Europe Healthcare: Medical Technology: Further share gains for Oticon Zeal underline real momentum; reiterate Buy on Demant

Research evidence excerpt

Europe Healthcare: Medical Technology: Further share gains for Oticon Zeal underline real momentum; reiterate Buy on Demant

Equity Research

27 July 2026 | 1:41AM BST

Europe Healthcare: Medical Technology: Further share gains for Oticon

Zeal underline real momentum; reiterate Buy on Demant

Hearing Aid data from the VA (U.S. Department of Veterans Affairs) for June, Richard Felton, CFA

+44(20)7552-7872 |

released at the end of last week, highlighted several key points. (1) Overall sales and richard.felton@gs.com

Goldman Sachs International

unit growth accelerated in June to +5% and +13%, respectively, providing a strong

Lauren Mitchell

end to Q2. (2) Oticon delivered further share gains with an additional +70bps of +44(20)7774-8731 |

sequential value share gains, now +420bps of share gains vs April (prior to the launch lauren.r.mitchell@gs.comGoldman Sachs International

of Zeal). (3) Supported by key launches in the ITE category, the Custom Hearing Aid

Category now represents ~22% of Hearing Aids total value in the VA (up from ~15%

in June 2025); we believe that a step change in technological capabilities in the latest

generation ITE products from Demant and Sonova, combined with discreet form

factor, has potential to expand the addressable market for hearing aids.

We review performance of the European listed manufacturers below; note total value

includes Hearings Aids and chargers...

Oticon (Demant, Buy) saw Y/Y unit and value growth of +27.2% and +55.4% in

June. In terms of market share, Oticon’s value market share has increased from

18.9% in April (prior to Zeal launch) to 23.1% in June. We note that +420bps share

gain in two months post launch compares favourably to other recent launches.

Specifically Oticon Intent drove +210bps share gains for Oticon between April