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Medical 4.0 is now emerging as the fourth medical revolution. It represents the applications of electronically supported Information Technology, microsystem, high level of automation, personalized therapy, and Artificial Intelligence (AI)-enabled intelligent devices enabled through the Internet of Medical Things (IoMT). In the current scenario, the COVID-19 pandemic has a significant effect on global healthcare, and this impact is also observed in associated fields. There is a requirement for proper telehealth management and remote monitoring systems in healthcare. Medical 4.0, if implemented, can adequately handle the ongoing situation in the medical field as it will provide applications of advanced technologies to take care of the challenges of the COVID-19 outbreak. This paper studies Medical 4.0 exclusively and also in the context of COVID-19. The paper provides a brief of the significant medical revolution that has happened so far and identifies the significant supporting technologies of Medical 4.0. It also discusses the primary capabilities of Medical 4.0 for healthcare during the COVID-19 pandemic crisis. The roles of Medical 4.0 in healthcare during the COVID-19 pandemic are studied, and finally, this paper identifies 10 significant applications of Medical 4.0 in healthcare during COVID-19-type pandemics. We observe that the contemporary phase of development and mass-level production of intelligent medical devices has not happened in the same way as it has happened for smart electronic devices and application devices. Engineers will have a prominent role in taking up the healthcare challenges that can reach the common man.