It is easy to get caught up in short-term share price moves. But the ASX shares that often deliver the strongest long-term returns are those quietly expanding their addressable markets, deepening customer relationships, and reinvesting to stay ahead of competitors.
With that in mind, let's now take a look at a couple of ASX growth stocks that could realistically be much larger businesses by 2030 than they are today.
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Pro Medicus Ltd (ASX: PME)
Pro Medicus is arguably one of the most impressive growth stories on the Australian share market and it has achieved this by doing one thing exceptionally well.
Its Visage medical imaging platform is increasingly being adopted by large hospital networks, particularly in the United States. Speed, scalability, and reliability are critical in medical imaging, and once the software is embedded into clinical workflows, it becomes very difficult to replace.
The long-term opportunity remains significant. Imaging volumes continue to rise, data sets are becoming larger and more complex, and healthcare providers are battling radiologist shortages and under constant pressure to improve efficiency. All of this plays directly into Pro Medicus' strengths.
If adoption continues to broaden globally, the business could be servicing a far larger slice of the healthcare system by the end of the decade.
In addition, the company is expanding into other ologies, such as cardiology and pathology, giving it a significant growth runway over the next decade.
Catapult Sports Ltd (ASX: CAT)
Another ASX growth stock that could grow materially in the future is Catapult Sports.
It specialises in wearable tracking technology and performance analytics used by professional sporting teams and organisations around the world. These tools help teams optimise performance, manage workloads, and reduce injury risk, which are areas where marginal gains can have a significant impact.
What makes Catapult particularly interesting over the long term is the size of its opportunity relative to its current scale. The global professional sports technology market is expected to grow strongly through to the end of the decade, as data and analytics become standard tools across more sports and competitions.
As mentioned here, Bell Potter highlights that "the pro sports technology market is currently valued at US$36bn in 2025 and is forecast to double to US$72bn by 2030." This bodes well for Catapult, especially given how it is a market leader.
As adoption deepens and operating leverage improves, the business has the potential to generate significantly higher earnings than it does today.
