Physiotherapy & Rehabilitation Switzerland: 3.5–5.5× EBITDA, 11,700 Firms (2026)

1.0Market Snapshot

CHF 1.9B: Health spending on physiotherapists in 2024 (CHF 1,914 million), of which CHF 1,317 million was paid by basic health insurance — BFS health costs by provider; up from CHF 1,565 million in 2021. Rehabilitation clinics are counted separately (CHF 1,616 million).
11,700: Enterprises in physiotherapy (NOGA 86.90.02) in 2024, BFS STATENT — up from 8,084 in 2011. Most are self-employed physiotherapists working alone or in small practices.
27,461: Employees in physiotherapy practices in 2024 (18,210 full-time equivalents), BFS STATENT, up from 15,677 in 2011; 70.7% are women. Physiotherapists employed by hospitals and clinics are counted there.
+4.4%: Average annual employment growth in physiotherapy practices from 2011 to 2024 (BFS STATENT); +3.7% in 2024. Spending on physiotherapists grew 22% from 2021 to 2024 (BFS health costs).

According to Val Index analysis of Swiss commercial-register and federal data (2026), the Swiss physiotherapy & rehabilitation market is worth CHF 1.9B — Health spending on physiotherapists in 2024 (CHF 1,914 million), of which CHF 1,317 million was paid by basic health insurance — BFS health costs by provider; up from CHF 1,565 million in 2021. Rehabilitation clinics are counted separately (CHF 1,616 million)..

According to Val Index analysis of Swiss commercial-register and federal data (2026), Switzerland counts 11,700 physiotherapy & rehabilitation companies — Enterprises in physiotherapy (NOGA 86.90.02) in 2024, BFS STATENT — up from 8,084 in 2011. Most are self-employed physiotherapists working alone or in small practices..

2.0Industry Overview

Market Scope

Switzerland had 11,700 physiotherapy enterprises with 27,461 employees in 2024, according to BFS business statistics (STATENT) — 45% more enterprises and 75% more employees than in 2011. The sector is extremely fragmented: the average practice has 1.6 full-time equivalents, and most enterprises are self-employed physiotherapists. Health spending on physiotherapists reached CHF 1,914 million in 2024, of which CHF 1,317 million was paid by basic health insurance; it grew by 22% between 2021 and 2024 (BFS health costs). The professional association physioswiss represents about 12,000 physiotherapists.

3.0Industry Health Check (SWOT)

Internal factors

Strengths4

Growing demand from an ageing population: spending on physiotherapists up 22% from 2021 to 2024 (BFS)

Weaknesses4

Extreme fragmentation: 1.6 full-time equivalents per practice

External factors

Opportunities4

Time-based tariff from 2027 (five-minute units) rewarding longer and more complex treatments

Threats4

Cost-containment pressure on basic insurance as spending rises→ §5.0

Sector Outlook

DefensiveBalancedGrowth

4.0Key Trends

New tariff structure planned for 2027

physioswiss, H+ and prio.swiss submitted a new tariff structure to the Federal Council in April 2026, replacing the flat-rate tariff 312 from 2018. Services would be billed in five-minute time units, with new positions for fall prevention, robot-assisted therapy and services without the patient present (Medinside, 7 April 2026). For accident, military and disability insurance a time-based structure has applied since July 2025.

Spending grows faster than the number of practices

CHF 1,565 million

Health spending on physiotherapists rose from CHF 1,565 million in 2021 to CHF 1,914 million in 2024 (+22%), of which CHF 1,317 million was paid by basic health insurance (BFS). Over the same period the number of physiotherapy enterprises rose from 10,926 to 11,700 and employment from 24,490 to 27,461 (BFS STATENT).

Practices get slightly larger

Full-time equivalents per physiotherapy enterprise rose from 1.19 in 2011 to 1.56 in 2024 (BFS STATENT). Most physiotherapists still work alone, but group practices with several therapists, medical training and longer opening hours are gaining ground.

Chains and health groups expand

Physiozentrum runs 33 locations; Medbase, owned by Migros, combines physiotherapy with medical centres, pharmacies and dental centres. Rehabilitation clinic groups such as Kliniken Valens add outpatient sites. Chains remain a small share of the 11,700 enterprises.

More women, more part-time work

70.7%

70.7% of employees in physiotherapy practices are women (BFS STATENT, 2024). The gap between employees (27,461) and full-time equivalents (18,210) shows the high share of part-time work, which limits how many practices can be taken over by a single employed physiotherapist.

