The use of artificial intelligence (AI) in medicine is beginning to alter current procedures in prevention, diagnosis, treatment, amelioration, cure of disease and other physical and mental impairments. In addition to raising concerns about public trust and ethics, advancements in this new emerging technology have also led to a lot of debate around its integration into healthcare. The objective of this work is to introduce researchers to AI and its medical applications, along with their potential pitfalls, in a comprehensive manner. This paper provides a review of current studies that have investigated how to apply AI methodologies to create a smart predictive maintenance model for the industries of the future. We begin with a brief introduction to AI and a decade’s worth of its advancements across a variety of industries, including smart grids, train transportation, etc., and most recently, healthcare. In this paper, we explore the various applications of AI across various medical specialties, including radiology, dermatology, haematology, ophthalmology, etc. along with the comparative study by employing several key criteria. Finally, it highlights the challenges for large-scale integration of AI in medical systems along with a summary of the ethical, legal, trust, and future implications of AI in healthcare.