The rapid development and the expansion of Internet of Things (IoT)-powered technologies have strengthened the way we live and the quality of our lives in many ways by combining Internet and communication technologies through its ubiquitous nature. As a novel technological paradigm, this IoT is being served in many application domains including healthcare, surveillance, manufacturing, industrial automation, smart homes, the military, etc. Medical Internet of Things (MIoT), or the use of IoT in healthcare, is becoming a booming trend towards improving the health and wellbeing of billions of people by offering smooth and seamless medical facilities and by enhancing the services provided by medical practitioners, nurses, pharmaceutical companies, and other related government and non-government organizations. In recent times, this MIoT has gained higher attention for its potential to alleviate the massive burden on global healthcare, which has been caused by the rise of chronic diseases, the aging population, and emergency situations such as the recent COVID-19 global pandemic, where many government and non-government medical resources were challenged, owing to the rising demand for medical resources. It is evident that with this recent growing demand for MIoT, the associated technologies and its interconnected, heterogeneous nature adds new concerns as it becomes accessible to confidential patient data, often without patient or the medical staff consciousness, as the security and privacy of MIoT devices and technologies are often overlooked and undermined by relevant stakeholders. Hence, the growing security breaches that target the MIoT in healthcare are making the security and privacy of Medical IoT a crucial topic that is worth scrutinizing. In this study, we examined the current state of security and privacy of the MIoT, which has become of utmost concern among many security experts and researchers due to its rapid demand in recent times. Nevertheless, pertaining to the current state of security and privacy, we also examine and discuss a number of attack use cases, countermeasures and solutions, recent challenges, and anticipated future directions where further attention is required through this study.