LutherNut covered the OT part of this.
OT context is spiritual healing.
NT context alone does indicate a physical healing.
Is it?
It is both.
Healed (Strong's 2390) (no Greek scholar here

), appears only 3 times in the Epistles, 2 times in Revelation and many times in the Gospels and Acts.
In ALL cases it is to heal as from illnesses.
Let's drop off the instances in Gospels and Acts due to direct context of healing the sick.
Let's drop off the Revelation due to some unclear language.
Let's look at 3 instances of it in the Epistles.
(1Pt.2:24; James 5:16; Heb.12:13 - read around for context)
NT has certain sins causing physical illnesses.
(In Heb:12, there is a discipline of God that results in illnesses also).
It also presents that SUCH sins are resolved via the elders' prayers and a person will get physically well once he repents of that sin.
JAS 5:13 Is any one of you in trouble? He should pray. Is anyone happy? Let him sing songs of praise. 14 Is any one of you sick? He should call the elders of the church to pray over him and anoint him with oil in the name of the Lord. 15 And the prayer offered in faith will make the sick person well; the Lord will raise him up. If he has sinned, he will be forgiven. 16 Therefore confess your sins to each other and pray for each other so that you may be healed. The prayer of a righteous man is powerful and effective.
This definitely gets abused the following ways:
1. People assign each illness due to personal sin - incorrect.
2. People come for a healing not knowing the reason for his illness and just wanting to get well - often fails.
3. People do not completely repent of a sin causing illness, so they do not get healed. (Complete repentance includes restitution to the one who was harmed by one's sin).
4. People just come for healing without repentance - always fails.
5. People "claim" James and Peter verses to get healed - they sometimes get worse either physically or spiritually.
6. The ones that do get healed while applying 1-5, often become spiritual wrecks and get "hooked" on health/wealth gospel.
1PE 2:23 When they hurled their insults at him, he did not retaliate; when he suffered, he made no threats. Instead, he entrusted himself to him who judges justly. 24 He himself bore our sins in his body on the tree, so that we might die to sins and live for righteousness; by his wounds you have been healed. 25 For you were like sheep going astray, but now you have returned to the Shepherd and Overseer of your souls.
1Peter2:23-25 pertains to spiritual health (Isaiah cross reference) and physical health (
strict James 5 reference).
Hope this helps.
Ed