A 2019 study, published in the Journal of Alzheimer’s Disease, aimed to more fully assess the economic impact of Alzheimer’s disease and related dementias by identifying and examining the so-called hidden costs, which extend far beyond the person affected and the formal healthcare system.
By 2030, it is estimated that the global cost of dementia could grow to US$2 trillion, which could overwhelm health and social care systems. The new report finds that these estimates are only the tip of the iceberg. Indirect and intangible costs, including those borne by caregivers and employers, begin to mount long before diagnosis and often go uncounted. In the US, some 18.5 billion hours of informal care are estimated to be provided by caregivers of people with dementia each year. If they are forced to reduce their working hours, take early retirement, or are absent from work because of stress, this not only impacts their employers, but they may be less able to save for retirement, or need to dip into their savings to get by.
Click here to read GCOA’s Dementia Innovation Readiness Index, which analyzes the readiness of countries to integrate innovative dementia solutions into their healthcare systems and policy frameworks.