The secure and efficient collection of patients’ vital information is a challenge faced by the healthcare industry. Through the adoption and application of Internet of Things (IoT), the healthcare industry has seen an improvement in the quality of delivered services and patient safety. However, IoT utilization in healthcare is challenging due to the sensitive nature of patients’ clinical information and communicating this across heterogeneous networks and among IoT devices. We conducted a semi-systematic literature review to provide an overview of IoT security and privacy challenges in the healthcare sector over time. We collected 279 studies from 5 scientific databases, of which 69 articles met the requirements for inclusion. We performed thematic and qualitative content analysis to extract trends and information. According to our analysis, the vulnerabilities in IoT in healthcare are classified into three main layers: perception, network, and application. We comprehensively reviewed IoT privacy and security threats on each layer. Different technological advancements were suggested to address the identified vulnerabilities in healthcare. This review has practical implications, emphasizing that healthcare organizations, software developers, and device manufacturers must prioritize healthcare IoT security and privacy. A comprehensive, multilayered security approach, security-by-design principles, and training for staff and end-users must be adopted. Regulators and policy makers must also establish and enforce standards and regulations that promote the security and privacy of healthcare IoT. Overall, this study underscores the importance of ensuring the security and privacy of healthcare IoT, with stakeholders’ coordinated efforts to address the complex and evolving security and privacy threats in this field. This can enhance healthcare IoT trust and reliability, reduce the risks of security and privacy issues and attacks, and ultimately improve healthcare delivery quality and safety.