"MATERIALS:Medical magnets said to be a 'swell' therapy"

With the medical-magnet market growing by leap and bounds—said to be as high as $300 million in the U.S. and $5 billion worldwide--claims of medical efficacy range from curing carpal tunnel syndrome to eliminating arthritic pain. Unfortunately, no scientific study has yet to verify any of these claims. Time-varying electromagnetic fields have been scientifically verified to have positive medical effects--such as curing cancer in rats--but the static fields generated by the bracelets for wrists and ankles, and the pads for the back and feet, have never been properly scientifically tested.
Now, researchers at the University of Virginia have made the world's first scientifically verified claim for positive medical benefits from static magnetic fields, albeit the most useful medical application found by the researchers is not one claimed by bracelet and pad makers.

http://www.eetimes.com/showArticle.jhtml?articleID=205210311