The strongest long-term investments often come from companies that have strong market positions, large addressable markets, and products or platforms that become more valuable as customers use them.
They also tend to operate in areas where demand is likely to grow, regardless of short-term economic noise.
Two ASX 200 shares that could fit that description are listed below. Here's why they could be top buy and hold picks:
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Pro Medicus Ltd (ASX: PME)
The first ASX 200 share to look at is Pro Medicus.
It is arguably one of the highest-quality technology companies on the Australian share market, providing medical imaging software through its Visage platform, which is used by hospitals, radiology groups, and healthcare networks.
Medical imaging is becoming increasingly important to modern healthcare. Scans are used across diagnosis, treatment planning, monitoring, and specialist care. As imaging volumes grow, healthcare providers need software that can handle enormous amounts of data quickly and reliably. This is happening while many healthcare systems are battling a shortage of radiologists.
This is where Pro Medicus stands out. Its platform is designed for speed, scale, and performance, which matters when clinicians are working with large imaging files and time-sensitive workflows.
Pro Medicus shares often trade on a demanding valuation, so investors should expect volatility if expectations shift. But mission-critical software, growing healthcare data, and a global opportunity give the company a powerful long-term position.
REA Group Ltd (ASX: REA)
Another ASX 200 share that could dominate over the next decade is REA Group.
REA is best known as the owner of realestate.com.au, which puts it at the centre of Australia's property search process.
For buyers, it is often the first place to look. For sellers and agents, it is one of the most important places to be seen. That creates a strong network effect that is difficult for rivals to break.
This is important because property is a high-value transaction. Agents and vendors have a strong incentive to use the platform that gives listings the best chance of reaching serious buyers. That helps support REA's pricing power and product expansion over time.
The company also has opportunities beyond standard listings. Data, premium advertising products, financial services, and offshore markets can all add to its growth runway.
Housing markets will move through cycles, and listing volumes can soften when conditions are weak. But REA has shown it can remain highly profitable through different property environments.
So, with a dominant platform, deep customer relationships, and room to keep expanding its role in the property ecosystem, REA could remain one of the ASX 200's great compounders over the next decade.
