Hi Isha! Which biomedical applications you are pursuing? Could you please tell me more specifically about it? In my opinion, MWCNT/SWCNT and other carbon-based nanomaterials have potential application in biomedical and biocompatibility fields. As far as I know, SWCNT is more safety (low toxicity), easier to be functionalized and detected, therefore it is more favoured than MWCNT in biocompatible applications such as gene transfection or nanoparticles drug delivery. Generally, the toxicity of these materials is in proportion to its molecular weight. Because MWCNT molecules is much bigger than SWCNT, its toxicity is higher. However, higher molecular weight material often results in higher transfection/delivery efficiency. Therefore, using which materials depends on which applications and target you are chasing.
Here is a paper compares SWCNT and MWCNT in theranostic applications, hope you will find some expected information from it.