The answer is that deer antler velvet is just another fat burner. Another cell volumizer. Another body-toning shoe. It’s fitness marketing at it’s finest—playing off a goal you desire (gaining more muscle and size) and drawing unsubstantiated and wildly exaggerated claims. There’s nothing miraculous about deer antler spray. And after a closer look at the product, there’s really—well—nothing to it at all.
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The word antler is derived from the Latin Anteoculae, meaning "in front of the eyes." Antlers are present in almost all members of the deer family Cervidae. The first documented evidence of deer velvet as a medicinal was found on a scroll recovered from a tomb in Hunan China dating back 2000 years. The use of antler dates back to the Han Dynasty 206 BC to 220 AD. A 16th century medical text, Pen Ts'ao Kang Mu, lists several antler preparations including pills, tinctures, and ointments. In traditional Chinese medicine, velvet antler has been used for over 2000 years as a tonic, to improve bone health, to nourish the blood, reduce swelling, and to treat impotence. Later research on deer antler dates back to the 1980s in Russia. Hundreds of articles have since been published including those documented by Chinese, Korean, and Japanese scientists.14, 15
Deer Antler Velvet Spray is an extract that’s taken directly from the material that grows on the outside of the antlers of deer, elk, moose and caribou. Their website suggests its use for anyone that is looking to counter the effects of light exercise, mild muscular strain and exertion, and some arthritic conditions. In addition to providing joint support, Deer Antler Velvet Spray is said to balance hormone levels, build muscle, boost sexual performance, and improve immune function.
Other studies reported an increase in heart strength and volume of blood pumped, while cardiac output, heart rate, mean arterial pressure, pulse pressure, central venous pressure and other parameters remained unchanged. Researchers suggest that the polysaccharides in antler may reduce the blood’s tendency to clot, improving circulation, decreasing stroke risk and boosting general cardiovascular health. Researchers theorize that the deer antler velvet may improve blood supply to muscles or act as an anti-inflammatory, allowing athletes to recover faster from training sessions.
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." 
More recent tests (Slievert, 2003) confirm deer antler velvet’s effects on muscle strength and endurance. In a randomized, double blind, placebo controlled experiment, 18 males entered a 10 week strength training program. Those who took deer antler velvet showed an increase in maximal aerobic capacity, an increase in strength in the bench press and leg squat, and decrease in body fat relative to the placebo group.
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Deer velvet might have an effect due to the hormones it may contain, including testosterone, androstenedione, and dehydroepiandrosterone. Research in rats, using elk velvet antler, suggested the substance may have an androgen-like effect. The antlers are ground into powder, which people take by mouth. Dosage varies by brand, but a recent study used 215 mg per day. Some distributers, though, recommend dosages ranging from 250 mg to as high as 3000 mg (3 g) per day. So talk with your doctor before you start using deer velvet.
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There is an increasing amount of scientific evidence supporting the benefits of deer antler velvet from decades of research carried out in Russia, Korea, China, Japan, Australia and New Zealand. This research has given credibility to deer antler velvet’s traditional usage and validated recommendations for its inclusion as an everyday health supplement. Almost 250 papers have been published since 1930 on the manufacture, composition and biochemical effect of deer antler velvet. Studies on deer antler velvet and the corresponding findings are described below.
I took red mountain deer velvet and it really messed my stomach up. I now have cramps and bloating all the time plus it feels like my stomach shrank…I can’t eat like I used to. It was a big mistake to take that stuff. Do you know of any way I can get my stomach back to normal??? Can you recommend someone who knows a lot about deer velvet?? I have been suffering terribly since I took that junk…it’s been about 2 years now!!!! My stomach has never been the same since I took that poison!!