Living tissue has an electromagnetic component to its operation, both at the very small scale inside cellular processes, but also at the larger scale of signaling through the nervous system. I would say that beyond a few well established lines of research and development, such as work on pacemakers or direct stimulation of nerves, the manipulation of electromagnetic fields and currents for therapeutic effect is far from being a mature area of the life sciences. If one roves the literature in search of connections between electromagnetism, regeneration, and metabolism, there are many small interesting areas of study, a few papers here and a few papers there, but nothing that approaches the breadth and funding of, say, any given field under the broad umbrella of small molecule drug development. Perhaps this indicates a comparative lack of potential. Alternatively, perhaps it indicates that modern materials science and biotechnologies are a requirement to proceed effectively, and thus the field is by necessity still young.
The most advanced lines of work in this corner of the life science community are those involving forms of direct electrical stimulation of tissues, often in attempts to mimic natural electrical currents in the