Men have been willing to try very curious approaches to solve their erection problems for centuries. For example, men applied jackal bile to their penis in the 14th century. Today, one can't check their email without finding advertisements for cure all approaches to ED. Keep in mind that if it sounds too good to be true it probably is. The FDA keeps a running list of unsafe "alternative" ED medications that is updated monthly. Shock Wave therapy of the penis is "not yet ready for prime-time" and Mayo Clinic does not utilize or endorse this approach.
Penile Shock Wave Therapy: A small probe is held on the penis over the course of several treatments where shock waves are administered. It is supposed to help regrow new blood vessels and improve unhealthy tissue in the area. This treatment remains very controversial and without convincing evidence.
The Sexual Medicine Society of North America (SMSNA) states this treatment is experimental and should only be used in research protocols where patients should not be charged money beyond basic research costs.