SANUWAVE Health (SNWV) 10-K 2011 FY Annual report

EXHIBIT 21.1

List of Subsidiaries

Direct Subsidiary of SANUWAVE Health, Inc.

1.  SANUWAVE, Inc., a Delaware corporation

Subsidiaries of SANUWAVE, Inc. – Indirect Subsidiaries of SANUWAVE Health, Inc.

1.  SANUWAVE Services, LLC, a Delaware limited liability company

2. HT Orthotripsy Management Company, LLC, a Delaware limited liability company

3. SANUWAVE AG, a company organized under the laws of Switzerland