I want to develop a health care app using Android smart watch devices that have an optical heart rate sensor. Examples of such devices are: Samsung gear live, Moto360, LG G
Yes, it is possible (at least on a Samsung mobile device such as the S5, S6 etc.).
See this link: http://developer.samsung.com/galaxy#sensor-extension
From the Samsung website:
The HRM Sensor is located on the rear panel of the phone. If you place your finger, measurement starts. The photoplethysmogram(PPG) signal means the amount back of IR / RED light that reflected from blood vessel in the finger.
Use Samsung's SDK and it will give you the raw values (values range from 0 to ~64600 if I remember correctly).