The ASX healthcare sector is definitely one of my favourite share market sectors. The demand for healthcare products and services, both locally and internationally only continues to grow. Demand is being driven by an ageing global population and continuing advances in healthcare treatments and supporting technologies.
Here we examine 2 of my top ASX healthcare shares picks right now: ResMed Inc (ASX: RMD) and Ramsay Health Care Limited (ASX: RHC).
ResMed
ResMed has evolved over the last 30 years to become one of the world's leading sleep treatment companies. The company's healthcare devices target sleep apnoea and other respiratory conditions.
ResMed has been one of the star performers on the ASX over the past decade. Since the beginning of 2012, the ResMed share price has risen more than 10-fold from $2.49 to now be trading at around $29. More recently, over the past 12 months, the ResMed share price has continued to perform strongly, increasing by 64%.
ResMed continues to perform well financially and recorded a very strong 47% increase in non-GAAP net income during the third quarter of FY 2020.
I remain confident that the strong demand for ResMed's products will continue over the next decade. Demand will be driven by the growing need for sleep apnoea treatments. It is estimated that around 1 billion worldwide are impacted by sleep apnoea.
Ramsay Health Care
Another ASX healthcare share on my buy list right now is Ramsay Health Care. Ramsay has evolved over the past few decades, from a small Australian hospital operator, to now become Australia's largest private healthcare provider.
The company has been impacted by the ban on non-essential surgeries during the coronavirus pandemic. However, elective surgeries are now recommencing in a number of the 11 countries in which it operates.
Ramsay managed to successfully sign a number of key government deals recently in Australia and the United Kingdom. These will help to support its hospitals during the further challenges it will face during the pandemic.
I remain optimistic about Ramsay's long term future. The demand for high quality hospitals will only increase over the next decade.
With a fall in the Ramsay Health Care share price since the beginning of the pandemic, I believe now could be a good buying opportunity for patient long term investors.
Foolish Takeaway
Both ResMed and Ramsay are 2 quality ASX healthcare shares that are in my buy zone right now. Both companies have entrenched market positions and a growing international presence. The high demand for their products and services is only likely to increase over the next decade.
