Cancer costs the world economy $895 billion per year, according to a study on the economic cost of causes of deaths conducted by the American Cancer Society (ACS) and LIVESTRONG.

Death and disability from lung cancer, colon/rectal cancer and breast cancer account for the largest economic costs on a global scale, and the greatest burden in high income countries, the study said. In the low-income countries, cancers of the mouth and oropharynx, cervix and breast have the greatest impact.

Cancers of the lung, bronchus and trachea account for the largest drain in the world economy, nearly $180 billion yearly.

As the death and disability toll from lung cancer remains high across income levels of nearly all nations, efforts like the Framework Convention on Tobacco Control (FCTC) could have a significant impact in reducing economic losses. The FCTC, the world's first global health treaty and signed by 168 countries, aims to reduce deaths from tobacco usage by regulating the sale and marketing of tobacco products and protecting people from tobacco smoke, the study said.

The study projected that cancer will become the leading cause of death worldwide followed by heart disease and stroke.

ACS is the largest private investor in cancer research in the U.S.

Established by cancer survivor and champion cyclist Lance Armstrong in 1997 and based in Austin, Texas, LIVESTRONG inspires and empowers anyone affected by cancer.