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These ASX healthcare shares could be long-term market beaters

With demand for healthcare services expected to grow strongly over the next few decades, I think it is a great place to look for buy and hold investment.

Amongst the many options available to investors in the sector, I feel three of the best are listed below. Here’s why I like them:

Cochlear Limited (ASX: COH)

I think Cochlear could be a fantastic long-term investment due to ageing populations around the globe. As people age, their hearing will tend to fade and require some form of assistance. Given the quality of its products, the industry’s high barriers to entry, and its wide distribution network, I believe Cochlear is well-positioned to benefit from this and generate strong sales and profit growth over the next decade and beyond.

Nanosonics Ltd (ASX: NAN)

One of my favourite healthcare shares is Nanosonics. I believe the infection control specialist would be a great buy and hold investment due to the strong growth potential of its trophon EPR disinfection system for ultrasound probes. This system not only generates revenue from unit sales, but also recurring revenues from the consumables they require to function. Another positive is that Nanosonics will soon no longer be a one-trick pony. The company is aiming to launch several new products targeting unmet needs in the coming years.

ResMed Inc. (ASX: RMD)

A final healthcare share to buy is ResMed. It is a medical device company with a focus on the massive sleep treatment market. I believe the company is well-positioned for long-term growth thanks to increasing demand for sleep treatment products due to the proliferation of obstructive sleep apnoea (OSA). According to management, less than 20% of OSA sufferers have been diagnosed or treated. In light of this, its industry-leading products, and its wide distribution network, I think its shares could generate strong returns for investors over the next decade.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd. and Nanosonics Limited. The Motley Fool Australia has recommended Cochlear Ltd., Nanosonics Limited, 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.