Swiss MedTech 2026: CHF 21.4B, 95% Exported — 8–14× EBITDA

1.0Market Snapshot

CHF 26B: Revenue of the Swiss medtech industry in 2025, according to the Swiss Medtech industry study published on 10 September 2026. The study counts manufacturers, suppliers and distributors; medtech contributes about 10% of industrial value added and CHF 5.5 billion to the trade surplus.
~1,400: Medtech companies counted by the Swiss Medtech industry study 2026. BFS STATENT measures a narrower core: 277 enterprises making medical and dental instruments and supplies (NOGA 32.50.01) and 113 making electromedical equipment (NOGA 26.60) in 2024; large groups are often classified as holding or trading companies.
~72,000: Employees of the Swiss medtech industry (Swiss Medtech industry study 2026). BFS STATENT counts 10,737 in medical and dental instruments and 13,171 in electromedical equipment in 2024. Net job creation fell to about 200 in the latest year, against a ten-year average of 1,500.
+5.5%: Average annual revenue growth of the industry in 2024 and 2025, below the ten-year average of 6.4% (Swiss Medtech 2026). The study expects no employment growth in 2026.

According to Val Index analysis of Swiss commercial-register and federal data (2026), the Swiss medtech & medical devices market is worth CHF 26B — Revenue of the Swiss medtech industry in 2025, according to the Swiss Medtech industry study published on 10 September 2026. The study counts manufacturers, suppliers and distributors; medtech contributes about 10% of industrial value added and CHF 5.5 billion to the trade surplus..

According to Val Index analysis of Swiss commercial-register and federal data (2026), Switzerland counts ~1,400 medtech & medical devices companies — Medtech companies counted by the Swiss Medtech industry study 2026. BFS STATENT measures a narrower core: 277 enterprises making medical and dental instruments and supplies (NOGA 32.50.01) and 113 making electromedical equipment (NOGA 26.60) in 2024; large groups are often classified as holding or trading companies..

2.0Industry Overview

Market Scope

The Swiss medtech industry earned CHF 26 billion in 2025 with about 72,000 employees in some 1,400 companies, according to the industry study Swiss Medtech published on 10 September 2026. Revenue grew by an average of 5.5% in 2024 and 2025 — still about twice the pace of the economy, but below the ten-year average of 6.4%. The mood has turned: 53% of companies see Switzerland's competitiveness as worse than five years ago, 43% plan no investment in Switzerland — the weakest value since the survey began — and net job creation fell to about 200, against 1,500 a year on average. Cost pressure has replaced regulation as the main concern.

3.0Industry Health Check (SWOT)

Internal factors

Strengths4

CHF 26 billion of revenue in 2025 and about 10% of Swiss industrial value added (Swiss Medtech 2026)

Weaknesses4

Third-country status in the EU since May 2021: extra one-off costs above CHF 100 million and CHF 75 million a year→ §5.0

External factors

Opportunities4

Self-injection devices for biologics and GLP-1 drugs — Ypsomed won a record 44 customer projects

Threats4

US Section 232 investigation into medical devices, with no guaranteed tariff cap

Sector Outlook

DefensiveBalancedGrowth

4.0Key Trends

Growth continues, confidence does not

CHF 26 b

The Swiss Medtech study of September 2026 reports CHF 26 billion of revenue for 2025 and average growth of 5.5% in 2024–2025, below the ten-year average of 6.4%. 53% of firms rate Swiss competitiveness worse than five years ago, 43% plan no investment in Switzerland and net job creation fell to about 200, against 1,500 a year on average. No employment growth is expected for 2026.

Third country in the EU

CHF 100 million

Since the EU Medical Device Regulation took effect in May 2021, the Swiss–EU mutual recognition agreement has not been updated. Swiss makers must appoint EU representatives, relabel products and often obtain extra EU certification; the Swiss m4m Center estimates one-off costs above CHF 100 million and recurring costs of CHF 75 million a year. About half of Swiss medtech exports go to the EU.

