Samsung has some grand plans for its Unpacked 5 event on Feb. 24, reportedly announcing the Galaxy S5, Galaxy Gear 2 smartwatch, and a brand new Galaxy Gear Fit fitness band.

The Mobile World Congress (MWC) 2014 kicks off on Monday, Feb. 24, and one of the biggest stars at the conference will be Samsung. The company has scheduled an Unpacked 5 event to kick off the show on Feb. 24, where it will introduce the world to its next-generation flagship smartphone, the Samsung Galaxy S5, and its second generation Galaxy Gear smartwatch.

In typical Samsung fashion, the company will reportedly launch a spinoff device of the Galaxy Gear that will be called the Galaxy Gear Fit. Unlike the Galaxy Gear 2, the Galaxy Gear Fit will be a healthcare-oriented wearable accessory that will directly compete with devices such as the Nike FuelBand, Fitbit, and Jawbone. The Galaxy Gear Fit will use integrated sensors that will track users' steps, calories burned, and other physical activity, and also monitor users' sleep. The device will tie into Samsung's S Health App found of some of its smartphones to present users with a way to keep track of their progress with the accompanying smartphone application.

According to a new report, Samsung has replaced camera functionality in the Galaxy Gear Fit with more sensors such as a pedometer, and will allow users to share their progress with friends on social networks to make the experience more "fun". Sources claim that the Galaxy Gear Fit will be much more advanced than competing wearables such as the Nike FuelBand and Fitbit Flex. The device is said to be the best among current wearable health bands.

If this rumor is true, Samsung is taking a two-pronged approach to the wearable tech market by focusing on having a Galaxy Gear 2 smartwatch to address the growing smartwatch market and a second device that will be designed to compete in the fitness band segment. In other words, it would offer consumers two different devices rather than combining all of these features into a single gadget.

We'll have to wait until Monday, Feb. 24, to see how it all plays out and we'll be bringing you all the latest news from Samsung's Unpacked 5 event.