Well! It is a good topic to have a useful debate on it. Perhaps magnetotherapy is still in its evolutionary phase in the physiotherapy as much scientific work is required to prove its clinical and therapeutic efficacy. I have heard about the research work going on somewhere in Canada in the field of physiotherapy. But their use was limited to the electromagnets. Some claimed to have its use in facial palsy in an attempt to reduce the swelling of nerve within facial canal where other therapeutic agents are encountered with limitation. There has been some use of the belts having magnets to treat the problems of musculoskeletal origin in the lumosacral region having obsevered some efficacy of them. Other claimed clinical uses were for tissue healing and pain management & magnetically induced skeletal muscle contraction.

Perhaps some account of information can be gain from the textbook of electrotherapy.

Clinical Electrotherapy Second edition by Roger M. Nelson & Dean P. Currier

It will be of help to you.