In a report issued on Tuesday, health researchers from Alzheimer's Disease International said there are now nearly 47 million people living with dementia around the world, up from 35 million in 2009, The Associated Press reports.

The researchers issued a warning that without a medical breakthrough, the number of dementia cases is likely to double every 20 years.

So far, there is no known cure for dementia.

The report also said that about 58 percent of all people with dementia live in developing countries and that by the year 2050, nearly half of all those with dementia will live in Asia.

The number of people with dementia is likely to rise with an increase in aging populations and with the identification of more cases. The risk of dementia increases dramatically with age.

The cost of treating dementia could also rise to $1 trillion in the next 3 years. The report also stressed on the need for governments to adopt legislation that ensured better treatment for people with dementia.

According to Yahoo News, in this year alone, there will be about 10 million new cases of dementia, one every few seconds.

"Population ageing alone drives the projected increases," said the report, according to Yahoo News.