Average physician compensation climbed steadily across most specialties between 2020 and 2024, though the pace of gains varied widely — and not every specialty finished the period ahead, according to data from Medscape’s annual Physician Compensation Reports.
Here is how average compensation changed year over year across five specialties:
Anesthesiology
- 2020: $398,000
- 2021: $405,000
- 2022: $405,000
- 2023: $472,000
- 2024: $501,000
Orthopedics
- 2020: $511,000
- 2021: $557,000
- 2022: $557,000
- 2023: $558,000
- 2024: $564,000
Cardiology
- 2020: $438,000
- 2021: $490,000
- 2022: $490,000
- 2023: $525,000
- 2024: $520,000
Gastroenterology
- 2020: $419,000
- 2021: $453,000
- 2022: $453,000
- 2023: $512,000
- 2024: $513,000
Ophthalmology
- 2020: $378,000
- 2021: $417,000
- 2022: $388,000
- 2023: ~$432,000
- 2024: $409,000
Across the five specialties, orthopedics held the top spot every year, reaching $564,000 in 2024. Anesthesiology saw the sharpest overall climb of the group — rising 25.9% over the five-year period — while 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.
The 2025 Medscape Physician Compensation Report noted that 2024 was one of the weakest years for pay growth since Medscape began tracking physician compensation in 2011, with specialists seeing average increases of just 1% — a sharp contrast to the post-pandemic rebound years of 2022 and 2023.
Note: Figures reflect Medscape’s annual survey data, which captures prior-year earnings. The 2021 and 2022 figures for several specialties appear identical because Medscape’s survey periods for those two reports overlap. Ophthalmology’s 2023 figure is estimated based on available year-over-year change data. All figures include base salary, incentive bonuses, and profit-sharing contributions for full-time physicians.
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