In recent years, the Internet of medical things (IoMT) has become a significant technological advancement in the healthcare sector. This systematic review aims to identify and summarize the various applications, key challenges, and proposed technical solutions within this domain, based on a comprehensive analysis of the existing literature. This review highlights diverse applications of the IoMT, including mobile health (mHealth) applications, remote biomarker detection, hybrid RFID-IoT solutions for scrub distribution in operating rooms, IoT-based disease prediction using machine learning, and the efficient sharing of personal health records through searchable symmetric encryption, blockchain, and IPFS. Other notable applications include remote healthcare management systems, non-invasive real-time blood glucose measurement devices, distributed ledger technology (DLT) platforms, ultra-wideband (UWB) radar systems, IoT-based pulse oximeters, accident and emergency informatics (A&EI), and integrated wearable smart patches. The key challenges identified include privacy protection, sustainable power sources, sensor intelligence, human adaptation to sensors, data speed, device reliability, and storage efficiency. The proposed mitigations encompass network control, cryptography, edge-fog computing, and blockchain, alongside rigorous risk planning. The review also identifies trends and advancements in the IoMT architecture, remote monitoring innovations, the integration of machine learning and AI, and enhanced security measures. This review makes several novel contributions compared to the existing literature, including (1) a comprehensive categorization of IoMT applications, extending beyond the traditional use cases to include emerging technologies such as UWB radar systems and DLT platforms; (2) an in-depth analysis of the integration of machine learning and AI in IoMT, highlighting innovative approaches in disease prediction and remote monitoring; (3) a detailed examination of privacy and security measures, proposing advanced cryptographic solutions and blockchain implementations to enhance data protection; and (4) the identification of future research directions, providing a roadmap for addressing current limitations and advancing the scientific understanding of IoMT in healthcare. By addressing current limitations and suggesting future research directions, this work aims to advance scientific understanding of the IoMT in healthcare.