ASX 200 healthcare shares are up 23% in just over a month as value investors plough funds into beaten-down stocks like CSL Ltd (ASX: CSL) and Pro Medicus Ltd (ASX: PME).
The healthcare sector appeared to turn on 3 June when the S&P/ASX 200 Health Care Index (ASX: XHJ) hit a 9-year low following a 39% fall over 12 months.
Many headwinds were at play for the healthcare sector in FY26.
They included the weaker US dollar; cost of living pressures; higher shipping and labour costs, and US regulatory uncertainty for the biotechs.
Several major players in the healthcare sector lost significant market valuation in FY26.
They included Cochlear Ltd (ASX: COH) shares, down 59%, and CSL shares, down 52%
Resmed CDI (ASX: RMD) shares also fell 27%, and the Sonic Healthcare Ltd (ASX: SHL) share price dropped 22%.
However, things seemed to have changed on 3 June.
ASX 200 healthcare shares have ripped 23% since then in a rapid rebound that has caught many investors by surprise.
Here are two ASX 200 healthcare shares that Bell Potter has speculative buy ratings on for FY27.
Image source: Getty Images
4DMedical Ltd (ASX: 4DX)
This 4DMedical share price was in a league of its own in FY26, and the best performer of the entire ASX 200 for capital growth.
The ASX 200 healthcare share skyrocketed 1,786% in FY26 to close out the year at $4.53. Since the healthcare sector turned on 3 June, 4DMedical shares have gained 15%.
The respiratory imaging technology company gained US Food and Drug Administration (FDA) approval for its CT:VQ product in September 2025.
CT:VQ is the world's first non‑contrast post‑processing technology that transforms routine chest CTs into quantitative, lobar ventilation (V) and perfusion (Q) maps.
Since approval, the technology has been deployed at several renowned academic hospitals and clinics.
Bell Potter has a speculative buy rating on 4DMedical shares.
Last week, the broker raised its 12-month target price from $4.50 to $6. This suggests more than 35% upside ahead.
In a note, the broker discussed 4DMedical's launch of CLEAR (Contrast-free Lung Evaluation for Acute Risk in pulmonary embolism (P/E)).
CLEAR is a clinical evidence program designed to fast-track CT:VQ into the US$2.5 billion acute PE market in the US.
Pulmonary embolism is a major acute cardiovascular condition.
The broker said:
The CLEAR study is essential to accelerate adoption of CTVQ in front line emergency departments and for inpatient use.
The broker added:
4D Medical is not required to seek further FDA approval or a label expansion to the current 510K approval, however, the clinical data from the CLEAR study will provide the necessary evidence to further support broad adoption for diagnosis of PE.
Mesoblast Ltd (ASX: MSB)
The Mesoblast share price rose by a very respectable 18% in FY26 to finish at $1.96 on 30 June.
Bell Potter reiterated its speculative buy rating last week with an unchanged target of $4.45.
This implies the Mesoblast share price could more than double over the next 12 months.
The broker said:
The key overhang on the stock remains clinical trial risk with three massive valuation events over the next 18 months being adult GvHD, back pain and the BLA approval for the first indication in HF.
None of these are priced in.
Looking ahead, the broker said:
The recent clinical trial fail by Cynata and its MSC in adult GvHD highlights yet again the risks involved in drug development.
MSB will shortly enrol the first of 180 patients in its randomised, controlled, double blind label expansion study for Ryoncil, also in adult GvHD, albeit with risk of failure mitigated by numerous factors.
These factors include a tried and tested potency assay, more aggressive dose (up to 300% higher than the Cynata product) and a 2nd line patient population that has progressed following steroid therapy.
