It hasn't been proven effective for anything at all. Consider this: the planet has a built-in PEMF (pulsed electromagnetic field). If this was effective, then simply laying on the ground with the painful spot against the ground, would fix it. The planet's PEMF is a lot stronger than anything you can plug into a wall socket.
It's not fly by night, it's been around since the 1800's and has been pushed on the alt-med circuit for decades. Some even claim they're FDA approved. They're not - though some are FDA cleared, which is a different thing.
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