ASX 200 Healthcare Stocks to Watch in 2026

Investors seeking exposure to the healthcare sector in 2026 should consider the following ASX 200 stocks which standout backed by innovation, scale and long-term demand.

Cochlear Limited (ASX: COH)

in FY25 launched the Nucleus Nexa System which is the world’s first smart cochlear implant platform with upgradeable firmware which allows recipients to access future innovations without requiring a new implant.
Revenue in FY25 reached a record $2.35 billion which represented 4% growth while underlying net profit increased 1% to $392 million and the company introduced new sound processors including the Kanso 3 Nexa and Baha 7.

The company started pivotal studies on drug eluting electrodes which are designed to reduce inflammation and fibrosis in the inner ear to support improved long-term stimulation quality.

Cochlear aims to support more than 60,000 people in FY26 with cochlear or acoustic implants and expects underlying net profit of $435 to $460 million which implies growth of 11% to 17%.

ResMed Inc. (ASX: RMD)

has started to show modest momentum as the share price has risen 3.45% over the past week while the company continues to strengthen its position in the global sleep and respiratory care market.

Group revenue for the September quarter reached US$1.34 billion which increased from US$1.22 billion in the same period last year as the Sleep and Breathing Health segment contributed US$1.17 billion and Residential Care Software generated US$166 million.

The company operates a Software as a Service platform across the United States and Germany that supports out of hospital care through digital solutions for professionals and caregivers.

ResMed will benefit from the rising awareness of sleep disorders and increasing adoption of digital healthcare solutions which positions the company for massive growth ahead.

Pro Medicus Limited (ASX: PME)

announced on 1 December 2025 that it signed an additional $25 million contract with BayCare which is based on a transaction-based licensing model and will add the cloud-based Visage 7 Open Archive to the existing Visage 7 Viewer and Visage 7 Workflow contract that was signed in February 2025.

The company also entered into a five-year $44 million agreement with Advanced Radiology Management which is one of the largest private radiology reading groups in the United States.

This agreement follows PME’s transaction-based pricing structure which creates upside potential as imaging volumes rise over time and the company ended FY25 with $210.7 million in cash and no debt on the balance sheet.

PME stated that Advanced Radiology Management selected Visage 7 due to its ability to offer a single unified platform for diagnostic interpretation and its full cloud deployment capability which is becoming the standard across North America and will be helpful in future growth.

Sigma Healthcare Limited (ASX: SIG)

has gone through a transformational year after completing its merger with Chemist Warehouse Group in February 2025 which resulted in the creation of Australia’s largest retail pharmacy franchisor and full-line pharmaceutical wholesaler.

The merger brought together Sigma’s wholesale and logistics capabilities with Chemist Warehouse’s strong retail execution which increased scale, market reach and operational capability.

The company also continued to grow its own and exclusive label product range and sales in this segment increased by more than 20% which supports margin expansion.

FY25 financial performance reflected this major step up in scale as statutory revenue rose to $6.0 billion which represents growth of more than 80% year-on-year driven by the inclusion of Chemist Warehouse wholesale volumes and continued expansion of the retail network.

(Source: Company Reports)