US tariffs: no guaranteed cap for devices

39%

The US imposed 39% on Swiss goods in August 2025, cut to 15% by the November 2025 deal. After the US Supreme Court struck those tariffs down on 21 February 2026, a 10% transition tariff applied, and since 24 July 2026 Swiss goods face 12.5% under Section 301. Pharmaceuticals keep a guaranteed 15% cap, but medical devices do not while the Section 232 investigation continues.

Leaders refocus their portfolios

20%

Sonova announced on 23 March 2026 that it intends to sell its consumer hearing business. Ypsomed sold its diabetes-care business and focuses on self-injection devices, where its Delivery Systems revenue grew about 20% to CHF 601.5 million; it bought a US plant in North Carolina. Straumann grew 8.9% organically and expects high single-digit growth in 2026.

Mid-caps grow by acquisition

15.7%

Medartis, the Basel maker of osteosynthesis implants, grew core revenue 15.7% organically to CHF 266 million in 2025 at a core EBITDA margin of 18.4% and announced the acquisition of Cadskills in Belgium. Growing mid-caps and international groups are the natural buyers of Swiss owner-managed medtech SMEs.

5.0Cost Structure Benchmark

75%

25%

Operating costs75%: materials, personnel, R&D, regulatory, sales, other
Core EBIT25%

Measured for one company: Straumann reported a core EBIT margin of 25.2% on 2025 revenue of CHF 2.605 billion (26.5% at constant 2024 currencies; shown rounded). Margins vary: Ypsomed's Delivery Systems earned 32.5% EBIT in 2025/26, Sonova 22.5% normalised EBITA, Medartis 18.4% core EBITDA. No official statistic publishes a cost split for medtech makers; the previous edition's six-line split was not measured and has been withdrawn.

6.0Top MedTech & Medical Devices Companies in Switzerland

Name	Location	Key Facts
Straumann GroupCHE-101.673.828	Basel BS	Straumann Holding AG: global leader in dental implants, clear aligners and digital dentistry. 2025 revenue CHF 2.605 billion (+8.9% organic, +4.1% in francs), core EBIT margin 25.2%; 11,821 employees at the end of 2025. Expects high single-digit organic growth in 2026.
SonovaCHE-100.818.478	Stäfa ZH	Sonova Holding AG: hearing aids (Phonak), cochlear implants and audiological care. Year to March 2026: sales CHF 3,605.9 million (+5.9% in local currencies), normalised EBITA CHF 811.2 million (22.5%). Intends to sell its consumer hearing business (announced 23 March 2026).
YpsomedCHE-110.368.235	Burgdorf BE	Ypsomed Holding AG: self-injection devices for pharma customers. Year to March 2026: revenue CHF 731.0 million; Delivery Systems CHF 601.5 million (about +20%) with EBIT of CHF 195.5 million (32.5%). Sold its diabetes-care business; acquired a US plant in North Carolina.
MedartisCHE-108.689.049	Basel BS	Medartis Holding AG: plates and screws for hand, wrist and craniomaxillofacial surgery. 2025 core revenue CHF 266 million (+15.7% organic), core EBITDA margin 18.4%; acquiring Cadskills (Belgium).
MedelaCHE-106.916.228	Baar ZG	Medela AG: breast pumps and medical vacuum technology; founded in 1961 by Olle Larsson, chaired by his son Michael Larsson since 2001. More than 1,800 employees worldwide, over 400 in the canton of Zug.

Straumann Group

CHE-101.673.828

Basel BS

Straumann Holding AG: global leader in dental implants, clear aligners and digital dentistry. 2025 revenue CHF 2.605 billion (+8.9% organic, +4.1% in francs), core EBIT margin 25.2%; 11,821 employees at the end of 2025. Expects high single-digit organic growth in 2026.

Sonova

CHE-100.818.478

Stäfa ZH

Sonova Holding AG: hearing aids (Phonak), cochlear implants and audiological care. Year to March 2026: sales CHF 3,605.9 million (+5.9% in local currencies), normalised EBITA CHF 811.2 million (22.5%). Intends to sell its consumer hearing business (announced 23 March 2026).

Ypsomed

CHE-110.368.235

Burgdorf BE

Ypsomed Holding AG: self-injection devices for pharma customers. Year to March 2026: revenue CHF 731.0 million; Delivery Systems CHF 601.5 million (about +20%) with EBIT of CHF 195.5 million (32.5%). Sold its diabetes-care business; acquired a US plant in North Carolina.

