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3 beaten-down ASX healthcare shares tipped to rise up to 202%

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The ASX healthcare sector has been under immense pressure throughout the first half of 2026, as macroeconomic pressures, rising inflation, higher cost of living, and regulatory uncertainty have driven a sector-wide share price downturn.

The S&P/ASX 200 Health Care Index (ASX: XHJ) is the worst-performing sector by far in 2026 and has significantly underperformed the broader index.

At the time of writing, the ASX 200 Health Care Index is down around 28% year to date and 42% from 12 months ago.

For context, the wider S&P/ASX 200 Index (ASX: XJO) is around 2.5% higher year to date and around 5% higher than this time last year.

The good news is that analysts widely forecast many of these beaten-down ASX healthcare shares to rebound over the next 12 months, with some carrying potential upside of up to 202%.

Here are three of them.

ResMed Inc (ASX: RMD)

ResMed shares have fallen around another 4% at the time of writing on Thursday morning. For the year to date, the shares are down around 27%, and they’re roughly 32% lower than a year ago. 

The global leader in sleep health has been swept up in the general sector-wide ASX healthcare sell-off. Its latest third-quarter earnings update didn’t help. The result came in softer than expected, forcing investor sentiment to keep tumbling. 

But it looks like the ASX healthcare stock is now oversold and trading far below fair value. 

Sleep disorders need long-term management, and as a global leader, ResMed has a powerful position in the large and growing market. 

According to Market Index data, the majority of brokers have a strong buy rating on ResMed shares and tip a huge 202% upside to an average target price of $80.09 at the time of writing.

Pro Medicus Ltd (ASX: PME)

Pro Medicus shares have climbed higher in Thursday morning trade, up around 1% and changing hands at $170.72 a piece. For the year to date, however, the ASX healthcare shares are still down around 23% and around 38% lower than 12 months ago.

The company’s share price turned a corner in early June when it announced three new contract wins. These include a new seven-year $16 million contract with TidalHealth, a five-year $28 million contract renewal with Allegheny Health Network (AHN), and a five-year $16 million contract renewal with OSU.

The Pro Medicus share price has rebounded by over 29% since the 1st of June.

The company’s US subsidiary also won two $40 million five-year contract renewals back in early March. 

It looks like we’ll see more out of the company over the next 12 months, too. Market Index data shows that the majority of brokers rate the ASX healthcare shares as a strong buy and tip around a 13% upside to an average target price of $192.92 at the time of writing.

Cochlear Ltd (ASX: COH)

Cochlear shares are climbing higher on Thursday. At the time of writing, the ASX healthcare company’s shares are up around 1% and changing hands at $112.30 a piece. But it’s been a difficult year for the medical hearing implant device company. Its shares are still down around 57% year to date and 60% lower than this time last year.

Cochlear has also endured a sector-wide rotation away from ASX healthcare shares this year.

Its share price has also crashed on two separate occasions in 2026. Once in February, off the back of a softer-than-expected half-year result. And again in April, when the company downgraded its FY26 earnings guidance. Cochlear cited weaker conditions across developed markets and softer overall demand. The update was one of the worst earnings downgrades in the company’s listed history. 

But Cochlear is still a strong, globally dominant business, and its long-term outlook is intact. I think the sell-off has been overdone. Market Index data suggests brokers are reserved about the stock. The majority rate Cochlear shares as a hold. But the $143.14 average target price still implies a potential 27% upside at the time of writing.

The post 3 beaten-down ASX healthcare shares tipped to rise up to 202% appeared first on The Motley Fool Australia.

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Motley Fool contributor Samantha Menzies 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 and ResMed. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Pro Medicus. The Motley Fool Australia has positions in and has recommended ResMed. The Motley Fool Australia has recommended Cochlear and Pro Medicus. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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