IoT has played an essential role in many industries over the last few decades. Recent advancements in the healthcare industry have made it possible to make healthcare accessible to more people and improve their overall health. The next step in healthcare is to integrate it with IoT-assisted wearable sensor systems seamlessly. This review rigorously discusses the various IoT architectures, different methods of data processing, transfer, and computing paradigms. It compiles various communication technologies and the devices commonly used in IoT-assisted wearable sensor systems and deals with its various applications in healthcare and their advantages to the world. A comparative analysis of all the wearable technology in healthcare is also discussed with tabulation of various research and technology. This review also analyses all the problems commonly faced in IoT-assisted wearable sensor systems and the specific issues that need to be tackled to optimize these systems in healthcare and describes the various future implementations that can be made to the architecture and the technology to improve the healthcare industry.