What do studies say about Alkaline water?
In theory, proponents of alkaline water believe it works by making our bodies less acidic. Many people believe that the Standard American Diet (SAD) contributes to chronic low-grade acidosis, a condition associated with health issues including hormonal problems, loss of bone and metabolic problems. 
Alternative medicine proponents such as the Budwig Center, an alternative cancer treatment clinic based in Spain, believe that our bodies need to be strictly maintained at 7.4 pH in order to achieve and maintain optimal health and to fight cancer. "If you have ever maintained a swimming pool, you will have had to verify the pH of the water on a regular basis and have had to add different chemicals to keep it at pH neutral," it says on the Center's website. "Our bodies are in effect like a swimming pool, as we are 80% water and our pH needs to be kept at 7.4 neutral to be healthy."
The Budwig Center believes that having too much acid in your body can weaken all your systems. The thinking is that your body has to then borrow minerals from your bones, teeth and organs to neutralize excess acidity. High acid levels, or acidosis, might lead to diarrhea, osteoporosis, anxiety, rheumatoid arthritis and impaired immune function. Acidosis could also interfere with your cells' ability to heal or produce energy and also allow cancer to flourish.
In a study called "Acid pH in Tumors and Its Potential for Therapeutic Exploitation" published in August 1989 in Perspectives in Cancer Research, measurement of pH in tissue showed that the microenvironment in tumors is generally more acidic than in normal tissues.
While anecdotal evidence suggests that alkaline water might be beneficial to health, so far, it's important to note that there’s not a lot of solid data.
So far there are no peer-reviewed studies demonstrating that consuming alkaline water can reduce a person's cancer risk or help them to better fight cancer. Additionally, the American Cancer Society does NOT make a recommendation for consumption of alkaline water.
A study in the 2001 issue of "Shanghai Journal of Protective Medicine" found drinking alkaline water for 3 to 6 months lowered cholesterol, blood glucose and blood pressure levels in participants.
Another study in the July 2012 edition of "Annals of Otology, Rhinology & Laryngology" titled "Potential Benefits of pH 8.8 Alkaline Drinking Water as an Adjunct in the Treatment of Reflux Disease" found that water with a pH of 8.8 effectively neutralized stomach acid and pepsin, making it a possible treatment for acid reflux.
In France, researchers followed the health of 3,777 elderly people between 1988-2004 in rural areas known for their high aluminum or silica content in the drinking water. The study was published in 2009 in the "American Journal of Epidemiology" as "Aluminum and silica in drinking water and the risk of Alzheimer's disease or cognitive decline," and one of the findings was that silica in drinking water (10 mg/day) was associated with a reduced risk of dementia and cognitive decline.
A 2010 study published in "The Journal of the International Society of Sports Medicine," titled "Acid-base balance and hydration status following consumption of mineral-based alkaline bottled water" concluded that their test subjects who drank alkaline water showed an improved acid-base balance and hydration status compared to tap water.