The rumor (based on acquisitions Apple has made) is that it will be based on sweat, using sensors built into new watch bands.
https://appleinsider.com/articles/21/07/14/apple-supplier-la...
"Rockley Photonics says that its system uses infrared spectrophotometers to detect and monitor a wider range of health issue than the green LED systems in most wrist devices."
I also remember paging through this fascinating investor presentation document from Rockley:
https://rockleyphotonics.com/wp-content/uploads/2021/06/Rock...
HN discussion from a few months ago on this specific topic: