The ASX is off to a positive start to the week today as Miners and Energy stocks were bullish due to the rebound in commodity prices. The ASX 200 gained 0.3% to 7441 points. The liquidity pumped into markets continues to push the rally.

3 Top Performing ASX Healthcare Stocks To Consider in Oct 2021

The healthcare sector is certainly one to consider for growth. Here in Australia, the ASX is home to some of the biggest healthcare stocks in the world such as CSL, Ramsay Healthcare, Sonic, etc. It’s a sector that will likely see increased funding once we are out of the pandemic so as to bolster capacity and capabilities.

Our List of ASX Healthcare Shares to Consider in October 2021

Impedimed Limited (ASX: IPD)

ImpediMed engages in the development and distribution of bioimpedance devices with a focus on medical applications in the fluid status area. Its product SOZO, uses bioimpedance spectroscopy technology to measure and track critical information about the human body to aid clinicians in managing chronic disease and maximizing patient health.

The firm certainly works on high technology in the healthcare industry and IPD shares have been performing remarkably well recently. IPD shares have returned 109% in the past 1 year and 36% in 2021 alone.

Last week, IPD announced that their Prevent trial successfully met its primary endpoint. This study, which provides level I evidence, demonstrated that intervention in patients with early detection of cancer-related lymphoedema using ImpediMed’s L-Dex technology resulted in a lower rate of progression to chronic disease than patients with early detection from volume measurements using a tape measure, a result that is statistically significant. These findings were based on 1,200 patients followed for up to 3 years across 13 hospitals in the US and Australia.

There are thus a lot of things that Imedpimed is doing right and it is definitely an ASX healthcare stock to consider.

Rhythm Biosciences (ASX: RHY)

Rhythm Biosciences Ltd. engages in the research, development, and commercialization of medical diagnostics technologies. It offers a diagnostic blood test for screening for colorectal cancer under the ColoSTAT brand.

Rhythm’s initial product, ColoSTAT is a simple, low-cost blood test for the early detection of colorectal cancer for global mass-market screening. The company has secured IP protection in all major international jurisdictions.

ColoSTAT is 33% more accurate at detecting colorectal cancer than the current market standard Faecal Immunochemical Test. Protein biomarker led delivers a cost-efficient simple blood test that is suited to global mass market screening programs. Disruptive technology that detects the presence of cancer in the blood whereas current FIT based testing regimes only detects the presence of blood in a stool sample.

Rhythm Biosciences is another up and coming stock on the ASX. Rhythm shares surged as much as 15% just today. RHY shares have been on a ridiculous streak – gaining 629% in the past year and 79% in 2021.

Rhythm Biosciences has an incredibly large total addressable market. The screening value according to the company is US$38 billion and Rhythm comes with a lot of potential. It is an up and coming company and is a healthcare stock to keep a close eye on.

Ramsay Healthcare (ASX: RHC)

Ramsay Health Care is a global healthcare company. Its business segments are Australia, Europe, UK, and Asia. The company operates about 500 hospitals and day surgery facilities globally. Ramsay’s facilities cater for a range of healthcare needs from day surgery procedures to complex surgery, as well as psychiatric care and rehabilitation.

In Australia, the company operates approximately 72 hospitals and day surgery units. In the United Kingdom, the Company provides independent hospital services with a network of over 34 acute hospitals and day procedure centres providing a range of clinical specialities to private and self-insured patients, as well as to patients referred by the National Health Service.

The company also operates a diagnostic imaging service and provides neurological services through its neuro-rehabilitation facilities. Ramsay’s global network extends across four regions with over 500 locations to service over eight million patient visits worldwide.

The recovery play certainly covers Ramsay. The impacts of the pandemic has meant that Ramsay has postponed a lot of elective surgeries. However, now with the pandemic easing and vaccination rates increasing, the number of surgeries is expected to increase. This will be a direct positive impact to Ramsay’s revenues. Given their scale of operations, it will also bring in a significant amount of cash flows.

Ramsay Healthcare is definitely one to consider as a healthcare stock. RHC shares are on an upward trend. It has gained 5% in the past week and it is one to watch right now.