Abstract
Nanotechnology is that sphere of technology that involves the participation of biology, chemistry, physics, and engineering sciences. Nanoscale science defines the chemistry and physics of structures lying in the range of 1-100 nm. Among the nanosystems researched, magnetic nanosystems are highlighted due their unique ability, which enables their targeting to specific locations on application of an external magnetic field. The exhibited property of these magnetic nanosystems being super-paramagnetism, there is no retention of magnetic property on removal of the magnetic field, thus enabling a reversion of the targeting process. For effective utilization of these nanosystems, they should be reduced to nanosizes, layered with biocompatible entities, stabilized, and functionalized. In the chapter, synthesis and functionalization and stabilization are elucidated. The biomedical applications such as targeted delivery, MRI, magnetic hyperthermia, tissue engineering, gene delivery, magnetic immunotherapy, magnetic detoxification, and nanomagnetic actuation are discussed.