ASX healthcare shares have tested investors' patience in recent years.
Some former market favourites have fallen out of favour as growth expectations, margins, valuations, and sentiment have all been reassessed.
But healthcare is still one of the most attractive long-term sectors on the market.
Demand is supported by ageing populations, chronic disease, medical innovation, and the simple reality that people do not stop needing treatment when the economy slows.
Two ASX healthcare shares that could be worth buying with a long-term view are in this article.
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CSL Ltd (ASX: CSL)
The first ASX healthcare share to look at is biotech giant CSL.
It has been through a difficult period, with investors becoming far more cautious on its earnings outlook and growth profile.
But it could be worth sticking with the company. CSL is a global leader in plasma therapies, with products used across areas such as immunology and haematology. It also has exposure to vaccines and iron deficiency through other parts of the group.
This gives the company a broad healthcare platform, rather than a single product or single treatment market.
The plasma business is particularly important. It requires collection centres, manufacturing expertise, regulatory approvals, scale, and deep relationships across healthcare systems. These are not easy advantages for competitors to replicate quickly.
That does not mean CSL will rebound immediately. Management still needs to restore confidence, improve execution, and prove that its earnings base can grow again. But for patient investors, this is where the opportunity may sit.
If CSL can stabilise its performance and return to sustainable earnings growth, the current period of weakness could eventually look like a major reset in a high-quality healthcare business.
ResMed Inc (ASX: RMD)
Another ASX healthcare share that could be a great long-term buy is ResMed.
It is a global leader in sleep apnoea treatment and connected respiratory care.
ResMed's products help patients breathe better and manage sleep-related breathing disorders. This includes devices, masks, accessories, software, and digital tools that support ongoing treatment.
The long-term opportunity is significant. Sleep apnoea is significantly underdiagnosed in many markets, but awareness of sleep health continues to grow. As more people are tested and treated, demand for ResMed's devices and consumables could continue expanding.
So, with its shares down heavily from their highs, now could be an opportune time to invest with a long term view.
Why patience is important
CSL and ResMed are very different companies, but they share some important qualities.
Both operate in global healthcare markets, both have built strong positions over many years, both provide products that address real medical needs, and both have the potential to benefit from long-term demand rather than short-term consumer trends.
The challenge is that healthcare investing often requires patience.
Earnings growth can be uneven, sentiment can change quickly, and operational setbacks can take time to fix. Investors who buy these shares need to be willing to look beyond the next result and focus on the quality of the businesses over a longer horizon.
For patient investors, that could make CSL and ResMed shares very interesting opportunities right now.
They may take time to recover, but their global market positions, healthcare exposure, and long-term demand drivers could make them great ASX shares to buy and hold for the years ahead.
