In this article, we will look at the 22 highest-paid medical specialties in the world. We have also covered analysis on salaries for doctors in the US while discussing healthcare giants and their initiatives for global healthcare. If you want to skip our detailed analysis, head straight to the 5 Highest-Paid Medical Specialties in the World.
The healthcare industry comprises of several sub-sectors like Medical Supply, Medical Device, Maternal Health, Reproductive Health, Child Health, and Pharmaceuticals. Global health expenditure is estimated to hit $1,700 per capita in PPP by 2026, with a year-on-year increase of 1.7% from the 2021 amount of $1,530. Since 2005, health expenditure demand has grown by an average of 3.3% annually. Speaking of subsectors, the dental industry is as diverse and complex. If you are interested, you should check our article on dental schools with highest acceptance rates.
In 2021, the United States led the major market in the healthcare industry with $11,380 PPP per capita, whereas Switzerland had the second-largest market share. The healthcare expenditure by these countries also contributes greatly to reasons of why they are known as countries with the highest standard of living.
Medical Giants That Promise Brighter Future for Global Health
Stryker Corp (NYSE:SYK) is a leader in medical technology that actively contributes to medical education and healthcare through various programs and initiatives. They have over 930,000 active physicians in the United States. The Trauma and Extremities team operates 7 mobile labs that bring surgical training directly to healthcare professionals. These labs are equipped with surgical tables, lighting, and Stryker Corp (NYSE:SYK) solutions for trauma, foot & ankle, and upper extremities procedures. They also offer medical education courses in various specialties across the country.
In terms of global health, Stryker Corp (NYSE:SYK)’s partnership with Operation Smile aims to train healthcare professionals and build surgical capacity in under-resourced countries. They fund the Rwanda Surgical Training Rotation to enable general surgery residents from the University of Rwanda to train with experienced surgeons and anesthesiologists.
On the other hand, Johnson & Johnson MedTech, the medical devices division of the Johnson & Johnson (NYSE:JNJ), has made remarkable investments in surgical innovation that focus on planning software, training, and surgical robotics for health systems. In January 2021, they received FDA approval and launched a table-mounted robot designed for knee surgeries which is capable of integrating into any operating room. Alongside this breakthrough, Johnson & Johnson (NYSE:JNJ) has expanded its training tools, including the C-SATS platform. This platform offers surgical training content for physicians, with a vast library of 30,000 videos, and 350 surgeons to teach new techniques to their peers.
Furthermore, their Visible Patient platform enables surgeons to create 3D surgical models, and has expanded to 11 countries in Europe, the Middle East, and Africa. Additionally, Johnson & Johnson (NYSE:JNJ) provided valuable online courses on COVID-19 protocols which were accessed by over a million healthcare professionals. Through these initiatives, the company is at the forefront of surgical innovation and medical training and contributes to improved patient outcomes and developments in healthcare worldwide.
How High Are the Salaries for Doctors?
Apart from being one of the most respected professions in the world, doctors are also one of the highest-paid professionals. In fact, the average U.S. physician earns $350,000 a year, with top doctors making ten times that amount, according to a study based on 10 million tax records from 965,000 physicians over 13 years. In their prime earning years (40 to 55), the average physician made $405,000 in 2017, with the top 10 percent earning $1.3 million and the top 1 percent averaging $4 million. Certain specialties, like neurosurgeons, orthopedic surgeons, and radiation oncologists, earned even more. In fact, neurosurgeons are considered among the highest-paid doctors in the world. They are also known to be among the highest-paid surgeons in the world. Keep readnig the article to find out where we rank neurosurgeons. Moreover, according to PhysiciansWeekly, the United States was the highest-paying country for doctors in 2021.
However, the high salaries stirred controversy among some physicians in the US, who felt it implied that they chose medicine purely for financial benefits. Data also reveals that the United States has a doctor shortage, with fewer physicians per person compared to other economically advanced nations. The shortage resulted from limiting medical school enrollment and residencies, which were cut back in response to a perceived physician surplus in the past.
This shortage led to higher incomes for U.S. physicians, who earn about 50 percent more than German physicians and more than twice as much as U.K. physicians. While physician earnings do contribute to healthcare costs, they account for only 8.6% of overall health spending.
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Our Methodology
To list the highest-paid medical specialties in the world, we studied a total of 30 high-paying medical specialties in the US. Out of those, the 22 medical specialties with the highest average salaries were selected and added to the list. We have acquired data on average base salaries from Indeed.com. The list is presented in ascending order.
Without further ado, lets discuss the 22 highest-paid medical specialties in the world.
22. Pulmonology
National Average salary: $191,904
Pulmonology is a medical specialty focused on the respiratory system. Pulmonologists diagnose and treat lung and breathing disorders, such as asthma, pneumonia, COPD, and lung cancer.
