What does "By His stripes we are healed" mean? Isaiah 53:4-5 NIV

I.e. What does "by his WOUNDS we are healed" mean?

Isaiah 53:4-5
4 Surely he took up our iniquities and carried our sorrow, yet we considered him stricken by God, smitten by Him and afflicted.
5 But he was pierced for our transgressions,
    he was crushed for our iniquities;
the punishment that brought us peace was on him,
    and by his wounds we are healed.

Isaiah 53:1 - 12

NIV - ¹ Who has believed our message and to whom has the arm of the Lord been revealed? ² He grew up before him like a tender shoot, and like a root out of dry ground. He had no beauty or majesty to attract us to him, nothing in his appearance that we should desire him.

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