Fitbit won over Wall Street with a series of hit fitness trackers. Now, with competition intensifying and new products selling less briskly than expected, investors are clamoring for a next act.

Fitbit wants to move toward med tech and away from consumer-facing products, following in the footsteps of some of its big-name peers, such as Apple. But the fitness wearables company could face some cost and regulatory hurdles along the way, according to some analysts.