If your portfolio hasn't been performing as well as you'd like, then now could be a great time to consider adding the three healthcare shares listed below to it.
I believe all three of these companies are amongst the highest quality on the market and could provide outsized returns for investors over the next decade.
Here's why I like them:
Cochlear Limited (ASX: COH)
One of my favourite options in the healthcare sector is Cochlear. I believe the hearing solutions company has the potential to generate strong returns for investors over the next decade thanks to the quality of its products and the ageing population tailwind. In respect to the latter, with the number of over 65s globally expected to almost triple over the next three decades, Cochlear's addressable market looks set to expand materially and could underpin strong sales growth.
CSL Limited (ASX: CSL)
If you have space for only one of these shares, I would make it this biotherapeutics giant. I think CSL would be a fantastic buy and hold option due to the quality of its CSL Behring and Seqirus businesses and their strong long-term growth potential. So with CSL's shares tumbling lower today after revealing that a change to its distribution model in China would have a one-off impact on sales in the country in FY 2020, now could be an opportune time to pick up shares.
ResMed Inc. (ASX: RMD)
A final healthcare share to consider is ResMed. It is a leading developer of sleep treatment products which has been growing at an impressive rate for a number of years. The good news is that this trend could continue because its addressable market looks set to grow strongly over the next decade. According to management, there are an estimated 1 billion people impacted by sleep apnoea worldwide, but the vast majority of these people are undiagnosed and could be at risk of life-threatening conditions. As more and more of these people become diagnosed, demand for its industry-leading products could increase and drive strong profit growth.
