Medical students and physician job seekers are understandably curious about physician compensation trends, including highest paid medical specialties and lowest paid physician salaries. In polite conversation, however, it’s rude to ask how much someone makes, and employers rightly avoid disclosing how much employees are paid. Fortunately, there are other ways to get answers.

Some states require certain job postings include salary ranges, and some organizations publish annual physician reports on physician compensation. These initiatives have made physician compensation more transparent and allow us to explore healthcare salary trends, including highest paid medical specialties 2024.

What is the highest paid specialty in medicine?

A review of the highest paid medical specialties 2024 can shed light on what to expect in the years ahead. Crucial factors influencing physician salaries include the type of practice, geographical location, the healthcare system, federal policies and patient demographics. Orthopedics, cardiology and dermatology have topped the list, due in part to the complexity of their procedures and the level of training and expertise required.

Orthopedic surgeons, for instance, consistently rank as some of the highest earners, often exceeding annual salaries of $600,000. Their surgeries average two hours to perform, and their high income can also be attributed to the demand for joint replacements and other surgical interventions, which are increasingly prevalent in aging populations.

What is the most lucrative medical specialty?

In going through the Physician Compensation Report by the Medical Group Management Association (MGMA), certain specialties stand out in terms of earnings potential. According to the report, the most lucrative medical specialties include orthopedic surgery, cardiology, dermatology and gastroenterology.

These not only command high salaries but also offer opportunities for lucrative procedures and specialized care, making them attractive options for medical professionals.

Which medical specialty has the highest salary?

As of 2024, the highest paid medical specialties continue to be dominated by surgical fields and specialized areas of medicine. Orthopedic surgery maintains its position at the top, closely followed by cardiology and dermatology. These specialties not only offer high financial rewards but also provide practitioners with the opportunity to make significant impacts on patient health and quality of life.

Salary breakdown

  • Orthopedic Surgeons: $600,000+
  • Cardiologists: $500,000+
  • Dermatologists: $400,000+
  • Gastroenterologists: $450,000+

Such figures highlight the correlation between the complexity of the specialty and the compensation package offered. By comparison, the lowest paid salaries are: 

  • Endocrinology: $256,000 
  • Pediatrics: $260,000
  • Infectious diseases: $261,000
  • Public health and preventive medicine: $263,000

What is the lowest paid doctor specialty?

Choosing one of the lowest paid doctor specialties does not minimize the value or importance of your practice. Instead, it has more to do with physician compensation models and a wide range of state and federal healthcare policies. Other factors leading to lower physician compensation include:

  • Higher patient volume with lower complexity.
  • Limited procedures and interventions that can generate revenue.
  • A focus on preventive care rather than specialized treatments.

Which medical specialty is in highest demand?

The demand for healthcare professionals is ever evolving. As we look ahead, certain fields are expected to experience growth in demand. The most needed doctors in the future will likely include primary care physicians, psychiatrists and geriatric specialists.

With an aging population and increasing mental health awareness, specialties that address these needs will see rising demand, influencing future compensation trends.

Which medical field has the best future?

Considering the trajectory of healthcare, some medical fields are anticipated to flourish in the coming years. The highest paid medical specialties in the future may include telemedicine practitioners, genomic medicine specialists and mental health professionals.

The ongoing advancements in technology and a greater emphasis on personalized medicine suggest these areas will not only grow in demand but also offer competitive compensation.

Which medical specialty has the brightest future

Finally, when discussing which medical specialty has the brightest future, we must look at the fastest growing medical specialties. Some of the areas expected to see increased demand include:

Telehealth providers offering remote care as more practices introduce telehealth options, patients become increasingly comfortable with virtual consultations and secure data sharing continues to improve. 

Genomic medicine specialists who consider the collective impact of all a person’s genes. It’s a relatively new field that has seen rapid growth since the Human Genome Project (HGP) was completed in 2003. 

Geriatric medicine to address complex medical issues in older adults, particularly chronic disease management and quality of life.

Pain management specialists, thanks to policies driven by federal initiatives to address inconsistencies and best practices for treating acute and chronic pain and to introduce non-opioid medications that suppress addiction. 

Psychiatry to help move forward the nation’s growing understanding and embrace of mental health.

Understanding the highest paid medical specialties in 2024 can greatly influence career decisions for those entering the medical field. With the evolving landscape of healthcare, specialties like orthopedic surgery and cardiology continue to lead in compensation, while emerging fields like telemedicine offer exciting prospects.

If you’re considering a career in medicine or looking to specialize, exploring these areas can help you make informed decisions. For more insights on physician compensation and career opportunities, visit PracticeLink.com/resource-center.