Apple (AAPL 1.66%) has shown an interest in healthcare with its Apple Watch. Its watch has multiple features, including high and low heart rate notifications, fall detection, irregular rhythm notification, and many other ways for users to stay on top of their health. But what it's currently working on may be the biggest game changer of them all, and it could be a sign that a bigger move into the healthcare industry may be inevitable.

Apple is working on a glucose monitor

According to a report from Bloomberg, Apple may be close to bringing a glucose monitor to market, potentially as part of the Apple Watch. The process is not invasive and uses chip technology along with lasers and lights to help determine a person's blood glucose levels. This is not a new project for the company; it goes back a decade. But the progress has been encouraging and is supposedly enough that Bloomberg's sources believe the technology is now viable.

If Apple is indeed close to bringing an Apple Watch to market that tracks blood glucose levels, that could be a game changer for the company. Consumers already spend money on continuous glucose monitors from Abbott Laboratories and DexCom. However, those require patches that need to be replaced every few weeks. The Apple Watch could potentially simplify the process of tracking glucose levels even further.

Could an acquisition be the next big move for the company?

Given the resources Apple has been spending on this initiative, investors shouldn't rule out the possibility that an even bigger move may be in the cards. The tech giant may be looking for a new opportunity to grow its business; for the last three months of 2022, Apple's net sales of $117 billion were down 5.5% from the same period last year. Adding a strong healthcare business to the mix could not only complement the Apple Watch but also give the company some serious growth potential.

Apple also has over $51 billion in cash and marketable securities as of the end of 2022, which could put it in an excellent position to invest in a healthcare business, especially with share prices of many growth stocks plummeting over the past year. Fellow tech giant Amazon recently closed on its acquisition of primary care operator 1Life Healthcare, and that cost it a relatively modest $3.9 billion.

Given Apple's interest in healthcare, the need for more growth, and valuations being down right now, I wouldn't be surprised if it were the next big tech company to acquire a healthcare business.

Should you buy Apple's stock?

Apple has a solid business that many investors find attractive. Despite high prices, consumers continue to buy up iPhones and iPads. And even if that does slow down due to a recession this year, that's not a trend that is likely to last given the strong brand loyalty that Apple enjoys.

With significant cash on its books and the company generating $97 billion in free cash flow over the trailing 12 months, Apple's business is a solid one to invest in. And if it gets deeper into healthcare, which looks to be what it's doing now, there could be even more potential in the company's future, making it an even better buy. Overall, the stock makes for a good buy now and can be an even better one if it makes a big healthcare acquisition in the future.