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3 ASX healthcare shares I would buy and hold for a decade

Over the last decade the healthcare sector has been a great place to invest your money.

During this time the S&P/ASX 200 Health Care index has almost quadrupled in value.

Whilst it is unlikely to repeat this incredible gain over the next decade, I believe it remains well-positioned to outperform the wider market due to a growing number of favourable tailwinds.

In light of this, I think owning a few healthcare shares could be a very good thing in 2020 and beyond.

Three that I would consider buying are listed below:

CSL Limited (ASX: CSL)

CSL is one of the world’s leading biotherapeutics companies. I continue to believe it would be a great long term option for investors due to the quality of its CSL Behring and Seqirus businesses. Both businesses look very well-positioned for long-term growth due to their leading products and lucrative development pipelines. In addition to this, in the near term, strong demand for immunoglobulins products and tight market conditions look set to underpin above-average growth.

Pro Medicus Limited (ASX: PME)

Another healthcare share to consider is Pro Medicus. It is a leading provider of a full range of radiology IT software and services to hospitals, imaging centres, and healthcare groups. In FY 2019 it delivered extremely strong earnings growth thanks to growing demand for its offering from a number of leading healthcare institutions. This led to it reporting a massive 91.9% increase in full year profit to $19.1 million. Given the quality of its products and its sizeable market opportunity, I believe Pro Medicus is capable of continuing this strong form for some time to come.

ResMed Inc. (ASX: RMD)

A third healthcare option to consider is ResMed. Thanks to its industry-leading sleep products, its fast-growing software solutions business, and the proliferation of sleep apnoea, I believe its shares could provide market-beating returns again over the next decade. Especially given its sizeable and growing addressable market. Management estimates that there are ~1 billion people impacted by sleep apnoea worldwide. The vast majority have not yet sought treatment.

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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 and recommends Pro Medicus Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia has recommended Pro Medicus 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.