One of the leading companies in the world that manufacturers deer antler spray is called Nutronics Labs. According to information posted on their website, they have been making deer antler supplements for two decades. They state that their deer antler products range in concentration/strength from about 25,000ng (nanograms)–200,000ng of IGF-1. According to studies done by Nutronics Labs, deer antler powders appear to be less concentrated with IGF-1. They also may be poorly absorbed compared to deer antler extract.
The first question to ask, is why? Why are you considering this supplement? A supplement is not intended to fix a crappy diet or poor exercise program. A supplement is intended to be just that, a supplement to your existing good diet/good exercise program. And if you’re eating a well-rounded diet, then there’s really no need for supplementation at all.
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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." 
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.
The answer is that deer antler velvet is just another fat burner. Another cell volumizer. Another body-toning shoe. It’s fitness marketing at it’s finest—playing off a goal you desire (gaining more muscle and size) and drawing unsubstantiated and wildly exaggerated claims. There’s nothing miraculous about deer antler spray. And after a closer look at the product, there’s really—well—nothing to it at all.
Sourced from New Zealand, Piping Rock’s IGF-1+ extra strength Deer Antler Velvet Spray taps into ancient practices famously exploring male virility.** Each spray contains the beneficial amino acids, peptides, proteins and insulin-like growth factor-1 (IGF-1+) naturally found in deer velvet, making this spray a popular choice among athletes, fitness enthusiasts and those who are looking to support muscle strength, stamina, vitality and overall male performance.**
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.