Physician Pay Trends Across 5 Key Specialties Over 5 Years

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A new report from Medscape examines how average physician compensation has changed across five key medical specialties - anesthesiology, orthopedics, cardiology, gastroenterology, and ophthalmology - between 2020 and 2024. The data shows steady pay increases for most, though the pace of gains varied widely, with orthopedics consistently ranking highest and ophthalmology the only specialty to end the period below its 2021 peak.

Why it matters

Physician compensation is a critical factor in recruiting and retaining top medical talent, especially as the healthcare industry faces ongoing staffing shortages. Understanding pay trends across different specialties can help hospitals, health systems, and private practices make informed decisions about compensation packages and remain competitive in the job market.

The details

According to the Medscape Physician Compensation Reports, average pay climbed steadily for most specialties from 2020 to 2024, though the rate of increase varied significantly. Orthopedics maintained the highest compensation, reaching $564,000 by 2024. Anesthesiology saw the sharpest overall gains, rising nearly 26% over the five-year period. In contrast, ophthalmology was the only specialty to end 2024 below its 2021 peak, reflecting a volatile run that included a 7% drop in 2022 and another 5% decline in 2024.

• In 2020, average compensation for anesthesiologists was $398,000.
• By 2024, anesthesiologist pay had risen to $501,000, a 25.9% increase over the five-year period.
• Orthopedists earned an average of $511,000 in 2020, growing to $564,000 by 2024.
• Cardiologists saw their average pay climb from $438,000 in 2020 to $520,000 in 2024.
• Gastroenterologists went from $419,000 in 2020 to $513,000 in 2024.