The S&P/ASX 200 Index (ASX: XJO) was on form in 2024 and rose approximately 7.5% to 8,159.1 points.

And including dividends, the benchmark index delivered a return in the region of 11.2%.

While this is a strong return and ahead of historical averages, it pales in comparison to some of the gains that were made by ASX 200 shares during the period.

Let's look at the five best performing shares on the index in 2024. They are as follows:

Zip Co Ltd (ASX: ZIP)

The Zip Co share price was far and away the strongest performer on the ASX 200 in 2024 with a stunning 363% gain. This would have turned a $5,000 investment in the buy now pay later (BNPL) provider's shares into approximately $23,000 today. This strong gain was driven by an impressive shift to profitable growth which underpinned a material re-rating in Zip's shares.

Life360 Inc (ASX: 360)

The Life360 share price was a very strong performer in 2024 and raced 198% higher during the period. The ASX 200 tech share caught the eye of investors after reporting stellar growth in all key metrics. This includes growing the location technology company's monthly active users (MAU) to a whopping 76.9 million. In addition, the secondary listing on the Nasdaq index appears to have given the company a lot of exposure to investors on Wall Street.

Sigma Healthcare Ltd (ASX: SIG)

The Sigma Healthcare share price wasn't too far behind with a gain of 162% during the 12 months. Investors were scrambling to buy the Amcal owner's shares after it agreed to merge with industry giant Chemist Warehouse. And while the deal is not finalised just yet, it looks like a formality now after the ACCC gave the thumbs up.

Pro Medicus Limited (ASX: PME)

The Pro Medicus share price was just a fraction behind with a gain of 161% in 2024. The health imaging technology company's shares were on fire after it reported more strong profit growth in FY 2024. In addition, investors were left gobsmacked by the ASX 200 share announcing a series of huge contract wins again thanks to strong demand for its industry leading Visage platform. One of those was a 10-year $330 million contract with Trinity Health.

Telix Pharmaceuticals Ltd (ASX: TLX)

The Telix Pharmaceuticals share price was a strong performer and charged 144% higher over the period. Investors were buying the radiopharmaceuticals company's shares after it once again reported strong Illuccix sales growth and made progress with regulatory approvals. In respect to the former, total revenue came in at approximately US$135 million (A$201 million) during the third quarter thanks primarily to the prostate cancer imaging product. This was an increase of 55% over the prior corresponding period.