Healthcare is one of my favourite long-term investment themes.
The world is ageing, medical technology keeps improving, and patients are demanding better diagnosis, treatment, and care. That does not mean every healthcare share will do well, but I think the sector could produce some excellent long-term winners.
Three ASX 200 healthcare shares I would buy for the future are named in this article.
ResMed Inc (ASX: RMD)
ResMed is one of the ASX 200 healthcare shares I rate most highly.
The company is a global leader in sleep health, with products that help treat sleep apnoea and other respiratory conditions. I like the business model because it combines devices with recurring revenue from masks, accessories, and software.
That recurring element is important. A patient does not just buy a device once and disappear forever. They often need replacement masks, ongoing support, connected data, and better tools to manage therapy.
I also think the long-term market remains underpenetrated. Many people with sleep apnoea remain undiagnosed, and awareness of the condition can still improve.
There has been plenty of debate about GLP-1 weight loss drugs and what they mean for sleep apnoea treatment. I see them as more of an awareness driver than a simple threat. If more patients engage with their health, seek diagnosis, and understand the risks of untreated sleep apnoea, ResMed could still benefit.
Telix Pharmaceuticals Ltd (ASX: TLX)
Telix is a higher-risk healthcare growth share, but I think the opportunity is compelling.
The company is focused on radiopharmaceuticals, including cancer imaging and targeted treatment. This is a specialised area of healthcare with the potential to improve how certain cancers are detected and treated.
What I like about Telix is that it is not simply a clinical-stage dream. It already has a commercial base, while still investing in a pipeline that could create future growth.
That combination is attractive, but it also comes with risk. Clinical trials can disappoint, regulatory timelines can change, and healthcare investors can quickly lose patience when expectations are high.
I would not put Telix in the same risk bucket as a mature healthcare leader like ResMed. But for investors comfortable with more volatility, I think Telix offers exposure to one of the more interesting areas of modern cancer care.
If management can keep growing the commercial business and advance the pipeline, the company could look very different in a decade.
Cochlear Ltd (ASX: COH)
Cochlear has had a difficult period, but I still think it deserves attention from long-term investors.
The company is a global leader in implantable hearing solutions. Its products can make a major difference to people with severe to profound hearing loss, and I think the long-term need is clear.
Ageing populations should support demand over time. Diagnosis and treatment access can also improve, especially as hearing loss becomes more widely understood as a serious health issue rather than simply an inconvenience.
Cochlear’s near-term outlook has been challenged, and confidence has weakened. But I do not think the long-term healthcare need has gone away.
For patient investors, the question is whether the current pressure is temporary or structural. I lean towards the former, although recovery may take time.
Foolish Takeaway
Healthcare investing often requires patience.
A company can have a strong long-term market and still go through periods where sentiment turns against it. That is why I like looking for businesses with real clinical need behind them, not just a fashionable story.
These three ASX 200 shares carry different risks, but they all have something I want in a healthcare investment: a reason to exist that should still matter many years from now.
The post 3 ASX 200 shares I’d buy for the future of healthcare appeared first on The Motley Fool Australia.
Should you invest $1,000 in Cochlear right now?
Before you buy Cochlear shares, consider this:
Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Cochlear wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
And right now, Scott thinks there are 5 stocks that may be better buys…
* Returns as of 20 Feb 2026
.custom-cta-button p {
margin-bottom: 0 !important;
}
More reading
- What does a takeover in the US tell us about the value of Telix shares?
- The global obesity drug boom could be bigger than investors realise for this ASX stock
- 4 ASX 200 shares tipped to jump another 70-80%
- I would buy these world-class ASX shares for an SMSF
- How to start investing in ASX shares in 2026
Motley Fool contributor Grace Alvino has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Cochlear, ResMed, and Telix Pharmaceuticals. The Motley Fool Australia has positions in and has recommended ResMed. The Motley Fool Australia has recommended Cochlear and Telix Pharmaceuticals. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.