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

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 to the economy. 

Michael Mak, clinical vice-president of the Canadian Sleep Society, says poor sleep not only incurs costs for individuals who shell out cash in their search for better sleep. 

Insomnia symptoms in Canada cost the Canadian economy $1.9 billion, caused by health-care costs and lost productivity, according to a 2022 study published in the journal Sleep Health. 

"[It] includes direct costs like how much the government pays doctors to see people with insomnia [and] how much patients are paying for sleeping pills and therapy to help their sleep," he said. 

Indirect costs, says Mak, include reduced productivity if an employee is suffering from insomnia and unable to perform at their best, or by not being able to go to work at all. 

People are dishing out dough on an assortment of sleep enhancers, from hundreds or even thousands of dollars on fluffy pillows and mattresses, or products like essential oil sprays to bask in a spritz of calm before bed.

"Canadians are more interested about how to prevent themselves from being sick and to be as healthy as possible," said Mak. 

"[They] realize that sleep is an important pillar of good health alongside exercise and diet."  

But it's not just products that people are buying. Services aimed at improving sleep are becoming increasingly popular, prompting entire industries to adapt their offerings for the sleep-deprived.