It is being called a national crisis, a looming healthcare disaster with no cause, cure or effective treatment.
Currently, about 330,000 Australians have dementia and each week more than 1,700 people are diagnosed with the disease.
But that figure is set to rise to 7,000 a week, or a total of almost 1 million by 2050.
"Dementia is the public health challenge of the 21st century," according to Alzheimer's Australia president Ita Buttrose.
Leading expert Prof Henry Brodaty from the University of New South Wales says the disease is a burden on society.
"The numbers are huge and it's a tragedy for their families and it's a tragedy for society," he said.
Alzheimer's disease is the most common type of dementia, accounting for more than half the dementias, but with Alzheimer's disease for most patients doctors don't know the cause.
A condition known as dementia with Lewy bodies and vascular dementia makes up another 25 per cent of cases.
Dementia is difficult to diagnose unless it is a genetic disorder.
Dr Carolyn Orr from Macquarie University Hospital says with dementia, cognitive function is so impaired that the person is incapable of living independently.
"The first step is to consider whether the patient's symptoms could reflect delirium, depressive pseudo-dementia or the worried well," she said.
Depression is common in older age groups and has many similar symptoms to dementia. A relatively new term is mild cognitive impairment, a label used to describe people with reduced cognitive abilities but who are able to live independently.
Doctors say many patients feel embarrassed about coming forward with symptoms of memory loss, according to Professor Brodaty.
"There's a lot of stigma about dementia in general and people are frightened to come forward for a diagnosis," he said.
In turn, doctors are often not able to make a diagnosis, or are reluctant to, because they are unsure what can be done for the patient.
"We know there's about a two or three-year gap before first symptoms and diagnosis," Professor Brodaty said.
There are ways to reduce risk of dementia
Mr Brodaty says people should be aware there are many things doctors can do to improve the quality of life of people with dementia.
But doctors say there are ways to reduce the risk of dementia. That includes regular exercise, checking blood pressure, maintaining a healthy weight, avoiding obesity and type-2 diabetes.
In addition, diets rich in antioxidants including eating foods such as fruits and vegetables can help.
Small amounts of alcohol may be protective, though drinking too much may be a risk factor.
Alzheimer's disease is the only kind of neuro-degenerative dementia with medication to treat it.
The two classes of drugs commonly include cholinesterase inhibitors - which is useful for cognitive and behavioural symptoms - and glutamate antagonists.
Dr Orr says using the medications together is moderately effective in delaying the progress of symptoms for a year, though some patients do not respond at all.
Medications can also help with symptoms such as depression, agitation or disrupted sleep, she added.
But overall, treatment is temporary and generally only alleviates some of the symptoms for some of the time. Currently there is no way of slowing the progress of the disease or stopping the degenerating of the nerve cells in the brain.
Research and history of the illness
Ever since Alois Alzheimer first described the disease in 1906, plaque has been the prime suspect triggering nerve damage in the brain. Plaques form when toxic proteins called beta-amyloids clump together.
In 1987, the first gene with mutations found to cause an inherited form of Alzheimer's was discovered. There was prospect of a treatment in 1995 when the destructive amyloid protein was successfully removed from mice. The so-called amyloid hypothesis has been the focus of much Alzheimer's research.
But experts after decades of studies and billions of dollars spent, the jury is out, says experts such as UNSW Professor Perminder Sachdev.
"Unfortunately most of these drugs have not really yielded the results or the outcomes that we've expected. We've had repeated reports of failed trials and people are becoming a bit despondent," he said.
In the same way cancer and HIV are treated, Professor Sachdev says the answer may lie in a multi-pronged attack and a combination of therapies.
Recent work suggests intervention needs to start much earlier with research showing dementia starts up to 25 years before the first symptoms start to appear.
Other theories are being developed, including looking at inflammation and regeneration in the Alzheimer's brain.
A trial is underway in the United States focusing on families with Alzheimer's to get a better insight into the disease.
Efforts are also continuing to find a drug to delay the onset of dementia with an international trial that involves Australia.
"I think people will look back on this as the industrial revolution of medicine," says Dr Bryce Vissel, head of Neurodegeneration Research at the Garvan Institute.
"We have so many ways to go now and so many people dedicated to it. I'd be surprised in the next 20 years if we don't have a very substantial treatment."
For now, there is no talk of a cure but a genuine hope to delay the onset of dementia.
Professor Brodaty says if the medical community could delay the onset of dementia by five years, it would reduce the numbers by 50 per cent.
"If we could delay it until after we died, that would be perfect," he said.
Skyrocketing costs of dementia
The cost of caring for people with dementia is set to skyrocket with an ageing population.
Currently, it is around $6 billion or about 1 per cent of GDP. By 2050, it is estimated it will be 2 per cent of GDP.
The Federal Government spent just under $22 million on dementia research in 2012-13, according to figures from the National Health and Medical Research Council.
Spending on cancer research was more than seven times greater at $162.4 million.
Scientists and advocates say more government funding is desperately needed.
"I don't think people understand the extent to which we're facing a major economic problem," Dr Vissel said.
"Everyone one of us is at great risk of this disease - 65 is the new 30. So the new 30-year-olds are getting the equivalent of lost brain function at a time when they've got so much more to do. I think it's going to start becoming a really serious problem in the next few years."