The world is expected to spend about $157 billion from now till 2025, in efforts to make coronavirus vaccines available to those that need it.
The projection was made by a US health data company IQVIA Holdings Inc released on Thursday.
IQVIA, which provides data and analytics for the healthcare industry, said it expects the first wave of COVID-19 vaccinations to reach about 70 per cent of the world’s population by the end of 2022.
Booster shots are likely to follow initial vaccinations every two years, the report said, based on current data on the duration of effect of the vaccines.
According to earlier report by Reuters, the United States is preparing for the possibility that a booster shot will be needed between nine to 12 months after people receive their first full inoculations against COVID-19, a White House official said earlier this month.
Pfizer Inc has also said boosters may be needed within 12 months as vaccine spending is expected to be highest this year at $54 billion with massive vaccination campaigns underway around the world.
It is expected to decrease after that eventually to $11 billion in 2025, as increased competition and vaccine volumes drive down prices, said Murray Aitken, a senior vice president at IQVIA.