Some of the best investment opportunities come from recognising what a business could become in five or ten years, rather than concentrating on what it looks like today.
With that in mind, here are two ASX growth shares that I believe could deliver some impressive returns by the end of the decade.
Image source: Getty Images
Catapult Sports Ltd (ASX: CAT)
If you've watched a professional football match recently, you might have noticed players wearing small tracking devices underneath their shirts.
There's a good chance Catapult is involved. The company provides technology that helps professional sports teams monitor player performance, manage workloads, analyse video and make better decisions about recruitment.
And its customers include some of the biggest sporting organisations in the world.
What I like about Catapult is that its opportunity extends well beyond selling tracking devices. It's building a collection of software and analytical tools that professional teams can use across almost every aspect of performance management.
As teams adopt more of these products, Catapult can generate additional revenue from customers it already serves.
During FY 2026, its annualised contract value increased 28% to US$133.8 million, while management EBITDA jumped 67%.
With customer retention above 96%, I believe Catapult has the foundations for years of profitable growth as its technology becomes increasingly embedded in professional sport.
Pro Medicus Ltd (ASX: PME)
Another ASX growth share that I think could surprise investors by 2030 is Pro Medicus.
The healthcare technology company provides advanced medical imaging software that helps radiologists and other specialists view and analyse scans quickly and efficiently.
Its Visage platform has been winning major contracts with hospitals and healthcare networks in the United States, where organisations are increasingly replacing older imaging systems with modern cloud-based technology.
And I believe Pro Medicus has only scratched the surface of this enormous market.
In FY 2026, the company secured 10 new contracts worth a combined minimum of $407 million. Revenue increased 23% to $261.7 million, while underlying net profit jumped 24% to $144.7 million.
Importantly, there's considerable scope to generate more revenue from existing customers.
Many of its contracts are based on imaging volumes, meaning Pro Medicus can benefit as hospitals perform more scans. It is also expanding into areas such as cardiology and digital pathology, opening up additional opportunities to sell its technology.
The company's recent $43 million contract with US healthcare provider Virtua Health is another example of the strong demand for its expanding product offering.
With a growing international customer base, recurring revenue and exceptionally high profit margins, I believe Pro Medicus has the potential to become a substantially larger business by 2030.
