| | Cancer | Chemotherapy
Oncologist Salary and Job Outlook: 2024 Data and Trends
Compensation and Demand for Cancer Specialists
Median Annual Wage (BLS, May 2023): $352,310 (Physicians, All Other; oncology-specific surveys report higher).
Specialty-Specific Averages (Medscape 2023/2024, ASCO, MGMA)
| Subspecialty | Median Compensation | Range |
|---|---|---|
| Medical Oncology | $420,000 | $320k – $550k |
| Hematology/Oncology | $435,000 | $340k – $580k |
| Radiation Oncology | $485,000 | $380k – $650k |
| Surgical Oncology | $460,000 | $350k – $600k |
| Gynecologic Oncology | $450,000 | $350k – $580k |
| Pediatric Heme/Onc | $320,000 | $250k – $420k |
Compensation Structure
- Base salary + RVU bonuses (wRVU × conversion factor)
- Academic: Lower base, protected research time, tenure track
- Private practice: Higher RVU rates, partnership track, ancillary revenue (infusion, imaging, pharmacy)
- Sign-on bonuses: $50k–$150k common
Job Outlook (BLS 2022–2032)
- 3% growth (as fast as average) for all physicians.
- Oncology-specific: Demand growing faster due to aging population, improved survival (more survivors needing care), new therapies increasing treatment complexity.
- Shortage projected: ASCO estimates 2,200+ oncologist deficit by 2025.
Practice Trends
- Hospital employment > private practice (shift since 2010)
- Advanced Practice Providers (APPs) expanding role
- Tele-oncology, community outreach, value-based care models
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