21. Otolaryngology (ENT)
National Average Salary: $195,694
Otolaryngology (ENT) specialists deal with disorders of the ear, nose, and throat. ENT doctors diagnose and treat conditions like hearing loss, sinusitis, tonsillitis, and voice disorders. It is one of the highest-paid medical specialties in the world.
20. Ophthalmology
National Average Salary: $203,136
Ophthalmology is a surgical subspecialty focused on diagnosing and treating eye disorders. Ophthalmologists are essentially medical doctors with specialized training in eye care, that prescribe medications, utilize laser therapy, and perform surgeries when necessary. They provide both primary and specialized eye care and often participate in research for advancements in the field. Please note that ophthalmology is distinct from optometry.
19. General Surgery
National Average salary: $214,339
General surgery is a medical specialty dealing with surgical procedures on various parts of the body. General surgeons perform varied forms of surgeries, from routine to complex, excluding surgeries that are specific to certain organs or systems.
18. Oncology
National Average salary: $218,126
Oncology is essentially the study of cancer. An oncologist is a doctor who treats cancer and provides medical care for a person diagnosed with cancer. An oncologist may also be called a cancer specialist. The field of oncology has 3 major areas based on treatments: medical oncology, radiation oncology, and surgical oncology.
17. Orthopedic Surgery
National Average salary: $229,379
Orthopedic surgery is a medical specialty focused on the musculoskeletal system. Orthopedic surgeons diagnose and treat conditions related to bones, joints, muscles, ligaments, tendons, and other related structures. They perform surgeries to correct injuries, deformities, and disorders in these areas.
16. Nephrology
National Average Salary: $231,904
Nephrology is a medical specialty focusing on the study and treatment of kidney-related disorders. Nephrologists are specialized doctors that diagnose and manage kidney diseases, electrolyte imbalances, and hypertension. They offer renal replacement therapy which also includes dialysis and kidney transplantation.
In the United States, nephrologists complete either internal medicine or pediatric pathways before specialized fellowship training. They conduct multiple tests, like urine and blood analyses, and may perform kidney biopsies for accurate diagnosis and treatment monitoring.
15. Urology
National Average salary: $236,627
Urologists specialize in the urinary tract and male reproductive system. They treat conditions like kidney stones, prostate issues, and urinary incontinence. They often command high salaries due to the complex nature of surgeries and sensitive procedures.
14. Plastic Surgery
National Average salary: $245,601
A plastic surgeon focuses on reconstructive and cosmetic procedures to improve one’s appearance and function. They are high in demand for aesthetic and skill-intensive surgeries which also contributes to their high pay. To read more about plastic surgeries around the world, do give countries with the most beautiful women in the world a read.
13. Gastroenterology
National Average salary: $249,089
Gastroenterology deals with digestive system disorders, including stomach, intestines, and liver. Owing to the intricacy of procedures like endoscopy and the demand for specialized expertise, it is one of the highest-paid medical specialties in the world.
12. Rheumatology
National Average Salary: $253,417
Rheumatologists diagnose and treat autoimmune and musculoskeletal disorders. They are specialists that work with complex and long-term management of chronic conditions.
11. Neurology
National Average Salary: $255,510
Neurology is a medical field that deals with diagnosis and treatment of conditions related to the nervous system. Neurologists specialize in neurological disorders, such as strokes, seizures, Parkinson’s disease, and sclerosis. They may also engage in research and clinical trials.
10. Radiology
National Average salary: $260,245
A radiologist diagnoses and treats autoimmune and musculoskeletal disorders. It is one of the highest-paid medical specialties in the world.
9. Endocrinology
National Average Salary: $262,641
Endocrinology is a medical specialty that focuses on hormonal disorders and glands. Endocrinologists have specialized expertise in hormone-related conditions, such as diabetes and thyroid disorders.
8. Cardiology
National Average salary: $294,822
Cardiology is a medical specialty with a focus on the heart and circulatory system. Cardiologists diagnose and treat heart-related conditions, such as heart disease, heart attacks, and arrhythmias, using interventions and procedures to manage cardiovascular health.
7. Anesthesiology
National Average salary: $298,370
Anesthesiology is concerned with providing anesthesia and pain relief during surgical and medical procedures. Anesthesiologists administer anesthesia and monitor patients during procedures. It is one of the highest-paid medical specialties in the world.
6. Gynecology
National Average Salary: $310,400
A gynecologist specializes in female reproductive health and provide services like pelvic exams, cancer screenings, and treatment for reproductive disorders. They may also offer obstetric care during pregnancy and birth. To become a gynecologist, one must complete medical school, a four-year residency, and pass qualifying and certifying exams.
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Disclosure: None. 22 Highest-Paid Medical Specialties in the World is originally published on Insider Monkey.