The healthcare sector has been well and truly out of form in 2025. Since the start of the year, the S&P/ASX 200 Health Care index has lost 25% of its value.
Although this is very disappointing, it could be setting the stage for a major recovery in 2026.
With that in mind, let's take a look at three ASX healthcare shares that Bell Potter has named as best buys for the year ahead.
Integral Diagnostics Ltd (ASX: IDX)
Bell Potter is positive on this leading provider of medical imaging services. Especially given the successful integration of the Capitol Health business and its attractive valuation. It explains:
Integral Diagnostics is a leading provider of medical imaging services across Australia and New Zealand. IDX operates 145 clinics, which includes 42 fully licensed MRI machines and a further 22 unlicensed MRI. The integration of Capitol Health (CAJ) has gone well with integration synergies guidance upgraded by 40% to $14m p.a.
The full impact of MRI de-regulation, the lung cancer screening programme and GP bulk billing initiatives should flow through in 2H26, with subsequent EBITDA margin improvement to c.21% by the end of FY26. The IDX share price has been relatively flat over the past 6 months and compares favourably with the XHJ that has declined c.14% over the same period. IDX is trading on an EV/EBITDA multiple of c.9x and a PEG ratio of c.0.6x, attractive valuation metrics going into CY26.
The broker has a buy rating and $4.00 price target on its shares.
Pro Medicus Ltd (ASX: PME)
Another ASX healthcare share that Bell Potter is bullish on is health imaging technology company Pro Medicus.
The broker believes that Pro Medicus is one of the "highest quality companies on the ASX" and expects its strong earnings growth to continue in FY 2026 and FY 2027. This is being supported by the radiology industry's structural shift to the cloud. It explains:
The entire radiology industry is headed to cloud based (off premises) archiving. Put simply, the Visage 7 viewer, Workflow and Archive are the fastest and most advanced tools for the retrieval and viewing of large radiology files.
The platform is immensely scalable and relatively easily installed, providing it with a sustainable competitive advantage over the likes of peers Intelerad, Sectra, Phillips and GE Healthcare. The company is conservatively managed and well owned by large institutional investors while the two founders continue to have a controlling stake.
Bell Potter has a buy rating and $320.00 price target on Pro Medicus' shares.
Telix Pharmaceuticals Ltd (ASX: TLX)
Finally, Bell Potter thinks radiopharmaceuticals company's shares could be a top option for 2026.
The broker believes that there's a strong probability of its Zircaix receiving US FDA approval next year, which could be a big boost to its revenue. It said:
We are confident regarding the approval in CY 2026 of Zircaix following resubmission of the Biological License Application (BLA). The FDA rejected the original BLA due to CMC (chemistry manufacturing & control) matters at Telix's manufacturing partner. There were no matters related to safety or efficacy.
We expect the market for Zircaix once approved will be in excess of US$500m. The product has been included in guidelines for disease management in the US and Europe and continues to be available in the US under the expanded access program. Elsewhere, sales of Iluuccix/ Gozellix in the PSMA franchise continue to grow and were recently boosted by the refresh on the pass through pricing.
Bell Potter has a buy rating and $23.00 price target on the ASX healthcare share.
