The question of how much doctors make often comes with surprising nuances. While physicians generally earn well above the average American salary, recent data reveals a more complex picture: salary growth has slowed, income varies widely between specialties, and many doctors feel undercompensated for the work they do. Let’s unpack what the latest surveys tell us about physician pay in 2024 and beyond.
Slow Salary Growth and Inflation Pressures
Two years ago, doctors saw a rare dip in their average income. Though salaries bounced back in 2023 and 2024, the increases have been modest—one of the slowest climbs in over a decade. According to the 2025 Medscape Physician Compensation Report, overall physician pay rose by about 3.6% in 2024, reaching an average of around $376,000 per year. Primary care doctors saw a smaller bump of roughly 1.4%, while specialists increased by around 1%.
However, inflation remains a significant challenge. Doximity’s 2024 report highlights that although nominal salaries have edged up, the real purchasing power of many physicians has shrunk—largely due to persistent inflationary pressures. In fact, Medicare payments to doctors have dropped by an eye-opening 26% since 2001 when adjusted for inflation.
For many physicians, this means even with a higher paycheck, their money doesn’t stretch as far as it used to. One doctor reflected in a survey, “Yes, I’m paid well compared to most Americans, but I’ve also sacrificed a lot—time, money, and personal life—to get here.”
Wide Variation by Specialty
Digging deeper, the average salary doesn’t tell the whole story. The income gap between different medical specialties is vast. For instance, a pediatric endocrinologist averages about $218,000 annually, while a neurosurgeon can make upwards of $760,000—a difference of more than $540,000 a year.
Specialists, on average, earn $398,000, compared to $281,000 for primary care physicians, according to Medscape. This variation reflects the complexity, demand, and risks associated with different fields.
Interestingly, even within the same specialty, pay can vary widely. Emergency medicine, for example, shows differences as large as $300,000 between entry-level and senior partners, highlighting how experience and position impact compensation more than specialty alone.
Gender Pay Gap and Burnout Concerns
Unfortunately, disparities persist when it comes to gender. Recent data indicates male physicians earn about $102,000 more per year than their female counterparts—a slight improvement from previous years but still significant. This gap is believed to contribute to the higher burnout rates among women doctors, with nearly 92% of female physicians reporting overwork compared to 83% of men.
Awareness of the gender pay gap is growing: around 75% of women physicians acknowledge this disparity, while fewer than 30% of men see it as a problem. Addressing this issue is critical to promoting equity and wellbeing within the medical community.
Geographic and Practice Setting Differences
Where doctors practice makes a big difference, too. Physicians working in the north-central United States tend to earn more than their peers in coastal cities. This phenomenon, known as geographic arbitrage, allows doctors to maximize income while living in lower-cost areas.
Practice environment also plays a role: doctors in single-specialty groups make the highest average income (around $461,000), whereas those in urgent care centers earn significantly less (about $288,000). Hospital-employed and academic physicians tend to fall in the middle range.
Hourly Earnings and Workload
When it comes to hourly pay, data is less clear-cut. A combination of older surveys and recent compensation reports suggests doctors’ hourly earnings vary by specialty and workload. Specialists with high salaries often work longer hours or more demanding schedules, balancing income with stress and personal sacrifice.
Final Thoughts
Doctors remain among the highest-paid professionals in the U.S., with salaries far exceeding national averages. Yet, slow wage growth, inflation, specialty disparities, and gender pay gaps paint a complex picture beneath the surface. For those entering the field or negotiating contracts, understanding these nuances is essential.
Whether you’re a patient curious about the economics behind healthcare or a medical professional navigating your career, keeping an eye on these trends helps make sense of what doctors earn—and what challenges they face.
