Some people use deer velvet to increase levels of certain sex hormones (estrogen and testosterone), improve fertility, increase interest in sexual activity (as an aphrodisiac), and treat male sexual performance problems (erectile dysfunction, ED). Women use deer velvet to reduce the dose of estrogen they need in hormone replacement therapy. They also use it for menstrual and menopause problems, vaginal discharges, and uterine bleeding.
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I know of no scientific evidence to support any of the marketing claims made for these supplements. I discussed your question with Tieraona Low Dog, M.D., an internationally recognized expert in the fields of integrative medicine, dietary supplements and women’s health, and an authority on botanical medicine. She explains that IGF-1 in the velvet promotes rapid growth of the antler. Dr. Low Dog notes that the two studies examining the effects of deer antler velvet supplements taken by athletes have yielded conflicting results. One showed some improvements in endurance and knee strength in weightlifters, but the other found no differences in rowers after 10 weeks of supplementation.
Many people from many cultures use it. Throughout history it has been used by the American Indians, Europeans, Romans, Russians, and Asians as an alcohol extract. Often it was easily made into soups for its strengthening bone broth protein full of raw material for tissues, joints and bone. The most complete ancient literature is the Chinese texts, which give it top classification for over 2,000 years.
According to an article published by Business Insider, between 20 to 40 percent of professional MLB and NFL athletes admit to purchasing and using deer antler spray (also called “deer antler velvet”). They hope to benefit from its performing-enhancing effects. (1) Some famous athletes turn to deer antler spray in hopes of promoting growth of new tissue cells or gaining strength due to more easily putting on lean muscle mass.

Unfortunately, the potential problems with IGF would seem to negate any of these theoretical benefits.  It has been shown that improper use of hormones such as dehydroepiandrosterone (DHEA), androstenedione, and human growth hormone may increase the risk for development of prostate cancer or promote the growth of existing prostate cancer by raising IGF-1 levels.  Therefore, men who are taking supplements with IGF in it (or those that raise IGF levels) could theoretically be putting themselves at an increased risk for prostate cancer.  Again, it hasn’t been rigorously studied so it’s impossible to know for sure, but if you have any risk factors for prostate cancer, it’s probably best to avoid taking this supplement.  
Yes, the Soviets had even been involved in extensive research to ascertain the performance benefits of deer antler velvet. But they've been using it for awhile. In their country it was known in Russian folk use to be a warming and vitalizing food several hundred years ago, but with the advent of modern history, they began research nearly 90 years ago.
In a randomized, placebo controlled test in 2004, researchers at the University of Alberta, Canada, placed 18 males from the Edmonton Police Force into a 9 week strength training program. The results showed that deer antler velvet increased the strength and endurance of the subjects relative to the control group. The researchers found that use of deer antler velvet significantly increased blood plasma testosterone levels. 
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