Some 47 million people around the world now suffer from dementia, up from 35 million in 2009, medical researchers said Tuesday. The World Alzheimer Report 2015, published by Alzheimer's Disease International and King's College London, said that short of a medical breakthrough, the number of people affected by dementia is expected to skyrocket to 132 million by 2050 and continue to double every 20 years, reported The Associated Press.

Dementia is a broad term for progressive, degenerative brain diseases that gradually reduce cognitive functions, such as the ability to think and remember. Alzheimer's is by far the most common form of dementia, accounting for well over half the cases, according to AFP. There is no known cure for the disease.

About 58 percent of all people with dementia reside in developing countries, and by 2050, almost half of that percentage will live in Asia, the report said. Being that the risk of developing dementia significantly increases as one ages, the aging global population will cause the number of people with dementia to increase exponentially.

There are currently about 900 million people age 60 or older. In rich countries over the next 35 years, that age group will grow by 65 percent, while in lower-middle income nations it will grow 185 percent, and 239 percent in poor countries.

Less than four out of every 1,000 people between the ages of 60 and 64 suffer from some form of dementia, but from the age of 90 on, that number spikes to 105 out of every 1,000 people, according to AFP.

In 2015, about 10 million new cases will develop, one every few seconds and almost 30 percent more than in 2010. The cost of treating the disease has risen by more than 35 percent over the past five years to $818 billion. Experts say the costs are expected to reach $1 trillion in only three years.