Magnesium phenoxyacetate dihydrate is primarily used in the pharmaceutical industry as an active ingredient in medications designed to treat various health conditions. It is often incorporated into formulations aimed at managing inflammation and pain due to its anti-inflammatory and analgesic properties. Additionally, it is utilized in some topical creams and ointments to alleviate skin irritations and promote healing. In research settings, it serves as a reagent in chemical synthesis and biological studies, particularly in exploring its effects on cellular processes. Its application extends to veterinary medicine, where it is used to treat similar conditions in animals.