The study is the first global estimate of the economic cost of the condition, and was led by a team from the University of Utah Health in collaboration with the World Health Organization (WHO).

Herpes is caused by infection with one of two types of herpes simplex virus (HSV). It is mainly acquired in childhood, it can spread by oral contact and cause infections (oral herpes or cold sores) in or around the mouth.

The study, published in the journal BMC Global & Public Health, showed that nearly two-thirds (67 percent) of people aged 0-49 globally have HSV-1.

About 13 percent of the world's population aged 15-49 years is living with HSV-2 infection.

However, HSV is not limited to sores and ulcers. The study said it could cause other serious complications, including a rare possibility of mother-to-child transmission during childbirth and an increased risk of HIV infection.

It also called for greater investment in the prevention of herpes transmission, including concerted efforts to develop effective vaccines against this common virus.

"The global costs of genital HSV infection and its consequences are substantial," the team said in the paper.

“HSV prevention interventions have the potential to prevent a large economic burden in addition to the disease burden; Thus, efforts to accelerate HSV vaccine development are critical,” he said.

The study also details relative economic cost estimates for genital herpes globally and by region. Rich countries bore the brunt of the costs: $27 billion, or 76.6 percent of the total cost, was in high- and middle-income countries.