Marketers said they look to increase TikTok ad spending by 75 percent, MM+M reported March 17.
According to a report from WARC Media, TikTok's global ad revenue is expected to increase to $15 billion by 2023, a 15 percent increase from 2022.
Pharma and healthcare is expected to increase its ad spending on TikTok from $409 million in 2022 to more than $700 million in 2023.
The goal, according to the report, is to connect with younger consumers and more diverse patient populations.
Most recently, hospital and health system marketing leaders told Becker's they're using TikTok to reach its patients "where they are."
The video-centric social media platform, which is the second-most popular app for Americans under 35 years old, has 113 million U.S. monthly users on its app, making U.S. consumers the largest population on TikTok, according to Statista.