Fitbit Inc (FIT) - Get Fitbit, Inc. Class A Report is developing tools to diagnose and monitor sleep apnea with a wearable technology device after Apple Inc (AAPL) - Get Apple Inc. (AAPL) Report overtook the company in fitness trackers this year, CNBC reported.

The Apple Watch eclipsed Fitbit's wearable products in Q1 2017. Fitbit stock is down 62% in the past year and shipments dipped 35% in the first quarter compared to the same time last year.

Sleep apnea could be a promising market as Fitbit loses steam in fitness tracking at Apple's hands. The disorder affects about 18 million adults in the U.S. and has an expected revenue increase of 45% as an industry between 2016 and 2021.

The technology to diagnose and track sleep apnea won't be hard to develop: there are already sensors available to monitor heart rate and oxygen levels, which are prime indicators of sleep apnea.

Fitbit wants the sleep apnea technology available within a year pending FDA and foreign regulatory approval.

Fitbit stock was down over 2% in early afternoon trading.

What's Hot On TheStreet

TheStreet Recommends

Amazon has some work to do with Whole Foods: Organic grocer Whole Foods (WFM) needs Amazon's (AMZN) - Get Amazon.com, Inc. Report tech know-how, and it needs it very quickly to slash prices.

TheStreet's Lindsay Rittenhousewent shopping online at Ohio stores to see how Whole Foods stacked up against Walmart Stores Inc. (WMT) - Get Walmart Inc. Report and rival grocer Kroger (KR) - Get Kroger Co. (KR) Report . While the results may not be shocking, they show just how much Amazon will have to cut for Whole Foods to be on equal footing with some of its competitors.

The cost of eight everyday food items at Whole Foods, TheStreet found, were nearly double those of the ones at Walmart, but Kroger undercut them both. Whole Foods' basket cost $38.29; Walmart's, $19.86; and Kroger's, $16.58.

With data as shocking as this, it's no wonder Whole Foods founder John Mackey is in love with Amazon.

Tesla's stock is out of control: Tesla Inc. (TSLA) - Get Tesla Inc Report shares are expected to have a strong session amid reports Elon Musk's electric car baby may open a new production facility in China. Such a move would avoid tariffs in the world's second-largest economy, but risk the ire of U.S. President Donald Trump's "buy American, hire American" industrial policy, TheStreet's Martin Baccardax reports.

Tesla's market cap is now more than $60 billion and climbing, despite the company continuing to lose money. Ford's (F) - Get Ford Motor Company Report market clocks in at $44.7 billion, while General Motors (GM) - Get General Motors Company (GM) Report stands at $51.9 billion.

Worried about how to pay for your golden years? Ken Fisher, founder of Fisher Investments, and TheStreet's Jim Cramer will tell you what you need to know in a June 21 webinar on the market trends that are shaping retirement planning today. Register here for the event, which starts at 11 a.m. ET.

Visit here for the latest business headlines.