Consider these 3 quality ASX healthcare shares to buy now

The growing and ageing population is driving an ever-increasing demand for healthcare services. These are my top 3 ASX healthcare shares.

Phil Harpur

Phil Harpur has been contributing to Motley Fool Australia as a Freelance Writer since late 2019. Phil has spent the last 25 years working as a Senior Technology Analyst for some of the leading global technology research firms. Over the years, his market insights have been quoted in publications such as the AFR, SMH and the Australian, and he has appeared on business TV programs including Bloomberg, CNBC, Fox Business and the ABC. Phil is passionate about the share market and investing. He has post-graduate qualifications in Applied Finance and Investment from the Securities Institute of Australia. In his spare time, Phil likes to chill out listening to his favourite jazz artist or hanging out at the beach.

Published June 24, 2020 12:27 pm AEST

I am particularly attracted to ASX healthcare shares right now. The world's growing and ageing population is driving an ever-increasing demand for healthcare services.

Here we take a close look at 3 of my top ASX healthcare share picks in CSL Limited (ASX: CSL), Ramsay Health Care Limited (ASX: RHC) and ResMed Inc (ASX: RMD).

All 3 have evolved to become global leaders in their respective healthcare segments.

CSL

CSL has grown from strength to strength over the past 3 decades.

It has evolved from a very small federal government department to become one of, if not the largest company on the ASX. It currently has a market capitalization of $132.5 billion.

The company is now a global market leader in blood plasma research and disease treatment. It has an impressive global product reach spanning more than 60 countries.

CSL has also become a world leader in the quest to find an effective treatment for the coronavirus. It has recently entered into an agreement to ramp up the development of a COVID-19 vaccine candidate.

I believe that CSL is well-positioned to continue growing its revenue base strongly over the next 5–10 years. A strong new product development pipeline will drive this growth.

Ramsay

Another ASX healthcare company I would consider buying right now is Ramsay. Like CSL, it also has evolved significantly over the past few decades. It is now Australia's largest private healthcare provider. Ramsay operates in 11 other countries including the United Kingdom, France, Indonesia, Malaysia and Italy.

Its global scale enables the company to spread its operating costs. It also gives Ramsay a competitive advantage over its smaller rivals in negotiations with health provider insurance companies.

A pause on some elective surgeries during the early phase of the coronavirus pandemic saw Ramsay's share price impacted. However, these bans are gradually being lifted.

Ramsay has also successfully signed a number of key government deals in Australia and the United Kingdom during the pandemic.

ResMed

ResMed has also grown modest origins to become a leading global healthcare operator in its market niche.

This ASX company manufactures devices and cloud-based software solutions for the treatment of sleep apnoea as well as other chronic respiratory illnesses.

ResMed continues to grow its revenue base strongly. It achieved an impressive 47% increase in net income during Q3 FY20.

I see a strong demand for ResMed's products continuing well into the next decade. It is estimated that around 1 billion people are impacted by sleep apnoea worldwide, while more than 80% of cases are undiagnosed globally.

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