Psychology & Psychotherapy Switzerland: 2.5–4× EBITDA, 7,373 Firms (2026)

1.0Market Snapshot

CHF 1.3B: Health spending on psychotherapists in 2024 (CHF 1,290 million), of which CHF 596 million was paid by basic health insurance — BFS health costs by provider. It was CHF 626 million in 2021, before psychological psychotherapists could bill basic insurance directly.
7,373: Enterprises in psychotherapy and psychology (NOGA 86.90.01) in 2024, BFS STATENT — up from 4,927 in 2021 and 3,284 in 2011. Most are self-employed psychotherapists working alone.
9,659: Employees in psychotherapy and psychology practices in 2024 (6,378 full-time equivalents), BFS STATENT; 80.8% are women. Psychologists employed in hospitals and psychiatric clinics are counted there.
+57% since 2021: Growth in employment in psychotherapy and psychology practices from 2021 (6,142) to 2024 (9,659), BFS STATENT — driven by the prescription model introduced in July 2022, which lets psychological psychotherapists bill basic health insurance on a doctor's referral.

According to Val Index analysis of Swiss commercial-register and federal data (2026), the Swiss psychology & psychotherapy market is worth CHF 1.3B — Health spending on psychotherapists in 2024 (CHF 1,290 million), of which CHF 596 million was paid by basic health insurance — BFS health costs by provider. It was CHF 626 million in 2021, before psychological psychotherapists could bill basic insurance directly..

According to Val Index analysis of Swiss commercial-register and federal data (2026), Switzerland counts 7,373 psychology & psychotherapy companies — Enterprises in psychotherapy and psychology (NOGA 86.90.01) in 2024, BFS STATENT — up from 4,927 in 2021 and 3,284 in 2011. Most are self-employed psychotherapists working alone..

2.0Industry Overview

Market Scope

Psychotherapy practices are the fastest-growing part of Swiss outpatient healthcare. BFS business statistics (STATENT) count 7,373 enterprises in psychotherapy and psychology with 9,659 employees in 2024 — against 4,927 enterprises and 6,142 employees in 2021. The reason is a change in the law: since July 2022, psychological psychotherapists no longer have to work under a doctor's supervision ("delegation model") but can bill basic health insurance directly on a doctor's prescription ("prescription model"). The number of enterprises grew by more than 2,400 in three years. Most are sole practitioners: the average enterprise has 0.87 full-time equivalents, and 80.8% of employees are women.

3.0Industry Health Check (SWOT)

Key riskCost-containment pressure

Internal factors

Strengths4

Direct billing to basic health insurance since July 2022 (prescription model)

Weaknesses4

Tiny units: 0.87 full-time equivalents per enterprise (BFS STATENT, 2024)

External factors

Opportunities4

A first nationwide tariff structure planned for 1 January 2027

Threats4

Cost-containment pressure: basic-insurance cost up 20.4% a year (BAG)→ §5.0

Sector Outlook

DefensiveBalancedGrowth

4.0Key Trends

The prescription model created a new market

Since July 2022 psychological psychotherapists can bill basic health insurance on a doctor's prescription instead of working under a doctor's supervision. BFS STATENT shows the effect: enterprises in psychotherapy and psychology rose from 4,927 in 2021 to 7,373 in 2024, employees from 6,142 to 9,659.

Costs double, politics reacts

CHF 626 million

Spending on psychotherapists rose from CHF 626 million in 2021 to CHF 1,290 million in 2024 (BFS). The BAG's second monitoring report (August 2025) puts the basic-insurance cost at CHF 922 million in 2024, up 20.4% a year, a third of it due to higher tariffs. In February 2026 the Federal Council rejected a motion to remove psychological psychotherapy from basic insurance and kept the model.

A national tariff for 2027

FSP, ASP, SBAP, H+ and prio.swiss submitted the first nationwide tariff structure for outpatient psychological psychotherapy on 18 December 2025, planned to apply from 1 January 2027. It defines which activities may be billed and to what extent; the prices will be negotiated with the insurers' purchasing groups tarifsuisse, HSK and CSS.

