Total global spending on COVID-19 vaccines will reach $ 157 billion by 2025 from ongoing massive vaccination and booster programs expected every two years, IQVIA Holdings Inc reported.

According to the report, the first wave of COVID-19 vaccinations will reach about 70% of the world's population by the end of 2022. Re-vaccinations are likely to be given after the initial vaccination every two years. The report says the forecast is based on current data on the duration of the vaccines, reports Reuters.

The United States is gearing up for booster vaccinations between 9 and 12 months after people receive their first full COVID-19 shots, a White House spokesman said earlier this month. Pfizer Inc also said boosters may be required within 12 months.

Vaccine spending is expected to be the highest this year at $ 54 billion as massive vaccination campaigns are launched around the world. After that, they are expected to drop to $ 11 billion in 2025, according to Murray Aitken, senior vice president of IQVIA, as increased competition and vaccine volumes drive prices down.

According to IQVIA, the projection for COVID-19 vaccine spending is 2% of the estimated $ 7 trillion for all prescription drugs over that time period.

Excluding the cost of COVID-19 vaccines, total healthcare spending is projected to be $ 68 billion less in the six years from 2020 to 2025 than it would have been without the pandemic, according to the report.

The report said the pandemic caused major disruptions in doctor visits, procedures and drug use, leading to a buildup of some drugs in the early days and then a return to a more normal trend.