Could one of these ASX shares be 'the next Afterpay'?

The Afterpay Ltd (ASX: APT) share price has rocketed higher in 2020 but could one of these top ASX growth shares be 'the next Afterpay'?

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There aren't many ASX shares on the market like Afterpay Ltd (ASX: APT).

The Afterpay share price has nearly doubled in value this year while the S&P/ASX 200 Index (ASX: XJO) has slumped 10.8% lower.

While many investors think the ship has sailed on the buy now, pay later leader, given its current $59.38 per share valuation, could either of these candidates be 'the next Afterpay'?

An Afterpay Competitor

Let's start with an obvious candidate and one of Afterpay's top rivals: Openpay Group Ltd (ASX: OPY).

Openpay is another buy now, pay later provider that differentiates itself based on its repayment schedule flexibility. Unlike Afterpay's fairly rigid 8-week schedule, Openpay's repayment period can stretch as long as 18 months.

The ASX buy now, pay later share listed in December 2019 and has traded around its first closing price of $1.33 for most of the time since then.

However, the last month or so has been a different story for Openpay. From the beginning of June, the Openpay share price began surging and is now trading at $2.48 per share with a market capitalisation of $267.5 million.

The buy now, pay later sector is competitive and I think we'll see more consolidation in the months and years ahead. While Openpay may not be the next Afterpay, the company could still attract the interest of buyers on the acquisition trail.

Of course, betting on acquisitions is a purely speculative game. If Openpay can execute its expansion plans, then it may be able to continue climbing as a top ASX growth share in 2020.

An ASX Biotech share

Of course, it's not just competitors that could be the 'next Afterpay' in terms of share price growth. I think the biotechnology sector could harbour some hidden gems in the current market.

In particular, Pro Medicus Limited (ASX: PME) has caught my eye right now. The Pro Medicus share price climbed 1.5% higher yesterday and is up 23.3% for the year.

The Aussie biotech company is a leading imaging technology company specialising in radiology IT services. It boasts a current market capitalisation of $2.9 billion.

In the short-term, I think demand for Pro Medicus' services will be high given the backlog of medical work arising from COVID-19 lockdowns. Thinking longer-term, there's a huge addressable market for Pro Medicus due to increasing use of imagery and medical technology overall.

Foolish takeaway

These are just a couple of the ASX shares I've got my eye on right now. I think both Openpay and Pro Medicus could have strong growth trajectories going forward.

There aren't many companies like Afterpay out there, and it can take both savvy investing and a bit of luck to find them.

Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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