Sole practitioners dominate

80.8%

The average enterprise in psychotherapy and psychology has 0.87 full-time equivalents (BFS STATENT, 2024): most psychotherapists work alone and part-time. 80.8% of employees are women. Group practices remain rare but give therapists shared rooms, administration and cover.

Platforms and clinic groups

CHF 69.

Digital platforms such as Aepsy match patients with psychologists and psychotherapists and sell sessions online, from CHF 69. Private psychiatric groups such as Clienia — 185,885 outpatient consultations in 2025 — expand outpatient services alongside their clinics.

5.0Cost Structure Benchmark

55%

15%

Personnel55%: employed therapists, administration
Rent and practice rooms15%
Supervision and continuing education5%
Insurance, administration and IT7%
Other costs3%
EBITDA margin15%

Indicative split for a group practice with employed psychotherapists, not a measured figure: no Swiss statistic publishes the cost structure of psychotherapy practices. In a sole practice almost all of the margin is the therapist's own pay.

6.0Top Psychology & Psychotherapy Companies in Switzerland

Name	Location	Key Facts
ClieniaCHE-114.269.879	Winterthur ZH	Clienia AG: private psychiatric group with clinics including Littenheid, Schlössli and Bergheim. 2025: revenue CHF 226.9 million (outpatient CHF 42.0 million), 1,721 employees, 665 beds, 185,885 outpatient consultations. Registered in Winterthur.
AepsyCHE-223.965.820	Zürich ZH	Aepsy AG: Swiss platform that matches people with psychologists and psychotherapists for therapy, psychological coaching and couples counselling; sessions from CHF 69, paid online, with free introductory calls. Registered in Zurich.

Clienia

CHE-114.269.879

Winterthur ZH

Clienia AG: private psychiatric group with clinics including Littenheid, Schlössli and Bergheim. 2025: revenue CHF 226.9 million (outpatient CHF 42.0 million), 1,721 employees, 665 beds, 185,885 outpatient consultations. Registered in Winterthur.

Aepsy

CHE-223.965.820

Zürich ZH

Aepsy AG: Swiss platform that matches people with psychologists and psychotherapists for therapy, psychological coaching and couples counselling; sessions from CHF 69, paid online, with free introductory calls. Registered in Zurich.

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

A young, fragmented market — little to sell but the patient list

7,373: enterprises in psychotherapy and psychology in 2024, up from 4,927 in 2021 (BFS STATENT)
CHF 1.3B: health spending on psychotherapists in 2024, double 2021 (BFS)
0.87: full-time equivalents per enterprise in 2024 (BFS STATENT)
2.5–4.0×: EBITDA deal multiples (ValIndex multiples table)

Most of the 7,373 enterprises in psychotherapy and psychology are sole practitioners, many of them founded after July 2022. A sole practice has little transferable value: patients follow their therapist, and a successor can usually take over the rooms and, with the patients' consent, the waiting list. Value is created by group practices with employed therapists, shared administration and stable referring doctors — and by specialised offers such as child and adolescent psychotherapy. Buyers are colleagues, group practices, psychiatric clinic groups extending their outpatient services and platforms. The national tariff planned for 2027 will set the economics of every practice. ValIndex's multiples table puts psychology practices at 2.5–4.0× EBITDA in transactions and 2.0–3.0× on statutory valuations.

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Valuation Snapshot

Psychology & Psychotherapy business valuation in Switzerland

Statutory Multiple (EBITDA): 2.0 - 3.0×
Deal Multiple (EBITDA): 2.5 - 4.0×
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

2,349 enterprises with 3,038 employees in 2024. Vaud has 993 enterprises, Geneva 665.

Zurich

1,914 enterprises with 2,545 employees — 26% of all Swiss enterprises in the class.

Bern and Solothurn

BESO

898 enterprises with 1,110 employees; Bern has 772.

Northwestern Switzerland

BSBLAG

874 enterprises with 1,143 employees; Basel-Stadt alone has 399.

Eastern Switzerland

SGTGGRSHARAIGL

531 enterprises with 700 employees; Clienia's Littenheid clinic is in Thurgau.

Central Switzerland

LUZGSZNWOWUR

448 enterprises with 620 employees; Lucerne has 238.

