Over the past decade, there has been exponential growth in the per capita rate of medical patients around the world, and this is significantly straining the resources of healthcare institutes. Therefore, the reliance on smart commercial off-the-shelf (COTS) implantable wireless medical devices (IWMDs) is increasing among healthcare institutions to provide routine medical services, such as monitoring patients’ physiological signals and the remote delivery of therapeutic drugs. These smart COTS IWMDs reduce the necessity of recurring visits of patients to healthcare institutions and also mitigate physical contact, which can minimize the possibility of any potential spread of contagious diseases. Furthermore, the devices provide patients with the benefit of recuperating in familiar surroundings. As such, low-cost, ubiquitous COTS IWMDs have engendered the proliferation of telemedicine in healthcare to provide routine medical services. In this paper, a review work on COTS IWMDs is presented at a macro level to discuss the history of IWMDs, different networked COTS IWMDs, health and safety regulations of COTS IWMDs and the importance of organized procurement. Furthermore, we discuss the basic building blocks of IWMDs and how COTS components can contribute to build these blocks over widely researched custom-built application-specific integrated circuits.