There's a 'Pro' version of every major Apple gadget except for the Apple Watch. It's time for that to change.

Perhaps the Apple Watch Series 3 is the biggest case to be made that there's an audience for a lower-cost Apple Watch that doesn't have all of the bells and whistles of the latest model.

The Series 3, which Apple still sells alongside the Series 5 for $200, offers similar performance when it comes to running apps and can handle almost any task the Series 5 can — except for taking an ECG, measuring a hard fall, and showing information on the watch's screen even when the display is turned off. Other important new features, like the ability to download apps to the watch straight from your wrist without turning to your iPhone and monitoring activity trends over time, also launched on the Series 3 through software updates.

Apple doesn't break out specific sales figures for the Apple Watch, so it's difficult to tell exactly how well the Apple Watch Series 3 is currently selling alongside the Series 5. But the International Data Corporation did cite the Series 3 as a driver of Apple's growth in the wearables space in the third quarter of 2019, saying that the price reduction it implemented following the Series 5's launch helped to boost Apple's leadership position in the industry.

It's possible that the wearables market is starting to reach a turning point much like the smartphone industry, even though it's not as mature as the mobile phone space. That's to say that smartwatches have seemingly become so advanced that it's become more difficult to differentiate newer models from the last.

One way some tech companies have addressed this in the smartphone market has been by launching cheaper versions of their flagship phones that offer many of the same features at a lower price. This has seemingly worked for Apple with the iPhone so far; the cheaper iPhone 11, and more premium 11 Pro and 11 Pro Max, made up 20% of Apple's third quarter sales, says Consumer Intelligence Research Partners.

It could be time, then, for Apple to position its smartwatch lineup the same way by dividing them into Pro and standard versions.