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On January 30, 2013, Vijay Singh professional PGA Tour golfer was caught unaware and openly admitted to the personal use of deer antler spray which contained a banned substance at the time. A week later the World Anti-Doping Agency (WADA) lifted the ban on deer antler spray, but with urgency, "Deer Antler Velvet Spray may contain IGF-1 and WADA recommends therefore that athletes be extremely vigilant with this supplement because it could lead to a positive test."  The consensus opinion of leading endocrinologists concerning any purported claims and benefits "is simply that there is far too little of the substance in even the purest forms of the spray to make any difference,"  and "there is no medically valid way to deliver IGF-1 orally or in a spray." 
To be clear, some doctors and researchers have stated that they feel deer antler spray is unlikely to cause any significant benefits. This is because it only provides very small amounts of IGF-1, some of which may not even be fully absorbed. However, studies do show that higher doses, or using very high-quality supplements, may contribute to some improvements in performance, body composition, etc. IGF-1 itself has been studied extensively. It can certainly change the way the body looks and operates. Whether or not the role of IGF-1 in the body will translate into any real benefits when obtained from deer antler products will depend on the specific person and dosage used.
The FDA considers deer antler spray (or deer antler velvet) to be a dietary supplement. This means it doesn’t need to be extensively studied and regulated like medications. For this reason, it can be hard to tell what the actual concentration of active ingredients or IGF-1 is in various supplements. Plus products can differ quite a bit from one brand to another in terms of their purity and effectiveness.
First, the following disclaimer: Products that are sold as supplements (as opposed to medications) are not regulated by the Food and Drug Administration so they are not tested for safety, efficacy or standardization. In other words, when you buy a supplement, there is no guarantee that what is in the bottle has been tested to see if it even contains the ingredient in question, let alone whether the ingredient actually does what it claims to. (That’s not a value judgment, just the facts.)
Andouiller de Cerf, Antler Velvet, Bois de Cerf, Bois de Cerf Rouge, Bois de Chevreuil, Bois de Velours, Bois de Wapiti, Cervus elaphus, Cervus nippon, Cornu Cervi Parvum, Deer Antler, Deer Antler Velvet, Elk Antler, Elk Antler Velvet, Horns of Gold, Lu Rong, Nokyong, Rokujo, Terciopelo de Cuerno de Venado, Velours de Cerf, Velvet Antler, Velvet Dear Antler, Velvet of Young Deer Horn.
A 2014 study published in Evidence Based Complimentary and Alternative Medicine tested whether or not deer antler extract would have an effect on fatigue in mice who were led to swim distances. The findings suggested that deer antler “might increase the muscle strength through the upregulation of genes responsible for muscle contraction and consequently exhibited the anti-fatigue effect in mice.” Deer antler seems to have a positive effect on genes involved in nine different signaling pathways that affect muscles, endurance and fatigue. These include GnRH signaling pathway and insulin signaling pathways, in addition to levels of troponins. (8) Deer antler may contribute to increases in muscle strength by increasing Tpm2 expression. This affects how muscles take up proteins and repair themselves. Other studies show some evidence that deer antler extract helps prevent muscle fatigue by activating the lactate dehydrogenase activities and reducing the levels of blood lactic acid and serum urea nitrogen.
Deer antler velvet's effects on cell growth and repair have been investigated in several areas. Deer antler velvet may be a natural source of hormones for those seeking aid to muscle growth and development. Research has identified various growth factors in deer antler velvet including IGF-1 (insulin–like Growth Factor-1), IGF-2 (insulin–like Growth Factor-2), and EGF (Epidermal Growth Factor).