Together with wireless technology, advances in nanotechnology and rapid and scalable synthesis of nanomaterials including the 2D graphene has transformed the realms of biomedical sciences. Recent research in the areas of drug delivery, cancer therapy, bio-sensing and bio-imaging have exploited the unique structural and physiological features of graphene and its different forms. Along with the Graphene, several other nanomaterials including carbon nanotubes (CNTs), make excellent candidates for applications associated with loading of drugs, cellular imaging, sensing other molecules and in-vivo cancer studies due to their biocompatibility and stability. Assimilating from the fundamentals of electromagnetic, wireless communication, medical and material science, a novel concept of nanonetworks was first introduced in 2008, which stems from the concept that a collection of nanodevices have the potential to harness the innate communication capabilities of the human body, thereby allowing them to cooperate and share information. It is anticipated that the advanced healthcare diagnosis can be realised if an efficient communication mechanism and data transfer are established between these nanodevices.