5 explosive growth shares I will be watching in 2017

Nearmap Ltd (ASX:NEA) and Bionomics Ltd (ASX:BNO) are two of five explosive growth shares I'll be watching in 2017.

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So far in 2016 there have been a good number of growth shares that have caught the eye of investors across Australia.

Companies such as Catapult Group International Ltd (ASX: CAT), Class Ltd (ASX: CL1), and Afterpay Holdings Ltd (ASX: AFY) have all put on incredible gains in excess of 75% for their respective shareholders.

Whilst I believe each of those companies could continue their impressive form in 2017, there are five more growth shares which I will keep a close eye on. They are as follows:

Bionomics Ltd (ASX: BNO)

Thanks to a strong pipeline of drugs and its partnership with US-giant Merck & Co, I believe this biopharmaceutical company has significant growth potential. One of its most promising drugs is targeting the anxiety treatment market estimated to be worth up to US$18.2 billion per year by 2020.

Dorsavi Ltd (ASX: DVL)

Often compared to Catapult, dorsaVi has patent protected technology that serves the organisational health and safety, clinical, and elite sports markets. Sales jumped a massive 122% in FY 2016 and I expect another strong performance in FY 2017. Especially after the technology won health and safety solution of the year award at the London Construction Awards in October.

Impedimed Limited (ASX: IPD)

Medical device company Impedimed has two key products which I believe have strong growth potential. Its SOZO device can be used by doctors, gyms, and health fanatics to scan the body and judge the user's overall health status. Then there's its L-Dex lymphoedema detection product which has launched in the US and is pursuing the Chronic Heart Failure market.

Nearmap Ltd (ASX: NEA)

This growing aerial imaging company may have upset investors with its capital raising last week, but there's no denying it has exciting growth potential in the U.S. market. If the funds raised are put to good use then we might just see growth accelerate in FY 2017.

PWR Holdings Ltd (ASX: PWH)

Brisbane-based PWR Holdings makes radiators and custom cooling systems for motorsports teams that race in the Formula One, NASCAR, and V8 Supercars. It's had a good start to FY 2017 and in the first quarter delivered strong organic growth. As the company earns the majority of its revenue from the United States and the UK, the predicted weakening of Australian dollar in 2017 will be a huge boost.

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of Class Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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