Medartis

CHE-108.689.049

Basel BS

Medartis Holding AG: plates and screws for hand, wrist and craniomaxillofacial surgery. 2025 core revenue CHF 266 million (+15.7% organic), core EBITDA margin 18.4%; acquiring Cadskills (Belgium).

Medela

CHE-106.916.228

Baar ZG

Medela AG: breast pumps and medical vacuum technology; founded in 1961 by Olle Larsson, chaired by his son Michael Larsson since 2001. More than 1,800 employees worldwide, over 400 in the canton of Zug.

Companies are listed when they are confirmed in the commercial register, have a significant Swiss presence in this niche and at least one sourced fact.

7.0Succession & M&A Context

95% SMEs, weak investment appetite — and buyers who pay for regulatory assets

CHF 26B: medtech industry revenue in 2025 (Swiss Medtech 2026)
95%: of medtech companies are SMEs (Swiss Medtech)
43%: of companies plan no investment in Switzerland — a record low (Swiss Medtech 2026)
8.0–14.0×: EBITDA deal multiples (ValIndex multiples table)

Swiss Medtech reports that 95% of the industry's companies are SMEs, many of them owner-managed suppliers and niche manufacturers in Bern, Solothurn, the Jura arc and eastern Switzerland. With 43% of firms planning no Swiss investment and net job creation near zero, owners who face succession also face the question whether the next owner will keep production in Switzerland. Buyers — listed groups such as Medartis, international strategics and investors — pay for certified products, EU and US regulatory files and customer contracts. ValIndex's multiples table puts medtech companies at 8.0–14.0× EBITDA in transactions and 6.0–9.0× on statutory valuations, among the highest of any sector.

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Valuation Snapshot

MedTech & Medical Devices business valuation in Switzerland

Statutory Multiple (EBITDA): 6.0 - 9.0×
Deal Multiple (EBITDA): 8.0 - 14.0×
Market Trend: Rising

Indicative ranges based on market research. Actual multiples vary by company size, growth, and market conditions.

8.0Regional Clusters

Bern, Solothurn and Jura

BESOJU

39 enterprises with 4,389 employees in medical and dental instruments (2024) — Solothurn alone 2,877 in 10 enterprises around the Bettlach implant belt — plus 1,730 in electromedical equipment. Ypsomed is based in Burgdorf (BE).

Western Switzerland

VDGENEFRVS

1,930 employees in medical and dental instruments and 3,197 in electromedical equipment. Vaud leads with 1,087 in instruments.

Central Switzerland

ZGLUSZNWOWUR

1,009 employees in medical and dental instruments and 3,672 in electromedical equipment, most of them in Zug, where Roche Diagnostics International is registered. Medela is based in Baar (ZG).

Eastern Switzerland

SGTGSHARAIGRGL

1,534 employees in medical and dental instruments — St. Gallen 1,017 — and 1,422 in electromedical equipment.

Zurich

49 enterprises with 1,347 employees in medical and dental instruments and 2,379 in electromedical equipment. Sonova is based in Stäfa.

Basel and Aargau

BSBLAG

Only 356 employees in medical and dental instruments and 707 in electromedical equipment, although Straumann and Medartis are headquartered in Basel: large groups are often classified as holding or trading companies, so their staff do not appear in these classes.

Sources

Moneycab — Medtech-Branche warnt vor erodierender Standortattraktivität (Swiss Medtech industry study, 10 September 2026): CHF 26bn revenue, ~72,000 employees Swiss Medtech — Facts and figures (95% of the industry are SMEs)Swiss Medtech — US tariffs: 39% (August 2025), 15% deal (November 2025), Supreme Court ruling (21 February 2026), 12.5% under Section 301 from 24 July 2026; no guaranteed cap for medical devices Europäische Bewegung Schweiz / Innosuisse — MRA: von fliessend zu stockend (November 2025): third-country status, costs above CHF 100m one-off and CHF 75m a year BFS STATENT — institutional units, employees and FTE by NOGA type and canton, 2011–2024 (NOGA 325001 medical and dental instruments, 266000 electromedical equipment)Straumann Group — 2025 full-year results (ad hoc): revenue CHF 2.605bn, core EBIT margin 25.2%Sonova — FY 2025/26 results: sales CHF 3,605.9m, normalised EBITA CHF 811.2m Ypsomed — FY 2025/26: core business grows 20%, record number of customer projects cash.ch — Medartis setzt Wachstumskurs 2025 fort und kündigt Übernahme an (17 March 2026)Wikipedia — Medela (founded 1961 by Olle Larsson; 1,800+ employees)Zefix — Swiss Central Business Name Index (register entries of all key players)

