ASX 200 healthcare shares were a mixed bag in FY22 with many names underperforming their benchmark.
The S&P/ASX 200 Health Care Index (ASX: XHJ) tumbled in December and hasn't made a recovery yet. It's now trading down 7.5% in the year to date.
With the macroeconomic landscape shifting, ASX 200 healthcare shares might be set to catch a bid again.
How's it looking for ASX 200 healthcare shares in FY23?
It appears investors are paying more attention to fundamental analysis in 2022.
For example, unprofitable ASX growth shares and ASX tech shares have been beaten down, whilst profitable ASX mining shares with high free cash flow have soared.
For the healthcare basket, these trends have had a big impact. Healthcare shares have been strengthening in the past month, up 4% in that time.
The sector trades on a price-to-earnings (P/E) ratio of 44.5x per Bloomberg data. Analysts are forecasting average earnings per share (EPS) growth of around 30% for H2 FY22 in the space.
Meanwhile, researchers at Deloitte have weighed in with their opinion on the outlook for the healthcare industry in FY23.
The Deloitte team said that a number of forces are "proving to be the catalyst for the clinical, financial, and operational transformation that health care has long promised to the world".
"Despite COVID-19's many devastating impacts, it does present the health care sector with a powerful opportunity to accelerate innovation and reinvent itself," it added.
Catching a bid in FY23
The stage looks set for large-cap players within the ASX 200 healthcare space to catch a bid in FY23.
We've seen it happen already. Biotech giant CSL Limited (ASX: CSL) has jumped from $269 per share on 1 July to $287.99 now, for instance.
Meanwhile, sleep and respiratory specialist Resmed CDI (ASX: RMD) is up 7% in the past month of trade.
It will be an enduring test for ASX 200 healthcare shares to push through the current market volatility.
