In 1989, fitness expert John Abdo, who trained numerous Olympic and world class athletes, visited the Institute of Physical Culture in Moscow to investigate Russian training routines. At that time, Russian athletes underwent a dramatic increase in the success in weightlifting competitions. John met with former Soviet weight-lifting champion Victor Sheynkin and training expert Yuri Verhoshansky. John learned that their athletes had experienced considerable improvement in performance with deer antler velvet.  Dr Arkady Koltun, Chaiman of the Medical Committee for the Russian Bodybuilding Federation, and an expert on anabolic agents confirmed that deer antler velvet increases muscular strength and speeds recovery after exercise.

There must be a reason to is use and a booming world industry that garners the attention of several researchers and scientist in many countries. Modern understanding has greatly advanced our knowledge of velvet antler. We know by its composition and the knowledge of the structure and function of the plenitude of constituents which work together, like a symphony, to create an efficacious supplement that yields a multitude of benefits.
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.  
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)
L-Arginine: An amino acid usually found in red meats that is important for the body’s ability to manufacture proteins. L-Arginine has been used to treat conditions like high blood pressure, congestive heart failure, blocked arteries, and erectile dysfunction. L-Arginine is safe for most people, however it should not be taken by women that are pregnant or breastfeeding.
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