A billion-dollar sleep economy promises to help you snooze better. Should you buy in? [Video]

Tyler Rankin has gone to great lengths in his quest for better sleep. Tired of tossing and turning for years, he’s tried nearly every sleep gadget and remedy on the market — spending close to $1,000 in the process. 

“I’ve tried noise machines, weighted blankets, melatonin, magnesium, sleep teas, sleep tape, sleep hypnotism, sleep masks, nose cones,” Rankin, 28, who lives in Etobicoke, Ont., told Cost of Living.  

“Pretty much everything under the sun, I’ve tried it.” 

Many Canadians are searching for ways to get a better sleep. According to a survey of 4,037 Canadian adults published last year, one in six Canadians suffers from insomnia. 

As people spend more on sleep-related products, the global sleep aids market has grown in value. In 2023, the market had an estimated value of $104 billion annually, according to recent data collected by Statista, and is projected to reach $188 billion by 2032. 

And according to experts, a good night’s sleep is also key …