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Are these the best healthcare shares on the ASX?

Due to population growth and ageing populations, I think the healthcare sector is a great place to be invested.

And while there are a great number of options to choose from, the best three shares in my opinion are listed below. Here’s why I like them:

Cochlear Limited (ASX: COH)

I think that this hearing solutions company is well-positioned to profit greatly from ageing populations around the world. This is because as people age, their hearing will more often than not deteriorate. If this is left untreated it can lead to the feeling of isolation and ultimately depression. As such, I expect demand for its cochlear implantable devices should rise as the number of people over the aged of 65 increases in the coming decades.

CSL Limited (ASX: CSL)

In my opinion this biotherapeutics company is the highest quality business on the Australian share market and ought to be a staple in portfolios. I believe its strong core business, growing pipeline of products, and its relatively new Seqirus influenza business have positioned its perfectly to continue growing its bottom line at a solid rate for many years to come. Its shares do not come cheap, though. So there is a risk that its share price could tumble if its earnings growth fails to live up to expectations. But I remain confident that this won’t prove to be the case.

ResMed Inc. (CHESS) (ASX: RMD)

Not far behind CSL in terms of quality would have to be ResMed. It is a specialist in the sleep apnoea and chronic respiratory disease treatment market and has been growing its earnings at an impressive rate this year. Last month the company released its quarterly update which revealed a solid 32% increase in quarterly profit to US$132.5 million. While this growth is likely to moderate in the future, I still believe that above-average growth in the long-term is a real possibility. After all, the sleep treatment market is expected to grow meaningfully over the next decade.

What else should you buy?

And not far behind these three healthcare shares would have to be these blue chip growth shares. Do you own them? I'm tipping them for big things in FY 2019 and beyond.

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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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