum in the smartphone business.

Apple CEO Tim Cook has been criticized by some for not bringing out new products fast enough, with many eager to see an iTV. But the iWatch, at least according to the various reports out there, may be make it out of the gates first.