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3 top healthcare shares with enormous growth potential

With Australia’s population ageing and a notable increase in chronic disease burden being experienced, demand for healthcare services is expected to grow strongly over the next couple of decades.

I think this makes the healthcare sector a great place to consider a buy and hold investment.

Three shares I feel could be great candidates for a buy and hold investment are listed below. Here’s why I like them:

Cochlear Limited (ASX: COH)

As well as benefiting from Australia’s ageing population, Cochlear’s global presence means that it will benefit from the global population growing older. As hearing generally fades as we age, I believe this hearing solutions company will benefit from increasing demand for its products over the next couple of decades. This demand, and its industry-leading products, could put Cochlear in a position to continue delivering above-average profit growth for a long time to come. While its shares are by no means cheap, I believe they are still good value for patient buy and hold investors.

Pro Medicus Limited (ASX: PME)

I think that this health imaging IT provider is another that has a long runway for growth. This is thanks to the growing popularity of its Visage 7 technology. Visage 7 allows radiologists and physicians to visually assess a patient’s complete imaging history, along with the flexibility to access, finely choreograph, and immediately display any combination of imaging components. I think this invaluable resource has enormous potential and was not surprised to see Yale New Haven Health roll it out across all its radiology departments and integrate into its electronic health records for imaging results.

ResMed Inc. (CHESS) (ASX: RMD)

ResMed is a healthcare company that specialises in the treatment of sleep apnoea and other chronic respiratory diseases. I’ve been very impressed at its consistently strong bottom line growth over the last few years. Such was the case during the first-half of FY 2018 when ResMed reported non-GAAP income of US$143.8 million. This was an impressive 39% increase on the prior corresponding period. I expect more of the same in the future thanks to its strong market-position, quality products, and growing cloud-based software offering.

Looking for even more ideas? Then don't miss out on these top buy and hold growth shares.

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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 PRO Medicus Ltd. The Motley Fool Australia has recommended Cochlear Ltd. and ResMed Inc. 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 Scott Phillips.

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