If you're a fan of growth shares then you're in luck because the Australian share market is home to a large number of companies growing earnings at a strong rate.
Three which I think are amongst the best on offer on the local market are listed below. Here's why I feel growth investors ought to buy them:
Aristocrat Leisure Limited (ASX: ALL)
This gaming technology company is one of my favourite growth shares on the local share market. I believe it is capable of growing its bottom line at an above-average rate over the next decade thanks to its market-leading pokie machine business and its fledgling digital business. The latter is expected to be a key driver of growth thanks to the increasing popularity of mobile and social gaming globally. As of its last update, the segment had an impressive 8 million daily active users spending an average of 38 U.S. cents per day.
Nanosonics Ltd (ASX: NAN)
I'm a big fan of this infection control specialist and believe its trophon EPR disinfection system for ultrasound probes has enormous potential. At the last count the product had an installed base of 19,310 units globally. Whilst this is a significant number, it is still only scratching the surface of a market opportunity estimated to be 120,000 units. Due to the quality of the company's product and favourable regulatory recommendations, I believe Nanosonics is well-placed to grow its market share materially over the next decade. Combined with the upcoming launch of new products targeting unmet needs, the future looks bright for this healthcare star.
ResMed Inc. (ASX: RMD)
Another top growth share to consider buying is this sleep treatment specialist. I believe it is exceptionally well-placed to deliver strong long term earnings growth thanks to its industry-leading position in a sleep treatment market which is expected to increase materially over the next decade as more and more people are diagnosed with sleep apnoea. In addition to this, the company's focus on technology-based services has proven very successful and looks set to support the growth of the core business over the next decade.