Ticino

359 enterprises with 503 employees.

Sources

BFS STATENT — institutional units, employees and FTE by NOGA type and canton, 2011–2024 (NOGA 869001 psychotherapy and psychology)BFS — Costs of the health care system by service provider, dataset DF_COU_HEALTH_COSTS (psychotherapists CHF 1,290m in 2024, CHF 626m in 2021)BAG — Zweiter Monitoringbericht zur Neuregelung der psychologischen Psychotherapie (19 August 2025): CHF 528m (2021) to CHF 922m (2024)Medinside — Bundesrat will am Anordnungsmodell festhalten (12 February 2026)FSP — Tarifstruktur für psychologische Psychotherapie eingereicht (18 December 2025; planned 1 January 2027)Clienia — Zahlen und Qualität (2025: revenue CHF 226.9m, 1,721 employees, 665 beds)Aepsy — platform for psychologists and psychotherapists (sessions from CHF 69)Zefix — Swiss Central Business Name Index (register entries of all key players)

Alain Walder, M.A. HSG · ValIndex|Data as of 2026-09|8 sources cited

9.0Frequently Asked Questions

▶How much is a psychotherapy practice worth in Switzerland?

ValIndex's multiples table puts Swiss psychology and psychotherapy practices at 2.5–4.0× EBITDA in transactions and 2.0–3.0× EBITDA on statutory valuations. The EBITDA must be normalised for the owner's own work. A sole practice usually sells for little more than its rooms and furniture, because patients follow their therapist; group practices with employed therapists and stable referrals reach the upper end.

▶What drives the value of a Swiss psychotherapy practice?

Buyers price: (1) the number of employed therapists and dependence on the owner; (2) referring doctors and the waiting list; (3) the share of basic-insurance revenue and exposure to the 2027 tariff; (4) specialisations such as child and adolescent psychotherapy; (5) the lease and location; (6) self-paying and employer revenue.

▶How big is the Swiss psychotherapy sector?

BFS STATENT counts 7,373 enterprises in psychotherapy and psychology with 9,659 employees in 2024. Spending on psychotherapists was CHF 1,290 million in 2024, of which CHF 596 million paid by basic health insurance (BFS). The BAG puts the basic-insurance cost of psychological psychotherapy at CHF 922 million in 2024.

▶What changed with the prescription model in 2022?

Since July 2022 psychological psychotherapists can bill basic health insurance on a doctor's prescription (prescription model) instead of working as employees under a doctor's supervision (delegation model). Enterprises rose from 4,927 in 2021 to 7,373 in 2024, and the basic-insurance cost from CHF 528 million to CHF 922 million (BAG). The Federal Council confirmed the model in February 2026.

▶What are the key trends in Swiss psychotherapy?

Five trends: (1) the prescription model added more than 2,400 enterprises; (2) costs doubled, with a third of the rise due to higher tariffs (BAG); (3) a first nationwide tariff structure planned for 1 January 2027; (4) sole practitioners dominate — 0.87 full-time equivalents per enterprise; (5) digital platforms and psychiatric clinic groups expand outpatient offers.

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

The main risks are: (1) patients follow their therapist, so little value transfers; (2) the level of the 2027 tariff; (3) political pressure on costs; (4) dependence on referring doctors; (5) growing competition for patients. Due diligence should check which therapists stay, the referral sources, the lease and the revenue split by payer.

▶Who buys psychotherapy practices in Switzerland?

Colleagues and employed therapists who want their own practice, group practices, private psychiatric groups such as Clienia that extend their outpatient services, and platforms such as Aepsy. For sole practices the handover is usually the rooms and, with patients' consent, the waiting list.

▶Where are Swiss psychotherapy practices located?

Western Switzerland has the most enterprises in psychotherapy and psychology (2,349, with 3,038 employees in 2024), followed by Zurich (1,914 and 2,545), Bern and Solothurn (898 and 1,110), Northwestern Switzerland (874 and 1,143), Eastern Switzerland (531 and 700), Central Switzerland (448 and 620) and Ticino (359 and 503). Zurich alone has 26% of all enterprises.

Psychology & Psychotherapy