Medical sales continues to grow, making it an incredibly exciting field for those who want to climb throughout their career. The industry offers a variety of career paths, and medical device sales is one of the best to pursue.
In fact, the 2017 Medical Device Sales Salary report found that the average medical device sales salary is $154,130, with an average base of $95,257.
In comparison to the average total compensation of medical sales reps, which was found in the 2017 Medical Sales Salary Report, medical device sales reps earn nearly $7,000 more than the average medical sales salary.
As medical sales continues to grow, so does the opportunity to reach new heights in selling medical devices.
About the Survey
More than a third of this year’s survey respondents (948) noted that they sold medical or surgical devices. The average total income for this group was $159,130.
For the purposes of this report, these respondents were further segmented into two groups — medical device or surgical — based on whether or not they regularly spend time working in the OR. This report focuses on the income of those who do not spend time working in the OR.
Not all medical devices sales reps are created equal. In fact, there are several contributing factors that impact their salaries.
Let’s take a look at what those are and how they can make reaching new heights easier or harder:
Job Title and Company
Medical sales provides a variety of opportunities. Each job title is different and often impacts each person’s paycheck. Sales directors/VPs and sales management hold the highest paying positions.
On the other hand, while inside sales and sales support make the least, they still earn a generous base salary of $63,500 and $81,500, respectively, with the option for bonuses.
Additionally, employer type and size are important to consider. For example, large employers pay the most in total compensation, while small companies offer a higher base, on average. Manufacturers pay the most by far, beating out service providers and distributors.
Want to climb your absolute highest? Work for large manufacturers and work your way up to more senior roles.
For those who decide on a career in medical device sales, they have several paths to choose from. They can sell anything from neurosurgical devices to laparoscopic products.
Each type of device makes a difference in potential base salary and total compensation. Top earners sell endo-surgery devices, and those who sell ortho devices for knees and joints make the least, but they still tend to earn an average of nearly $47,000 in bonuses alone.
However, while reps who sell neurosurgical devices make the fifth most in average total compensation, they make the highest base salary.
Age and Experience
Typically, experience leads to reaching new heights, and this is true for medical device jobs. The longer reps sell medical devices, the higher their income climbs.
Unsurprisingly, older professionals tend to earn more. In fact, those in their 60s earn nearly $50,000 more in average total compensation than their younger colleagues.
Gender and Ethnicity
A gender gap still exists in medical sales. In fact, women earn only about 80 percent of what men make.
While diversity is an ongoing issue in medical sales, there is still a high earning potential for everyone. Asian/Pacific Islander respondents earned the highest total compensation ($200,500), followed by white/caucasian respondents, hispanics, and African Americans.
Income by Travel and State
As professionals take on more travel time, their income potential skyrockets. Those who travel half of the time earn the most in base salary and total compensation.
Overall, location also plays a big part in salaries. The following states bring in the highest median total compensation, with Kansas reps taking home the most — $295,500.
Year Over Year
While the average total compensation was higher just a few years ago, 2017 shows a generous increase of nearly $7,000.
The fluctuations year after year still present a significant earning potential for medical sales professionals who sell medical devices.
Medical sales professionals face several options if they sell medical devices. Each aspect of their path significantly impacts their earning potential. However, despite the big differences in pay, they enjoy an awesome career that gives them the chance to reach new heights.
In general, as the 2017 Medical Sales Salary Report found, medical sales reps enjoy several awesome perks. These include company cars (42%), expense accounts (74%), stock options (39%), 401k with matching (80%), health benefits (87%), and some even receive profit sharing (13%).
Between the generous six-figure salaries, the amazing perks and benefits, and the flexibility and autonomy of the day-to-day, medical device sales reps have a lot to be happy about, which is why they’re consistently climbing higher.
View Previous Medical Device Sales Salary Reports