3 top healthcare shares to buy in May

One area of the share market which I think has enormous long-term growth potential is the healthcare sector.

This is because due partly to ageing populations and increased chronic disease burden around the globe, demand for healthcare services and products is expected to grow at a strong rate long into the future.

With that in mind, here are three top healthcare shares I would buy this month:

Cochlear Limited (ASX: COH)

Cochlear is one of the world’s leading hearing solutions companies and a great long-term investment option in my opinion. As the global population ages, I believe demand for hearing products will increase significantly. Thanks to its wide distribution network and its industry-leading product offering, I expect Cochlear to be in a position to benefit greatly over the next decade and continue its run of delivering above-average earnings growth.

CSL Limited (ASX: CSL)

There are few companies on the ASX that I believe come close to rivalling the quality of this biotherapeutics company. While its shares may have been on a tear over the last 12 months, I still see a lot of value in them at today’s price for investors that are willing to make a long-term buy and hold investment. Especially considering the early success the company’s influenza business has had.

ResMed Inc. (CHESS) (ASX: RMD)

Last week this sleep apnoea and chronic respiratory disease treatment specialist wowed the market with yet another impressive quarterly update. ResMed delivered an adjusted profit of US$132.5 million on revenues of US$591.6 million for the quarter ending March 31. This was an increase of 32% and 15%, respectively, on the prior corresponding period. With the sleep treatment market expected to grow meaningfully over the next couple of decades, I think there will be many more quarterly results like this over the next few years.

But it isn't just ResMed that is poised to outperform. I'm tipping these top shares to be market-beaters in 2018 and 2019. Do you own them?

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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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