(CNN) It would drive up the price of your barbecue but a global "meat tax" could save 220,000 lives and cut health care bills by $41 billion each year, according to a new study.

The numbers are based on evidence that links meat consumption to increased risk of heart disease, cancer, stroke and diabetes.

Three years ago, the World Health Organization declared red meat such as beef, lamb and pork to be carcinogenic when eaten in processed forms, including sausages, bacon and beef jerky.

Health officials have also declared that unprocessed red meat like steak and burgers are "probably" carcinogenic. Other carcinogens such as cigarettes and alcohol are regulated in order to reduce cases of chronic disease.

The price of bacon and sausages would increase dramatically with a meat tax

A team of researchers led by Dr. Marco Springmann, from the Nuffield Department of Population Health at Oxford University, estimated the rate of tax that would be necessary to offset health care costs related to red meat consumption.