Optician & Hearing Services Switzerland: 4.5–7× EBITDA, 1,183 Firms (2026)

1.0Market Snapshot

1,183: Optician companies (967) and retailers of medical and orthopaedic goods, including hearing-aid shops (216), in 2024 (BFS STATENT, NOGA 47.78.02 and 47.74). A chain counts once, whatever its number of shops.
9,714: Employees of Swiss opticians (8,539) and medical and orthopaedic retailers (1,175) in 2024 (BFS STATENT). Optician employment is up 13.0% since 2011 while the number of optician companies fell 6.8%.
+3.2%: Growth in employment across both classes from 2020 to 2024 (BFS STATENT). Fielmann's Swiss revenue rose 6% in 2025 (Fielmann, February 2026).

According to Val Index analysis of Swiss commercial-register and federal data (2026), Switzerland counts 1,183 optician & hearing services companies — Optician companies (967) and retailers of medical and orthopaedic goods, including hearing-aid shops (216), in 2024 (BFS STATENT, NOGA 47.78.02 and 47.74). A chain counts once, whatever its number of shops..

2.0Industry Overview

Market Scope

Opticians and hearing-aid acousticians are local health retailers, increasingly run by chains. BFS counted 967 optician companies with 8,539 employees in 2024 (STATENT), 6.8% fewer companies than in 2011 but 13.0% more staff, and 216 retailers of medical and orthopaedic goods, the class that includes hearing-aid shops, with 1,175 employees. Because a chain counts as one company, these figures understate the number of shops.

3.0Industry Health Check (SWOT)

Internal factors

Strengths4

Recurring demand from ageing customers

Weaknesses4

Shortage of qualified opticians and acousticians

External factors

Opportunities4

Ageing population and hearing loss

Threats4

Chain price competition

Sector Outlook

DefensiveBalancedGrowth

4.0Key Trends

Hearing roll-ups

Amplifon, Neuroth and Audika have absorbed many local hearing-aid businesses, according to the commercial register.

Optical chains lead

30%

Visilab took over McOptic in 2019, reaching 163 outlets and about 30% of the market by its own account; Fielmann grew its Swiss revenue 6% in 2025 (moneycab, Fielmann).

Online pure players retreat

Mister Spex closed its Swiss store in 2024 as it shut all stores outside Germany (fashionunited); its Swiss company is in liquidation (Zefix).

Fewer, larger opticians

6.8%

Optician companies fell 6.8% from 2011 to 2024 while their employment rose 13.0% (BFS STATENT).

Hearing market grows

5.1%

Sonova's retail business grew 5.1% in local currencies in 2025/26, and its group sales reached CHF 3.61 billion (Sonova, May 2026).

5.0Cost Structure Benchmark

35%

38%

12%

Cost of goods35%: frames, lenses, hearing aids
Personnel38%
Rent and premises12%
Marketing, IT and other7%
EBITDA margin8%

Indicative split for a Swiss independent optician or hearing-aid shop, not a measured figure.

6.0Top Optician & Hearing Services Companies in Switzerland

Name	Location	Key Facts
VisilabGroup (Visilab, McOptic)CHE-106.040.613	Meyrin GE	VisilabGroup SA: optical chain registered in Meyrin, formerly Visilab SA. In 2019 it took over Graffiti Holding, owner of the 62 McOptic stores, reaching 163 outlets, 1,300 employees and, by its own account, about 30% of the Swiss market; GrandVision was then its majority owner.
FielmannCHE-106.827.671	Basel BS	Fielmann AG: Swiss company of the German optical group, registered in Basel; it has absorbed Fielmann Schweiz AG. The group had revenue of EUR 2.44 billion in 2025, and its Swiss revenue grew 6%.
Bärtschi OptikCHE-100.171.211	Bern BE	Bärtschi Optik AG: independent optician registered in Bern.
AmplifonCHE-102.180.706	Baar ZG	Amplifon AG: hearing-aid retailer registered in Baar, formerly Hören SA; it has absorbed Amplifon Bern, Amplifon Vevey, Hörakustik Weber, Hörberatung Loppacher and other local businesses.
Neuroth HörcenterCHE-107.418.051	Zug ZG	Neuroth Hörcenter AG: hearing-aid retailer registered in Zug; it has absorbed Haldemann Hörcenter, Hörstudio Biel, Hörzentrum Krumm and other local businesses.
AudikaCHE-106.088.488	Urdorf ZH	Audika AG: hearing-aid group registered in Urdorf, formerly HZ Hörmittelzentralen AG and Audito Suisse AG; it has absorbed Audilab, Beltone Hörberatung, Hörakustik Winterthur and Otoacustica Paganini, among others.
Sonova HoldingCHE-100.818.478	Stäfa ZH	Sonova Holding AG: listed hearing-aid maker registered in Stäfa (Phonak). FY2025/26 sales CHF 3,605.9 million (+5.9% in local currencies), normalized EBITA CHF 811.2 million (22.5%); retail sales CHF 1,491.9 million (+5.1%).

