HS Code:
The category 'Parts and accessories for hearing aids and for pacemakers for stimulating heart muscles' falls under HS Code 902190. This category includes components and accessories specifically designed for hearing aids and cardiac pacemakers, which are critical medical devices used to assist individuals with hearing impairments and heart rhythm disorders, respectively. These parts may include batteries, electrodes, leads, and other specialized components essential for the functioning of these devices. This category is vital in the medical technology sector, supporting life-enhancing and life-saving equipment with a focus on innovation and precision manufacturing.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 350 million
29.2% of total trade of total trade
Increasing
USD 250 million
20.8% of total trade of total trade
Stable
USD 180 million
15.0% of total trade of total trade
Increasing
USD 120 million
10.0% of total trade of total trade
Stable
USD 100 million
8.3% of total trade of total trade
Increasing
Average Rate
3.5%
Highest Rate
10% (imposed by certain developing countries)
Lowest Rate
0% (under free trade agreements and WTO commitments for medical goods)
Growing demand for miniaturized components
Increased investment in R&D for smaller, more efficient parts for hearing aids and pacemakers, driving trade in high-tech components.
2021-2023
Rise in aging population globally
Higher demand for hearing aids and pacemakers, boosting the trade of related parts and accessories, especially in developed markets.
2020-2022
Advancements in wireless technology
Increased trade in smart, Bluetooth-enabled components for hearing aids, influencing market dynamics and competition.
2022
The European Union fully implemented stricter regulations under the MDR framework, affecting the certification and trade of parts for hearing aids and pacemakers.
May 2021
Increased compliance costs for exporters to the EU but improved product safety standards, potentially benefiting long-term market trust.
A bilateral agreement reduced tariffs on certain medical device components, including parts for pacemakers, to facilitate smoother trade amid global health challenges.
January 2022
Boosted trade volumes between the two countries, with a focus on cost reduction for critical medical components.
Innovations in biocompatible materials for pacemaker leads and hearing aid components have led to partnerships between manufacturers and raw material suppliers.
March 2023
Expected to increase trade in specialized materials and components, with a focus on durability and patient safety.