2 quality ASX shares to buy and hold for a very long time

Here's why Nanosonics Ltd (ASX:NAN) and this ASX share could be top buy and hold options for investors right now….

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If you're wanting to build your wealth over the long term, then you'll no doubt be on the lookout for some quality buy and hold options.

If that is the case, then you might want to look at the ASX shares listed below. Here's why they could be excellent buy and hold investments:

Nanosonics Ltd (ASX: NAN)

Nanosonics could be a good buy and hold option for investors. This is due to the strength of the infection control specialist's core business and its bold growth plans.

At present, Nanosonics is a one-trick pony. It derives all of its revenue from the sale of its industry-leading trophon EPR disinfection system for ultrasound probes and the consumable products the system requires.

While this is a lucrative operation and has been generating significant revenue, it does have its limitations. The good news is that Nanosonics has been busy over the last few years working on several new technologies that are targeting unmet needs. These are believed to have similar addressable markets to the trophon product.

Although progress has been very slow (management has promised new product launches for years and not delivered), the first launch appears to be finally on the horizon now. If this, and the other launches prove successful, they could underpin strong revenue growth for the next decade and beyond. Especially given the increasing importance of infection control following the pandemic.

Analysts at UBS are positive on the company. They currently have a buy rating and $7.20 price target on its shares. UBS believes Nanosonics is a high-quality structural growth story, particularly in a post-COVID world.

ResMed Inc. (ASX: RMD)

Another buy and hold option to consider is ResMed. It is a sleep treatment focused medical device company that has been growing at a consistently strong rate over the last decade.

Pleasingly, the company looks well-placed to continue this strong form long into the future. This is thanks to its world-class products, its growing cloud business, and its large addressable market. 

With education around sleep disorders increasing, more and more sufferers are seeking treatment options. This puts ResMed in a great position to benefit. As does the structural shift to home healthcare, according to Credit Suisse.

Its analysts believe the company's increased investment in its out-of-hospital platforms leaves it uniquely placed to benefit from consumers' pandemic-driven shift to home healthcare.

Credit Suisse currently has an outperform rating and $29.50 price target on its shares.

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Nanosonics Limited. The Motley Fool Australia has recommended Nanosonics Limited and ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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