VisilabGroup (Visilab, McOptic)

CHE-106.040.613

Meyrin GE

VisilabGroup SA: optical chain registered in Meyrin, formerly Visilab SA. In 2019 it took over Graffiti Holding, owner of the 62 McOptic stores, reaching 163 outlets, 1,300 employees and, by its own account, about 30% of the Swiss market; GrandVision was then its majority owner.

Fielmann

CHE-106.827.671

Basel BS

Fielmann AG: Swiss company of the German optical group, registered in Basel; it has absorbed Fielmann Schweiz AG. The group had revenue of EUR 2.44 billion in 2025, and its Swiss revenue grew 6%.

Bärtschi Optik

CHE-100.171.211

Bern BE

Bärtschi Optik AG: independent optician registered in Bern.

Amplifon

CHE-102.180.706

Baar ZG

Amplifon AG: hearing-aid retailer registered in Baar, formerly Hören SA; it has absorbed Amplifon Bern, Amplifon Vevey, Hörakustik Weber, Hörberatung Loppacher and other local businesses.

Neuroth Hörcenter

CHE-107.418.051

Zug ZG

Neuroth Hörcenter AG: hearing-aid retailer registered in Zug; it has absorbed Haldemann Hörcenter, Hörstudio Biel, Hörzentrum Krumm and other local businesses.

Audika

CHE-106.088.488

Urdorf ZH

Audika AG: hearing-aid group registered in Urdorf, formerly HZ Hörmittelzentralen AG and Audito Suisse AG; it has absorbed Audilab, Beltone Hörberatung, Hörakustik Winterthur and Otoacustica Paganini, among others.

Sonova Holding

CHE-100.818.478

Stäfa ZH

Sonova Holding AG: listed hearing-aid maker registered in Stäfa (Phonak). FY2025/26 sales CHF 3,605.9 million (+5.9% in local currencies), normalized EBITA CHF 811.2 million (22.5%); retail sales CHF 1,491.9 million (+5.1%).

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

Independents sell to chains

967: optician companies in 2024, −6.8% since 2011 (BFS STATENT)
+13.0%: optician employment 2011–2024 (BFS STATENT)
CHF 1,650: IV lump sum for two hearing aids (AHV/IV leaflet)
4.5–7.0×: EBITDA deal multiples (ValIndex multiples table)

Most Swiss optician companies are small, but chains keep growing, and hearing-aid groups have bought dozens of local shops. An owner who retires needs a qualified optician or acoustician to take over, and chains are often the most practical buyer. Buyers pay for location, the customer file, qualified staff and fitting equipment, and discount for dependence on the owner, rent risk and price pressure from chains and fixed insurance contributions. ValIndex's multiples table puts opticians and hearing acousticians at 4.5–7.0× EBITDA in transactions and 3.5–5.0× on statutory valuations.

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Valuation Snapshot

Optician & Hearing Services business valuation in Switzerland

Statutory Multiple (EBITDA): 3.5 - 5.0×
Deal Multiple (EBITDA): 4.5 - 7.0×
Market Trend: Stable

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

8.0Regional Clusters

Western Switzerland

VDGEFRVSNEJU

331 optician and medical retail companies with 1,719 employees in 2024 (BFS STATENT), the most of any region; VisilabGroup is registered in Meyrin.

Zurich

204 companies with 1,420 employees; Sonova (Stäfa) and Audika (Urdorf) are registered here.

