Smartphone maker Samsung's next new wearable device will be a health ring, according to the company's trademark filing. Named Galaxy Ring, this wearable device will let users track their vital health statistics.

What Happened: Samsung Galaxy Ring is an upcoming wearable device from the company, according to a report by the South Korean industry publication The Elec.

Samsung has already trademarked 'Galaxy Ring', lending credence to the report, which adds that it will be a smart ring that works like a fitness tracker - but instead of wearing it on the wrist, users will have to wear it on their fingers.

Ring wearables are familiar, but they are few and far between. Oura's smart rings are amongst the most popular ones out there, and Samsung's foray into this segment will make it one of the first major companies to offer a smart ring.

The report adds that the Galaxy Ring is now in development, but there's no information on when it will be launched.

Galaxy Ring Rumored Features: The Galaxy Ring will include several sensors to track different health information and vital body stats. The snug fit of a ring, when compared to a regular fitness tracker worn on the wrist, will likely help in improving tracking accuracy.

The Galaxy Ring is still a rumor, so it will be a while before we see the smart ring in the flesh.