Alain Walder, M.A. HSG · ValIndex|Data as of 2026-09|11 sources cited

9.0Frequently Asked Questions

▶How much is a medtech company worth in Switzerland?

ValIndex's multiples table puts Swiss medtech companies at 8.0–14.0× EBITDA in transactions and 6.0–9.0× EBITDA on statutory valuations, among the highest of any sector. The premium reflects high margins — Straumann earned a 25.2% core EBIT margin in 2025, Ypsomed's Delivery Systems 32.5% EBIT — and the value of certified products and regulatory files. Contract suppliers and firms without their own products trade lower.

▶What drives the value of a Swiss medtech company?

Buyers price: (1) certified products and the regulatory files for the EU (MDR) and the US (FDA); (2) patents and clinical data; (3) customer contracts, especially with pharma for drug-delivery devices; (4) exposure to US tariffs and to EU third-country status; (5) margins and recurring revenue; (6) dependence on the owner and key engineers.

▶How big is the Swiss medtech industry?

The Swiss Medtech industry study 2026 counts about 1,400 companies with some 72,000 employees and CHF 26 billion of revenue in 2025. BFS STATENT measures a narrower manufacturing core: 277 enterprises making medical and dental instruments (10,737 employees) and 113 making electromedical equipment (13,171) in 2024.

▶How does succession work for Swiss medtech companies?

Most of the industry is small: Swiss Medtech reports that 95% of companies are SMEs. Owner-managed suppliers and niche makers are sold to listed groups — Medartis bought Cadskills in Belgium — international strategics or investors, who pay for certified products and regulatory files. With 43% of firms planning no Swiss investment, buyers' plans for the Swiss site matter to many sellers.

▶What are the key trends in Swiss medtech?

Five trends: (1) growth of 5.5% a year in 2024–2025 but record-low investment appetite and near-zero job creation (Swiss Medtech 2026); (2) third-country status in the EU since May 2021; (3) US tariffs of 12.5% since July 2026 with no guaranteed cap for devices; (4) leaders refocus — Sonova sells consumer hearing, Ypsomed exited diabetes care; (5) mid-caps such as Medartis grow by acquisition.

▶What are the main risks when buying a Swiss medtech company?

The main risks are: (1) regulatory — MDR certification and EU market access without an updated MRA; (2) US trade policy and the Section 232 investigation into medical devices; (3) the strong franc and Swiss cost base; (4) customer concentration, especially for suppliers; (5) key-person dependence. Due diligence should check certificates, notified-body status, US registrations and export exposure.

▶What margins do Swiss medtech companies earn?

No official cost split exists. Published results give the range: Straumann reported a 25.2% core EBIT margin in 2025, Ypsomed's Delivery Systems 32.5% EBIT in 2025/26, Sonova a 22.5% normalised EBITA margin and Medartis an 18.4% core EBITDA margin. For Straumann, operating costs — materials, personnel, R&D, regulatory and sales — absorbed about 75% of revenue.

▶Where are Swiss medtech companies located?

Measured manufacturing employment is highest in Bern, Solothurn and Jura (4,389 in medical and dental instruments, 2,877 of them in Solothurn), followed by Western Switzerland (1,930, plus 3,197 in electromedical equipment) and Eastern Switzerland (1,534). Central Switzerland has 3,672 electromedical employees, mostly in Zug. Headquarters of large groups — Straumann and Medartis in Basel, Sonova in Stäfa, Ypsomed in Burgdorf — are often classified outside these classes.

MedTech & Medical Devices