ASX healthcare shares are often regarded as less represented in the Australian economy. 

While this is true compared to financials (big banks) and resources (mining giants), there are healthcare shares have brought big returns for investors in recent times. 

Projecting which ones will produce these big returns is another challenge. 

In the last 5 years, the S&P/ASX 200 Health Care (ASX:XHJ) index has grown just 2%. 

Here are two of the outliers.

Pro Medicus Ltd (ASX: PME)

Pro Medicus Ltd (ASX: PME) is a provider of medical imaging technology globally. 

The company is recognised as a leading supplier of radiology information systems (RIS), picture archiving and communication systems (PACS), and advanced visualisation solutions for medical practices and hospitals.

Its share price lay dormant for many years, before gaining some momentum in the late 2010s. 

Five years ago its share price sat at roughly $25.

Since then, it has seen rapid growth to become one of the largest healthcare stocks by market capitalisation in Australia. 

For holders of this stock, it's been the gift that keeps on giving. 

Pro Medicus was the second best performing ASX 200 healthcare shares last financial year, with 99% share price growth.

At the time of writing, its share price sits at $314.20. 

A $10,000 investment in Pro Medicus five years ago would be worth approximately $124,290 today – a 1,143% return.

This is before taking into consideration any dividends or reinvented earnings. 

Can the bull run continue?

Its success has come on the back of high margins, zero debt, a sticky client base, and strong earnings growth.

However, based on reporting from The Motley Fool's Brownwyn Allen, experts believe its share price could be overvalued right now. 

Sigma Healthcare Ltd (ASX: SIG)

Sigma Healthcare engages in the manufacture and distribution of pharmaceutical products through pharmacy, grocery channels, and private label.

The share price for this ASX healthcare stock remained flat for much of the last five years, before taking off in 2024. 

In total, it is up 367.19% over the past 5 years. 

This included 130% in FY25 alone, making it the best performing healthcare stock. 

A $10,000 investment in Sigma Healthcare five years ago would be worth approximately $46,718.75 today – a 367% return.

Is it still a buy?

Yesterday my colleague Bernd Struben reported that one broker in particular doesn't recommend adding more shares to your portfolio today.