5.0Cost Structure Benchmark

65%

12%

10%

Personnel65%: physiotherapists, reception, administration
Rent and premises12%
Equipment and training devices5%
Insurance, administration and IT6%
Other costs2%
EBITDA margin10%

Indicative split for a group practice with employed physiotherapists, not a measured figure: no Swiss statistic publishes the cost structure of physiotherapy practices. In a practice run by its owner alone, most of the margin is the owner's own pay, which a buyer must replace with a salaried physiotherapist.

6.0Top Physiotherapy & Rehabilitation Companies in Switzerland

Name	Location	Key Facts
PhysiozentrumCHE-152.613.096	St. Gallen SG	Physiozentrum.ch AG: the largest physiotherapy chain, founded in 2011 by Martina and Christoph Landolt with the founders of zahnarztzentrum.ch; physiotherapy, massage and medical training at 33 locations in German-speaking Switzerland. It buys practices near its centres if the owner keeps working for at least a year, and moves the patient base into its own centres rather than continuing the practice on site.
MedbaseCHE-112.648.125	Winterthur ZH	Medbase AG: Migros health group, which started in 2001 as a physiotherapy practice in Winterthur founded by Marcel Napierala; Migros has held a majority since 2010. It combines physiotherapy with medical centres, pharmacies and dental centres and took a majority of the dental group Ardentis.
Kliniken ValensCHE-108.054.365	Pfäfers SG	Stiftung Kliniken Valens: the largest rehabilitation group, with ten inpatient and three outpatient sites, about 940 beds and 2,277 employees; 2025 operating revenue CHF 259 million. Plans a new rehabilitation clinic at Zurich's Triemli hospital.

Physiozentrum

CHE-152.613.096

St. Gallen SG

Physiozentrum.ch AG: the largest physiotherapy chain, founded in 2011 by Martina and Christoph Landolt with the founders of zahnarztzentrum.ch; physiotherapy, massage and medical training at 33 locations in German-speaking Switzerland. It buys practices near its centres if the owner keeps working for at least a year, and moves the patient base into its own centres rather than continuing the practice on site.

Medbase

CHE-112.648.125

Winterthur ZH

Medbase AG: Migros health group, which started in 2001 as a physiotherapy practice in Winterthur founded by Marcel Napierala; Migros has held a majority since 2010. It combines physiotherapy with medical centres, pharmacies and dental centres and took a majority of the dental group Ardentis.

Kliniken Valens

CHE-108.054.365

Pfäfers SG

Stiftung Kliniken Valens: the largest rehabilitation group, with ten inpatient and three outpatient sites, about 940 beds and 2,277 employees; 2025 operating revenue CHF 259 million. Plans a new rehabilitation clinic at Zurich's Triemli hospital.

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

11,700 small practices — most sold to a colleague, a few to groups

11,700: physiotherapy enterprises in 2024, up from 8,084 in 2011 (BFS STATENT)
CHF 1.9B: health spending on physiotherapists in 2024 (BFS)
1.56: full-time equivalents per practice in 2024 (BFS STATENT)
3.5–5.5×: EBITDA deal multiples (ValIndex multiples table)

Physiotherapy is one of the most fragmented healthcare sectors: 11,700 enterprises with 1.6 full-time equivalents on average (BFS STATENT, 2024). Most practices depend on their owner's own treatment hours, so their value lies in the patient base, the location, the equipment and the referring doctors. Buyers are employed physiotherapists who want to become self-employed, colleagues building group practices, and chains such as Physiozentrum or Medbase. The new time-based tariff planned for 2027 will change the economics of practices and should be modelled in any valuation. ValIndex's multiples table puts physiotherapy practices at 3.5–5.5× EBITDA in transactions and 2.5–4.0× on statutory valuations; solo practices often change hands at the value of their equipment and patient base.

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Valuation Snapshot

Physiotherapy & Rehabilitation business valuation in Switzerland

Statutory Multiple (EBITDA): 2.5 - 4.0×
Deal Multiple (EBITDA): 3.5 - 5.5×
Market Trend: Rising

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

8.0Regional Clusters

Western Switzerland

VDGEFRVSNEJU

3,738 enterprises with 7,472 employees in 2024 — the largest region by number of practices, with small units (2.0 employees each). Vaud has 1,319 enterprises, Geneva 979.

Zurich

1,745 enterprises with 4,267 employees, the most of any canton.

Bern and Solothurn

BESO

1,629 enterprises with 3,612 employees; Bern alone has 1,317 enterprises.

Northwestern Switzerland

AGBLBS

1,493 enterprises with 3,682 employees; Aargau has 720 enterprises with 1,902 employees.

Eastern Switzerland

SGTGGRSHARAIGL

1,483 enterprises with 4,020 employees — 2.7 per enterprise, larger than in Western Switzerland. St. Gallen (1,947 employees) is home to Physiozentrum and Kliniken Valens.