Bern and Solothurn

BESO

166 companies with 2,101 employees; Bärtschi Optik is registered in Bern.

Northwestern Switzerland

AGBLBS

142 companies with 2,121 employees, inflated because Fielmann is registered in Basel and counts its Swiss staff there.

Eastern Switzerland

SGTGGRSHARAIGL

133 companies with 722 employees.

Central Switzerland

LUSZZGOWURNW

121 companies with 1,302 employees; Amplifon (Baar) and Neuroth (Zug) are registered here.

Ticino

66 companies with 325 employees, the smallest on average (4.9 per company).

Sources

BFS STATENT — institutional units, employees and FTE by NOGA type and canton, 2011–2024 (NOGA 47.78.02 opticians, 47.74 medical and orthopaedic goods incl. hearing aids)moneycab — Visilab übernimmt McOptic (2 August 2019)Fielmann Group — Fielmann-Gruppe erreicht und übertrifft Ziele der Vision 2025 (12 February 2026; Switzerland revenue +6%)Sonova — Sonova delivers strong FY 2025/26 results (18 May 2026)AHV/IV — Merkblatt 4.08 Hörgeräte der IV (status 1 January 2023: CHF 840 / 1,650)AHV/IV — Merkblatt 3.07 Hörgeräte der AHV (CHF 630 / 1,237.50, every five years)FashionUnited — Mister Spex schließt alle Filialen im Ausland (August 2024)Zefix — Swiss Central Business Name Index (seats, former names and takeovers of VisilabGroup, Fielmann, Bärtschi Optik, Amplifon, Neuroth Hörcenter, Audika, Sonova; Mister Spex Switzerland in liquidation)

Alain Walder, M.A. HSG · ValIndex|Data as of 2026-10|8 sources cited

9.0Frequently Asked Questions

▶How much is an optician or hearing-aid business worth in Switzerland?

ValIndex's multiples table puts Swiss opticians and hearing acousticians at 4.5–7.0× EBITDA in transactions and 3.5–5.0× EBITDA on statutory valuations. Chains are frequent buyers of independent shops.

▶What drives the value of a Swiss optician or hearing-aid shop?

Buyers price: (1) location and rent; (2) the customer file and repeat business; (3) qualified opticians or acousticians who will stay; (4) fitting and measuring equipment; (5) the share of hearing aids and insurance-funded sales; (6) dependence on the owner.

▶How big is the Swiss optician and hearing sector?

BFS counted 967 optician companies with 8,539 employees and 216 medical and orthopaedic retailers, including hearing-aid shops, with 1,175 employees in 2024. A chain counts once, so the number of shops is higher.

▶Who are the main Swiss optician and hearing companies?

In optics: VisilabGroup (Visilab and McOptic, Meyrin), Fielmann (Basel) and independents such as Bärtschi Optik (Bern). In hearing: Amplifon (Baar), Neuroth (Zug), Audika (Urdorf) and the maker Sonova (Stäfa).

▶What are the key trends in Swiss optics and hearing care?

Five trends: (1) roll-ups of hearing-aid shops; (2) leadership of optical chains; (3) the retreat of online pure players such as Mister Spex; (4) fewer, larger opticians; (5) a growing hearing market.

▶What are the main risks when buying a Swiss optician or hearing-aid shop?

The main risks are: (1) dependence on the owner; (2) finding qualified staff; (3) rent and lease terms; (4) chain price competition; (5) changes to insurance contributions. Due diligence should check sales by product group, the customer file, staff contracts and the lease.

▶How much do AHV and IV pay toward hearing aids?

The AHV pays a lump sum of CHF 630 for one hearing aid and CHF 1,237.50 for two, every five years; the IV pays CHF 840 and CHF 1,650 (AHV/IV leaflets 3.07 and 4.08). The amount is fixed whatever the actual cost.

▶Where are Swiss opticians and hearing-aid shops located?

Using BFS figures for 2024: Western Switzerland has the most companies (331, with 1,719 employees), followed by Zurich (204; 1,420), Bern and Solothurn (166; 2,101), Northwestern Switzerland (142; 2,121, inflated by Fielmann's Basel seat), Eastern Switzerland (133; 722), Central Switzerland (121; 1,302) and Ticino (66; 325).

Optician & Hearing Services