These ASX healthcare shares could be excellent buy and hold options

Here are a couple of healthcare shares analysts rate highly…

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The healthcare sector has been a great place to invest over the last decade. And while COVID-19 has certainly thrown a spanner into the works recently, the long-term outlook for the sector remains very positive.

With that in mind, listed below are two ASX healthcare shares that could be great options for patient investors:

Nanosonics Ltd (ASX: NAN)

The first ASX healthcare share to look at is Nanosonics. It is the infection control specialist behind the industry-leading trophon EPR disinfection system for ultrasound probes. This system has been growing its footprint at a strong rate over the last few years, generating solid unit and consumables sales.

The company is also working on a number of new products. One is Nanosonics Coris, which aims to transform the cleaning of flexible endoscopes. This is highly important given that more healthcare-associated outbreaks have been linked to contaminated endoscopes than any other medical device. And given how there are over 60 million flexible endoscopy procedures being undertaken across the United States and the five largest European markets each year, the company has a significant addressable market once Coris launches in 2023.

Morgans is positive on Nanosonics. It currently has an add rating and $6.97 price target on its shares.

Ramsay Health Care Limited (ASX: RHC)

Another ASX healthcare share to look at is Ramsay Health Care. It is one of the world's leading private healthcare companies, providing services to over 8 million patients each year through a network of facilities across 10 countries and over 500 locations.

Trading conditions have been tough for Ramsay over the last 18 months and its performance in FY 2022 is likely to suffer because of this. However, once the pandemic passes, the company looks well-placed to return to strong growth. Particularly given the pent-up demand for healthcare services and the recently announced acquisition of Elysium Healthcare.

Goldman Sachs believes the strong potential for improvement in near-term fundamentals is still not reflected in current trading multiples. In light of this, it sees a lot of value in the Ramsay share price at current levels.

The broker recently reiterated its buy rating and $74.00 price target on the company's shares.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Nanosonics Limited. The Motley Fool Australia owns and has recommended Nanosonics Limited. The Motley Fool Australia has recommended Ramsay Health Care Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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