Central Switzerland

LUZGSZNWOWUR

1,029 enterprises with 2,699 employees; Lucerne has 496 enterprises.

Ticino

583 enterprises with 1,709 employees — 2.9 per enterprise, the largest average units of any region.

Sources

BFS STATENT — institutional units, employees and FTE by NOGA type and canton, 2011–2024 (NOGA 869002 physiotherapy)BFS — Costs of the health care system by service provider, dataset DF_COU_HEALTH_COSTS (physiotherapists CHF 1,914m in 2024, CHF 1,317m basic insurance; rehabilitation clinics CHF 1,616m)Medinside — Physiotherapie: Die neue Tarifstruktur steht (7 April 2026)physioswiss — Neue Tarifstruktur für Physiotherapie beim Bundesrat zur Genehmigung eingereicht physioswiss — Für Physiotherapeut:innen (Physioactive for about 12,000 members)Physiozentrum — Praxisübernahme (acquisition terms; 33 locations)Physiozentrum — Über uns (founded 2011 by Martina and Christoph Landolt)Winterthur-Glossar — Medbase Gruppe (founded 2001 as a physiotherapy practice; Migros majority since 2010)Medinside — Klinikgruppe Valens wächst (11 August 2026): revenue CHF 259m, 2,277 employees Zefix — Swiss Central Business Name Index (register entries of all key players)

Alain Walder, M.A. HSG · ValIndex|Data as of 2026-09|10 sources cited

9.0Frequently Asked Questions

▶How much is a physiotherapy practice worth in Switzerland?

ValIndex's multiples table puts Swiss physiotherapy practices at 3.5–5.5× EBITDA in transactions and 2.5–4.0× EBITDA on statutory valuations. The EBITDA must be normalised for the owner's own work: in a solo practice most of the profit is the owner's pay, which a buyer must replace with a salaried physiotherapist. Group practices with employed therapists, stable referrals and medical training reach the upper end.

▶What drives the value of a Swiss physiotherapy practice?

Buyers price: (1) the number of therapists and dependence on the owner; (2) the patient base and referring doctors; (3) the location and the lease; (4) equipment and medical training rooms; (5) the share of basic-insurance revenue and exposure to the 2027 tariff change; (6) self-paying and supplementary-insurance revenue.

▶How big is the Swiss physiotherapy sector?

BFS STATENT counts 11,700 physiotherapy enterprises with 27,461 employees (18,210 full-time equivalents) in 2024. Health spending on physiotherapists was CHF 1,914 million in 2024, of which CHF 1,317 million was paid by basic health insurance (BFS health costs). physioswiss represents about 12,000 physiotherapists.

▶Who buys physiotherapy practices in Switzerland?

Most practices are sold to employed physiotherapists who want to become self-employed or to colleagues forming group practices. Chains and health groups — Physiozentrum with 33 locations, the Migros group Medbase — and rehabilitation groups such as Kliniken Valens are the larger buyers.

▶What are the key trends in Swiss physiotherapy?

Five trends: (1) a new time-based tariff structure planned for 2027; (2) spending on physiotherapists up 22% from 2021 to 2024; (3) slightly larger practices — 1.56 full-time equivalents in 2024 against 1.19 in 2011; (4) expansion of chains and health groups; (5) a mostly female, part-time workforce.

▶What are the main risks when buying a Swiss physiotherapy practice?

The main risks are: (1) dependence on the owner and loss of patients when they leave; (2) the effect of the new tariff structure; (3) cost-containment pressure on basic insurance; (4) staff shortages; (5) dependence on referring doctors. Due diligence should check the patient base, referral sources, the lease and revenue by insurer.

▶How will the new physiotherapy tariff change practices?

The structure submitted in April 2026 would replace billing per session under tariff 312 from 2018 with five-minute time units and add positions for fall prevention, robot-assisted therapy and services without the patient present. Longer and more complex treatments would be paid more accurately. It needs the Federal Council's approval and is planned for the beginning of 2027.

▶Where are Swiss physiotherapy practices located?

Western Switzerland has the most physiotherapy enterprises (3,738, with 7,472 employees in 2024), followed by Zurich (1,745 and 4,267), Bern and Solothurn (1,629 and 3,612), Northwestern Switzerland (1,493 and 3,682), Eastern Switzerland (1,483 and 4,020), Central Switzerland (1,029 and 2,699) and Ticino (583 and 1,709). Practices are smallest in Western Switzerland and largest in Ticino and Eastern Switzerland.

Physiotherapy & Rehabilitation