Nanotechnology is the continuous expansion in the domain of engineered devices at the atomic, molecular and macromolecular level in nanometer range. Nanoparticles have prospective implication in medical field including diagnostics and therapeutics. Cancer is one of the foremost reasons of death worldwide. In 2013, a total of 1,660,290 new cancer cases and 580,350 cancer deaths are projected to occur in the United States alone. The total cancer cases can possibly go up from 979,786 cases in the year 2010 to 1,148,757 cases in the year 2020 in India. Nanotechnology devices are nowadays being established for diagnosis of cancer as well as infectious diseases which in turn can aid in early unveiling of disease.

This article explores progress in nanotechnology that have initiated the development of multifunctional platforms for cancer detection, therapy, and monitoring. Multifunctional nanomaterials can be utilized as drug carriers enhancing tumor uptake through the EPR effect as well as receptor-mediated endocytosis and on the other hand as MRI, optical imaging, and photoacoustic imaging contrast agents. Furthermore, imaging and therapy agents can be co-delivered to endow with flawless amalgamation of diagnostics, therapy and follow-up, and diverse therapeutic modalities like chemotherapy and hyperthermia can be co-administered to acquire benefit of synergistic effects. However, an intensive scientific endeavor is so far needed to entirely investigate long-term risks, effects, and precautions for safe human utilization.