One of the leading companies in the world that manufacturers deer antler spray is called Nutronics Labs. According to information posted on their website, they have been making deer antler supplements for two decades. They state that their deer antler products range in concentration/strength from about 25,000ng (nanograms)–200,000ng of IGF-1. According to studies done by Nutronics Labs, deer antler powders appear to be less concentrated with IGF-1. They also may be poorly absorbed compared to deer antler extract.
Deer antler products contain mostly amino acids (that form proteins) along with growth factors, which are poly-peptide bonded amino acid chains. (4) The most abundant growth factor is IGF-1. However, it isn’t a factor found in these products. Depending on the specific brand, deer antler spray/powder/capsules may contain amino acids and growth factors including: (5)

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Advanced Healing: You don’t have to be a bodybuilder, martial artist or cage fighter to appreciate fast healing. Our bodies get torn down every day from just living, walking, working and interacting with life. Deer Antler Velvet helps the body heal faster, meaning we have more energy, fewer aches and pains and less recovery time from all the things we do to ding, stress, stretch and hurt our bodies every day.

Performance - Borrowing the scientific research, its mandatory use by the Soviets has shown increased blood circulatory benefits, liver protective attributes and nerve strengthening effects of the aqueous alcohol extract.* This means it increases nervous innervation, easily known as the contractile capacity of muscle groups.* This leads to short burst style athletic performance increases found in weightlifting, bodybuilding, and similar sports.*

People with osteoarthritis take chondroitin sulphate as an anti-inflammatory and velvet antler contains a high concentration of this compound, as well as significant amounts of glucosamine sulphate. Both appear to inhibit the depletion of bone and cartilage. The use of velvet antler in treating rheumatoid arthritis is being studied at the University of Calgary and the University of Alberta.
Bottom line: Rogol says it’s “extremely unlikely” that deer antler in any form could offer athletes a boost. “Deer antlers do contain growth factors,” he explains. But it’s a huge leap of faith to talk about an extract doing anything beneficial for human beings, whether it’s slowing aging, developing muscle, or repairing tendons, he adds. Opinions like Rogol’s are one reason the FDA and anti-doping agencies haven’t yet taken steps to ban deer antler products that contain IGF-1.
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). 
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