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).
Published research has shown that IGF-1 can produce similar results to growth hormone. The catch? If you do the math from the study, a 150-pound man (that’s a pretty small guy, so a bigger man would need more) would have to take more than 25 million nanograms just to experience the growth hormone-like effects of more muscle, less fat, and faster recovery.
Increase your overall energy and motivation while getting the most of your rest and recovery. Adapting to stress assist will help us better regulate our immune, nervous and adrenal systems. Adapting to stress means hormonal health. Proper use could even benefit an overactive system that is depleted, therefore promoting greater health in those with adrenal fatigue. It does so by activating the glands which secrete hormones that boost recovery and regeneration.
On January 30, 2013, Vijay Singh professional PGA Tour golfer was caught unaware and openly admitted to the personal use of deer antler spray which contained a banned substance at the time. A week later the World Anti-Doping Agency (WADA) lifted the ban on deer antler spray, but with urgency, "Deer Antler Velvet Spray may contain IGF-1 and WADA recommends therefore that athletes be extremely vigilant with this supplement because it could lead to a positive test."  The consensus opinion of leading endocrinologists concerning any purported claims and benefits "is simply that there is far too little of the substance in even the purest forms of the spray to make any difference,"  and "there is no medically valid way to deliver IGF-1 orally or in a spray." 
A 2015 study published in Evidenced Based Complimentary and Alternative Medicine fed mice a diet containing 10 percent elk velvet extract (EVA) to test its effects on physical growth and bone development. Researchers measured the mice’s body weights, blood chemistry, kidney and testis/ovary functions, and bone traits weekly. They found that “Mean body weights were higher in the EVA group at 4–8 weeks in males, and at 5 weeks of age in females.” The mice fed EVA also experienced changes in kidney function and increased femoral bone length by 5 weeks old. Levels of alkaline phosphatase (ALP) increased in EVA group.
Deer antler spray — a supplement commonly used in the fitness and sports industries that has a long history of use in Eastern medicine — is pretty much as strange as it sounds. Derived from the tissue found inside deer antlers, it’s reported to work by providing IGF-1 (insulin-like growth factor), a natural growth hormone found inside the human body that has potential to increase muscle mass and support recovery from injuries.
In herbal combinations, deer velvet is used to improve athletic performance; to improve eyesight and hearing; to reduce stress; and to treat arthritis, osteoporosis, “tired blood” (anemia), women’s reproductive disorders including premenstrual syndrome (PMS), ED, and skin conditions. Herbal combinations including deer velvet are also used to increase blood circulation to the brain and to delay or reduce signs of aging such as tissue, bone, and muscle degeneration, and declining mental skills.
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).