The ASX healthcare sector is one of the most promising investment spaces, driven by innovation, an ageing population, and increasing demand for healthcare services. As we look towards 2030, several ASX-listed healthcare companies stand out as potential top performers. Among them, Immutep Ltd (ASX: IMM), Fisher & Paykel Healthcare Corp Ltd (ASX: FPH), OncoSil Medical Ltd (ASX: OSL) and Sonic Healthcare Ltd (ASX: SHL) are set to make significant strides. Let’s explore why these stocks could be the best-performing ASX healthcare stocks through 2030.
1. Immutep Ltd (ASX: IMM)
Immutep is emerging as a significant player in the biotech sector, focusing on cancer immunotherapy. The company’s lead product, eftilagimod alpha (efti), is being developed in combination with established cancer treatments, such as Merck's Keytruda. The TACTI-003 Phase IIb trial, which investigates the use of efti as a first-line treatment for head and neck cancer, has shown promising results.
Although the stock has faced volatility recently—plummeting 47% after the release of topline medical trial results—the decline appears to be a market overreaction. Analysts at Wilsons argue that the market has misread these results, offering a golden "buy-the-dip" opportunity. They’ve placed an overweight rating on Immutep, with a share price target of $1.13, implying a potential 253% upside over the next 12 months. If the company continues to deliver on its clinical trials, Immutep could be a major winner in the oncology space by 2030.
2. OncoSil Medical (ASX: OSL)
OncoSil Medical is another ASX-listed healthcare company that has the potential to shine by 2030. Specialising in localised beta radiation therapy for locally advanced unresectable pancreatic cancer, OncoSil Medical’s technology offers a minimally invasive treatment option that directly targets tumours with precision. The company's OncoSil™ device has been gaining traction, particularly after its recent success in achieving the surgical resection of a locally advanced unresectable pancreatic tumour in Türkiye—a significant milestone that showcases the potential of its treatment.
With ongoing clinical trials and increasing adoption of its technology across Europe and other regions, OncoSil Medical is well-positioned to capitalise on the growing demand for innovative pancreatic cancer treatments. As more data emerges and the company's commercial footprint expands, OncoSil Medical could see substantial growth over the next few years, making it a stock to watch through 2030.
3. Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)
Fisher & Paykel Healthcare is a well-established player in the medical devices sector, known for its respiratory care products and sleep apnea solutions. The company has experienced strong growth, with shares up 46.6% year-to-date. Its success has been driven by the increasing demand for its hospital products, which have gained market leadership positions globally.
The company's recent update on its FY25 profit guidance has further bolstered investor confidence. Management projects a significant increase in revenue and net profit for the first half of FY25, driven by new product launches and higher-than-expected hospital admissions. With a robust pipeline of products and continued expansion into new markets, Fisher & Paykel Healthcare is well-positioned to sustain its growth trajectory. If the company continues to innovate and capture market share, it could remain a top-performing healthcare stock through 2030.
4. Sonic Healthcare Ltd (ASX: SHL)
Sonic Healthcare, a leading provider of medical diagnostics, has faced challenges in recent years, primarily due to the normalisation of COVID-19-related revenue. However, the company's underlying business remains strong, with a 9.8% increase in revenue to $8.97 billion in FY24, driven by organic growth and strategic acquisitions.
Despite a temporary dip in earnings, Sonic Healthcare is on the path to recovery, with management guiding for a 10% profit growth in FY25. The company’s recent acquisitions, such as Medisyn and Dr Risch in Switzerland and PathologyWatch in the USA, are expected to contribute significantly to revenue growth in the coming years. With inflationary pressures expected to ease and a focus on maintaining high-quality healthcare services, Sonic Healthcare could see a robust recovery and growth by 2030.
Investing in healthcare stocks can be a long-term play, and the companies highlighted here have the potential to outperform the market by 2030. Immutep’s pioneering work in cancer immunotherapy, OncoSil Medical’s innovative approach to locally advanced unresectable pancreatic cancer treatment, Fisher & Paykel’s stronghold in respiratory care, and Sonic Healthcare’s recovery and expansion efforts position them as compelling picks for the next decade. While risks remain, especially in the volatile biotech sector, the growth potential of these companies could make them some of the best-performing ASX healthcare stocks through 2030.
