Because the Watch tracks more than just fitness data, it will slowly exert a "cannibalization effect" on existing fitness-device makers like Garmin and Fitbit, said analyst Harry Wang of Parks Associates.

"It will eat into the demand for single function fitness bands," said Wang, Parks Associates director of health and mobile product research. "It will start to happen when Apple ships its product next year."

Parks Associates has projected worldwide sales of digital health and fitness bands would hit 22 million by the end of the year and 66 million by 2018.

However, the group also estimated smart watch sales would grow from 18 million this year to 121 million by 2018. Parks Associates made its projection based on Apple's Watch joining new smart watches coming this year from Samsung, LG Electronics and Google's Motorola.

From the article "Apple Watch is a big threat for Jawbone, Fitbit devices" by Benny Evangelista.

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