Companies attributing health claims from using dietary supplements of velvet antler have received warning letters from the US Food and Drug Administration (FDA) concerning the sale of encapsulated powders connected to their marketing claims.[12] The claims were in violation of the United States Food, Drug and Cosmetic Act [21 USC/321 (g)(1)][36] because they "establish the product as a drug intended for use in the cure, mitigation, treatment, or prevention of disease" when velvet antler has no such scientific evaluation. Additionally stated by the FDA, velvet antler was "not generally recognized as safe and effective for the referenced conditions" and therefore must be treated as a "new drug" under Section 21(p) of the Act. New drugs may not be legally marketed in the United States without prior approval of the FDA.[12][14][15][16][17] As of 2018, it is legal to sell velvet antler powder, extract or spray in the U.S. as a dietary supplement as long as no disease treatment claims are made and the label bears the FDA disclaimer: "This product has not been evaluated by the FDA. It is not intended to diagnose, treat, cure or prevent any disease."
New Zealand research reports that although the mechanism is unknown, deer antler velvet shows strong anti-inflammatory effects. Recent clinical tests suggest oral ingestion of glycosaminoglycan-peptide complex, or components such as chondroitin sulfate and glucosamine sulfate — both found in deer antler velvet — may help stimulate cartilage repair.
The truth? While research is limited, there’s nothing to suggest that deer antler velvet (or deer antler spray in the supplement form) actually does what it claims. In fact, there are two published studies (in real scientific journals, you can see them here and here) that suggest deer antler velvet does not (I repeat, does not) even elicit a hormonal response. What’s more, it also did not increase muscular strength or aerobic power.
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.
Powdered velvet antler is available in capsule form from health shops. As a general tonic and to fight fatigue, the recommended dosage is usually 1 or 2 capsules (250 to 350 milligrams each) per day. For conditions such as osteoarthritis, higher doses may be used under supervision of a health practitioner. The effects of velvet antler gradually accumulate and are typically seen 8 to 12 weeks.
“I've been taking deer antler since 2012 so I've been taking it for years and I definitely believe in it. And for recovery after hard, intense workouts, deer antler is a must. Go to AntlerFarms.com, definitely get the [deer antler velvet extract tablets] and the [deer antler velvet capsules]. Take those two in combination and you will feel great.”*
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. 
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.[6] 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.[2][5][9] 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).[10][11] 
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