In 168 persons with stable Rheumatoid Arthritis but present pain (25-100mm on the VAS rating scale) given either 1g of Velvet Antler from Elk or placebo for 6 months noted that there were no significant differences between placebo and Velvet Antler in regards to pain. Another study by the same research group using a smaller sample (n=40) and graded doses of 430mg, 860mg, and 1290mg daily noted that there was a dose-dependent trend towards reduced pain symptoms but this was not statistically significant.
It is recently gaining popularity in the USA as seen with the deer antler spray controversy a couple years ago concerning several professional athletes. Oh yeah, I heard its a performance enhancer. They were consuming it for its natural growth factors, extracted via cold water, which are known to promote growth and regeneration capacities. Natural? Yes, and healthy. Where does this stuff come from?
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.
IGF-1 is currently on the World Anti-Doping Agency’s prohibited list due to how it gives athletes an unfair advantage in terms of building strength and muscle mass. (7) However, it’s still legal to use supplements that may provide IGF-1 or similar effects. Most of the studies that show positive results from using deer antler supplements have used high doses. And some have tested the product on animals (mice or rats) rather than humans.
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.
In September, 2013, the headquarters of S.W.A.T.S. was raided and ordered to be shut down by Alabama's attorney general citing "numerous serious and willful violations of Alabama’s deceptive trade practices act". Among the violations were "claims that the company made about a number of products that were unsupported by scientific research. Some of these products were marketed as 'dietary supplements.'"  The assistant Alabama attorney general "says that Deer Antler Spray is dangerous and its sellers are law-breakers." 
Supplements are best used in situations where an individual is unable to get their nutrients from their diet. Perhaps an individual has an allergy or intolerance, for example lactose. They are unable to consume milk products which in turn limits their ability to get sufficient calcium and vitamin D from their diet. In that case, a supplement makes sense.
Deer Antler Velvet Extract: This moss-like substance has been used in Chinese medicine for years and is thought to contain a number of compounds that can help with tissue regeneration and repair. The antlers are removed safely and without harm to the animal, and the velvet is thought to have applications for improving circulation, strengthening bone density, and improving male libido. There is very little clinical data regarding the effects of deer velvet, and not much is known about its side effects. Some conditions that may potentially be related to deer antler velvet include:
On to the Deer Antler Spray and it’s positive effects this has had on my wife and I. Starting with me: In 2005 I had a titanium cage put into my L4-L5 lumbar region. My left leg was always numb and slept very little until a great neurosurgeon repaired it. Then 1 day I was on my 2 mile walk, and all of a sudden I felt this horrible left side pain. By that night my son, who was 16 at the time, said that my left side was all swelled up. It was hell all over again for me. I went to many doctors, stopped many in the halls of the University of Iowa Hospitals and asked if they could give me a tell. Of course none of them knew either. I was on hydrocodone for 4 years and also put on Lyrica. After hearing about Ray Lewis making this remarkable comeback from his tricep injury, which was really damaged and at his age should have retired, he came back for the playoffs. This blew me away because I also know much about sports injuries being I am an ex-athlete.
In Asia, velvet antler is dried and sold as slices, or as a powder which may be boiled in water, usually with other herbs and ingredients, and consumed as a medicinal soup. In the traditional commercial trade of Korea and China, whole stick antler velvet is divided into three sections based upon their supposed properties. Although there is an absence of uniform standardization, these sections are known as the wax piece (uppers or tips), the blood piece (middles), and the bone piece (bottoms): the wax piece may be marketed as a growth tonic for children, the blood piece supposedly for joint and bone health, and the bone piece supposedly for calcium deficiency and geriatric needs. Early commercial activity in Russia between the 1930s and 1980s led to the production of an alcohol extract from deer antler velvet marketed under the Russian drug trade name Pantocrin (also pantocrine or pantokrin).