Due to ageing populations, increased chronic disease burden, and better technologies, demand for healthcare services is expected to grow strongly over the next decade.
I believe this makes it a great area of the market to consider making buy and hold investments.
With that in mind, here are three growing healthcare shares to consider:
Nanosonics Ltd (ASX: NAN)
I think that this infection control specialist could be a great option for growth investors that are prepared to make a long-term investment. Nanosonics is the company behind the popular trophon EPR product. This product is an automated system that delivers best in class, effective, efficient, and safe high-level disinfection of ultrasound probes. In FY 2018 the company grew its installed base by an impressive 25% to 17,740 units thanks largely to strong demand in North America. While this may sound like a large number, it is still only scratching at the surface of a global market opportunity estimated by management to be 120,000 units.
Telix Pharmaceuticals Ltd (ASX: TLX)
Another up and coming healthcare share to consider is Telix Pharmaceuticals. It is a clinical-stage biopharmaceutical company which is focused on the development of diagnostic and therapeutic products based on targeted radio-pharmaceuticals. The company has had a busy 12 months filled to the brim with trials, collaborations, and acquisitions. One acquisition that I'm particularly positive about is Advanced Nuclear Medicine Ingredients (ANMI). ANMI develops innovative solutions in the manufacture and packaging of therapeutic products to enable fast, easy preparation and use in hospitals and the radio-pharmacy setting.
Volpara Health Technologies Ltd (ASX: VHT)
Volpara Health Technologies is a New Zealand-based provider of breast imaging analytics and analysis products. It really caught the eye in FY 2018 after delivering another year of explosive growth. The good news is that thanks to the expansion of its sales force in the United States, this growth looks set to accelerate in FY 2019. At its last update management advised that it is aiming to win a 9% share of the U.S. breast screening market by the end of the financial year, up from 3.2% at the end of FY 2018. If it achieves this then it should lead to yet another significant jump in its annual recurring revenues.
