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3 fast-growing healthcare shares to watch

Demand for healthcare services is expected to rise strongly over the next decade or two due to ageing populations and increased cases of chronic disease across the world.

I believe this makes the sector a great place to look for buy and hold investment options. Three fast-growing healthcare shares I would consider today are listed below:

Medical Developments International Ltd (ASX: MVP)

I think that this healthcare company’s Penthrox pain management product has enormous potential. Penthrox, also known as the green whistle, has been used in Australia for decades, but in recent years has started to expand globally. In fact, just recently the product was approved for sale in a further 22 European countries, adding to the countless approvals granted last year. I believe there is a huge opportunity for Penthrox to treat patients with moderate to severe pain. Especially given the fact that it is a non-opioid analgesic and regulators are increasingly looking for ways to avoid dangerous opioids.

Nanosonics Ltd. (ASX: NAN)

This infection control specialist has an increasingly popular trophon EPR product which is used for cleaning ultrasound probes. The product is wholly effective, environmentally friendly, and regarded as the best in its class. Despite this the product still only has an estimated global market share of just 12%. I believe it is positioned perfectly to capture a greater share of the market over the next decade, which should lead to strong top line growth. Further to this, the company is aiming to diversify its business and has a couple of other exciting products in development. If they are half as successful as trophon EPR, I expect them to add a lot of value to the company.

Pro Medicus Limited (ASX: PME)

Late last year this leading health imaging IT provider announced a major seven-year deal with Yale New Haven Health that will see its Visage 7 technology implemented across all of its radiology departments. I believe this deal is a testament to the quality of the Visage 7 product and is a sign of things to come. Although its shares are a little on the expensive side, I remain confident that its strong growth potential in this lucrative market will more than justify the premium. It is a higher risk investment, though.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Nanosonics Limited and PRO Medicus Ltd. 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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