The health sector accounted for 10.3% of global GDP in 2021, with spending on it reaching $9.8 trillion, according to the World Health Organization .
But the distribution of spending remained starkly unequal, with public health spending increasing worldwide, except in low-income countries, according to the WHO’s Global Health Spending Report 2023.
According to the report, 11% of the world’s population lives in countries that spend less than $50 per person annually on health, while the average individual spending on health was about $4,000 in high-income countries, and low-income countries accounted for only 0.24% of global spending on health, despite their share being 8% of the world’s population.
Global health spending is projected to reach $1,700 per capita by 2026, an annual increase of 1.7% from $1,530 in 2021.
Many medical specialties and jobs are likely to be in high demand in the future due to various factors such as an aging population, advances in technology, and evolving healthcare needs.
Doctors remain at the top of the pyramid of the highest-paid medical specialties and jobs in the world, and they often receive the highest salaries in various professions in various countries. However, their salaries vary greatly from one country to another, as they receive annual salaries in first-world countries that are much higher than their counterparts in smaller or less developed countries.
For example, doctors in Switzerland earn an average annual salary of more than a quarter of a million dollars, and other specialties can reach much more than that, while their counterparts in a country like Pakistan earn about $8,000 a year, according to the World Biotechnology Review platform, which is an indication of the vast gap in wages and salaries.
10 Countries With The Highest Salaries For Doctors
However, doctors’ salaries in various countries of the world remain much higher than other specialties. The following is a list of the top 10 countries that offer the highest average annual salary in dollars for doctors in the world, according to the Monkey Insider and Yahoo Finance platforms:
- Switzerland $268,935.
- United States $266,558.
- Luxembourg $250,697.
- Australia $198,338.
- Iceland $195,559.
- Denmark $193,627.
- United Arab Emirates $190,730.
- New Zealand $186,569.
- Canada $182,619.
- Ireland $175,088.
Top 10 Highest Paying Medical Specialties in Developed Countries
The most experienced physicians in developed countries earned more than $400,000 a year, and 10 percent made more than $1 million a year, according to a study by NPR.org based on 10 million tax records from 965,000 doctors over 13 years.
Developed countries with private healthcare systems, such as the United States, Switzerland, and Australia, generally offer higher salaries than others. Here is a list of the 10 highest-paying medical specialties in 2023, ranked from lowest to highest, according to Forbes and the US Bureau of Labor Statistics:
10- Physical Therapists
Physical therapists care for patients with motor injuries, especially in the extremities, and provide pain relief and rehabilitation. They diagnose problems related to motor functions and use specialized treatment techniques, such as stretching and other exercises, to improve patients’ quality of life and help them regain their activity and abilities.
- Average annual salary: $97,720.
- Expected job growth: (2022-2032): 15%.
- Minimum Education Required: Doctorate in Physical Therapy.
9- Veterinarians
Veterinarians provide medical care to animals, including pets and livestock, diagnosing and treating diseases and medical conditions, performing surgeries, prescribing medications, and administering vaccinations.
- Average annual salary: $103,260.
- Projected job growth (2022-2032): 20%.
- Minimum Education Required: Doctor of Veterinary Medicine.
8- Ophthalmologists/Optometrists
Ophthalmologists diagnose and treat medical conditions of the eye. Their work includes performing vision tests, examining patients, identifying eye and vision problems, and prescribing appropriate medications, treatments, eyeglasses, and contact lenses for each medical condition.
- Average annual salary: $125,590.
- Projected job growth (2022-2032): 9%.
- Minimum Education Required: Doctor of Ophthalmology.
7- Advanced Practitioner Registered Nurses (APRNs)
The highest degree of nursing, advanced practice registered nurses provide patient care, including diagnosing and treating medical conditions, examining patients, prescribing medications, and ordering diagnostic tests.
- Average annual salary: $125,900.
- Projected job growth (2022-2032): 38%.
- Minimum Education Required: Master’s degree in Nursing with extensive experience.
6- Physician Assistants
Medical assistants work under the supervision of physicians to examine and treat patients, diagnose medical conditions, prescribe medications, monitor patient progress, and treat wounds, injuries, and medical conditions.
- Average annual salary: $126,010.
- Projected job growth (2022-2032): 27%.
- Minimum education required: Master’s degree.
5- Medical Dosimetrists
Medical dosimetrists develop radiation treatment plans and determine appropriate doses of radiation for those with cancer and other medical conditions. They also create immobilization devices such as casts to ensure patients do not move during procedures and receive treatment.
- Average annual salary: $128,970.
- Projected job growth (2022-2032): 3%.
- Minimum education required: Bachelor’s degree.
4- Pharmacists
Pharmacists dispense medications prescribed by doctors, advise doctors on drug chemical interactions and dosages, counsel patients who have questions about their prescriptions, administer immunizations, supervise pharmacy technicians and ensure that new medications will not interact negatively with patients’ allergies or other medications.
- Average annual salary: $132,750.
- Projected job growth (2022-2032): 3%.
- Minimum Education Required: Bachelor’s Degree in Pharmacy.
3- Podiatrists
Podiatrists treat medical problems of the feet, ankles and lower legs. They diagnose medical conditions, prescribe medications and orthotics, perform surgeries and treat conditions such as heel spurs and arch problems.
- Average annual salary: $148,720.
- Projected Job Growth (2022-2032): Employment for podiatrists is expected to remain roughly the same from 2022 to 2032.
- Minimum Education Required: Doctorate in Podiatry.
2- Dentists
Dentists diagnose and treat medical conditions related to the teeth, gums, and mouth, prescribe medications, place dental implants and fillings, and fit patients for dentures, etc.
- Average annual salary: $155,040.
- Projected job growth (2022-2032): 4%.
- Minimum Education Required: Doctorate in Dental Medicine and Surgery.
Surgeons
Surgeons are among the highest paid doctors, such as neurosurgeons, orthopedic surgeons, and cardiologists, with salaries of many of these specialists reaching more than half a million dollars a year in developed countries.
Doctors diagnose and treat medical conditions, diseases and injuries, each according to their specialty. They also examine patients, prescribe medications and monitor progress, depending on their specialties.
Average annual salary: $229,300.
Projected job growth (2022-2032): 3%.
Minimum education requirement: MD with other specialized certifications such as the American or European Board, especially for specialists.