The scientific disciplines that encompass medical therapy and diagnostics, in a continuing transition to personalized medicine, have found a valuable tool in the emerging field of nanotechnology. New nanotools are now enabling discoveries and advancements that form the foundation of what has become known collectively as nanomedicine. The global impact of these advancements are being seen in areas of advanced/improved early stage diagnostics, targeted drug delivery systems and imaging methods, all leading to more effective diagnostic/therapeutic strategies and outcomes. This review focuses on recent patent advancements in this transition with emphasis on the emerging role of magnetic nanovectors as enabling tools for the enhanced effectiveness of cancer diagnostics and therapeutics, considering its historical progression and future impact.