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Add these 3 ASX medical technology companies to your watch list

Medical technology is a broad field covering areas like biotechnology, pharmaceuticals, and information technology. Advancements in medical technology improve the way doctors diagnose and treat patients, leading to better health outcomes. The global medical technology industry is worth some US$430 billion and growing. I believe the below 3 ASX medical technology companies have promising futures in the sector.

Pro Medicus Limited (ASX: PME)

Pro Medicus provides imaging software to hospitals, diagnostic imaging groups and healthcare entities. The company currently operates across Australia, Europe and the United States. Its solutions provide medical accounting, clinical reporting, appointment scheduling, and management information applications. The Pro Medicus share price has largely recovered from the March market correction and is trading at $26.57. This is back on par with levels seen in early 2020. Pro Medicus recently signed a $22 million deal with Chicago-based Northwestern Memorial HealthCare which will implement its Visage 7 technology.

MedAdvisor Ltd (ASX: MDR)

MedAdvisor is behind an innovative software that puts a virtual pharmacist on customer smartphones, tablets, and PCs. The software reminds users when to take medications, fill recurring scripts, and even manage the medication of other family members. It connects with local pharmacies, allowing customers to order prescriptions from their phones for collection. The MedAdvisor share price is up 86% from its March low, currently trading at 54 cents. This week MedAdvisor announced a strategic alliance with NASDAQ-listed HMS Holdings Corp  (NASDAQ: HMSY) under which MedAdvisor will integrate with HMS’ health engagement platform. This will enable healthcare organisations to proactively communicate with patients, with MedAdvisor to generate revenue from each digital message sent on behalf of HMS’ clients.  

Respiri Ltd (ASX: RSH)

Respiri produces medical devices designed to monitor asthma symptoms for use in hospitals and at home. A respiratory eHealth software-as-a-service (SaaS) company, Respiri is seeking to improve the management of asthma, which impacts some 340 million people worldwide. The Respiri share price has increased by 60% to 9 cents a share from a low of 6 cents in May. Last week Respiri announced an agreement with the University of Edinburgh to partner on a new data research centre. The centre will use data collected using Respiri devices to develop innovations in the delivery of care for people with asthma, chronic obstructive pulmonary disease, and respiratory infections. The ASX medical technology company plans to enter the European market in 2021 following its Australian commercial launch in the fourth quarter of the calendar year 2020.

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Kate O'Brien 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 MedAdvisor. The Motley Fool Australia has recommended MedAdvisor and 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.

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Kate O'Brien