Iron oxide nanoparticles and their medicinal applications Nanoparticles with magnetic properties can negligible magnetic remanence. With an external magnetic force, these can develop a fixed magnetization direction making them widely usable in a large panel of biomedical applications such as imaging (MRI), immunoassay (clinical and environmental analysis), nanovehicles and drug carriers or hyperthermia for cancer treatment. Also resulting in improved pharmacodynamics of drug delivery.