The Coronavirus Infectious Disease 2019 (COVID-19) pandemic has affected most nations at all levels of functioning, individual to governmental. Therefore, it is imperative to evaluate the effects the virus has had on one of the most important socioeconomic global sectors, healthcare. This literature review explores key, recent research and management strategies that have been undertaken in healthcare systems around the world in order to make meaningful attempts at identifying the etiology, diagnosis, and treatment of the disease, and combating the spread of this deadly virus. Healthcare facilities have implemented a variety of changes, all geared towards reducing non-emergency patient visits and preventing transmission of the infection; this includes shifting appointments to online modality via telecommunication use, altering remedial options and procedures, and developing more effective personal protective equipment (PPE). Efforts have also been made to define appropriate treatment methods as well as a potential cure for COVID-19; many vaccines and antiviral drugs have been designed or are continuing to undergo clinical testing, and symptom management approaches are being employed along with careful evaluation or recommendation of already available medications to counter the disease. Our comprehensive analysis provides insights into prominent consequences as well as implications of COVID-19 in contemporary global healthcare research and management, and would help this crucial sector be better prepared for pandemics in the future.