A new study suggests one in three people born in the United Kingdom this year will develop dementia.

The new analysis highlights the need for urgent action to be taken in the fight against dementia, Alzheimer's Research U.K. reported. Dementia currently effects 850,000 people in the U.K. the number of people living with the condition is expected to rise as both world population and life expectancy increases. The study's findings were announced right before World Alzheimer's Day on September 21.

The study, conducted by the Office of Health Economics, calculated the number of people born today who would likely develop dementia in their lifetimes. The report estimated 32 percent of, or one in three people born in the U.K. in 2015 will develop dementia, This means 27 percent of males and 37 percent of females from this population will develop the condition. Past research has suggested a treatment capable of delaying the onset of dementia by five years could cut down the world's dementia cases by a third.

"These figures underline a stark reality: as people are living longer, more and more people will develop dementia in the future if action is not taken now to tackle the condition. It's wonderful news that each generation is living longer than the last, but it's important to ensure that people can enjoy these extra years in good health. Dementia is our greatest medical challenge and if we are to beat it, we must invest in research to find new treatments and preventions," said Matthew Norton, Head of Policy at Alzheimer's Research UK.

"If we could delay the onset of dementia by five years, we could reduce the number of people living with the condition by a third. Research has the power to transform lives, and our actions now will help determine the future for children born today. The hundreds of thousands of families affected by dementia now deserve to know that we are fighting for them," he concluded.