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3 fast-growing healthcare shares on my watchlist

One area of the share market that I am especially bullish on in the long-term is the healthcare sector.

I believe there are many high quality fast-growing healthcare companies in Australia with bright futures ahead of them.

Listed below are three that I think investors should be better acquainted with. Here’s why I like them:

Medical Developments International Ltd (ASX: MVP)

This fast-growing healthcare company is the name behind the Penthrox “green whistle” pain management product. While it has been widely used in Australia for decades, only recently has its use expanded globally. Management sees a huge opportunity for the product to disrupt the pain management market at the expense of opioids and I completely agree. Its shares do change hands on nosebleed multiples, but if its global expansion is a success it could more than justify the premium.

Pro Medicus Limited (ASX: PME)

Pro Medicus is the healthcare technology company responsible for the increasingly popular Visage 7 and Visage RIS platforms. The Visage 7 software delivers fast server-side rendered images streamed via an intelligent thin-client viewer. This allows radiologists and referring physicians to have a customised protocol-driven workflow to natively view multi-dimensional imagery and a patient’s complete imaging history. Visage RIS is an equally impressive state-of-the-art radiology information system which allows patient registration, billing, scheduling, financial reports, and PACS integration. I think the quality of these products will result in strong demand that allows Pro Medicus to grow its top line at a quick rate for many years.

Zenitas Healthcare Ltd (ASX: ZNT)

One of the biggest winners from the recent Federal Budget in my opinion could be this home care and health services company. With the government pledging $1.6 billion over the next four years to support older Australians who want to stay at home instead of going into aged care, I expect demand for its home care services will grow strongly. I think this makes Zenitas a great buy and hold option for investors.

As well as Zenitas, I think that these hot mid cap growth shares would be great buy and hold options

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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 Zenitas Healthcare 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 Scott Phillips.

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