World Projected to Spend $157 Billion on COVID-19 Vaccines by 2025

World Projected to Spend $157 Billion on COVID-19 Vaccines by 2025

World Projected to Spend $157 Billion on COVID-19 Vaccines by 2025.

On Thursday, IQVIA Holdings Inc released a report detailing global spending on COVID-19 vaccines.

.

According to the U.S. health data company, the world is projected to spend a total of $157 billion by 2025.

.

IQVIA says that number will be driven by mass vaccination programs and booster shots.

.

The first wave of COVID-19 vaccinations is expected to reach 70 percent of the globe’s population by the end of 2022.

.

Booster shots are likely to be needed every two years after initial vaccination.

.

IQVIA expects global COVID-19 vaccine spending to reach its highest in 2021 at a total of $54 billion.

.

2025 will see spending at its lowest, $11 billion, due to increased vaccine volume and competition.

.

Excluding COVID-19 vaccine costs, IQVIA forecasts overall medicine spending costs between 2020 and 2025 to be $68 billion lower than it would’ve been if not for the pandemic.

.

This is due to pandemic-caused disruptions to doctor visits, procedures and medicine use.