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."
Deer antler velvet is used for its purported ability to raise testosterone levels to treat decreased libido (low sex drive), infertility, and erectile dysfunction in men.  It is used in combination with other herbs to treat sexual dysfunction and hormonal dysfunction in men and women.  It is used to treat conditions resulting from deficient kidneys.  Some people use it because of its reputed benefit as an aphrodisiac and muscle strength enhancer.  It is also sometimes prescribed to help alleviate withdrawal symptoms in the treatment of morphine addiction.  
(Adult) Shake well before use. As a dietary supplement, take 6 sprays under tongue once per day. Hold for 20 seconds before swallowing for best results. Caution: Do not use if outer seal is broken. Not intended for individuals under the age of 18. Consult your health care provider prior to use if you are pregnant or nursing, have a medical condition, or when taking any medication. * CONTAINS: SOY. * This statement has not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure, or prevent any disease. Contains 25,000 NG. of IGF-1, IGF-2 and other Growth Factors

First, the following disclaimer: Products that are sold as supplements (as opposed to medications) are not regulated by the Food and Drug Administration so they are not tested for safety, efficacy or standardization.  In other words, when you buy a supplement, there is no guarantee that what is in the bottle has been tested to see if it even contains the ingredient in question, let alone whether the ingredient actually does what it claims to.  (That’s not a value judgment, just the facts.)
But when it comes to sprays or pills, there’s little evidence that deer antler offers performance enhancing benefits of any kind, says Alan Rogol, M.D., an endocrinologist at the University of Virginia. Rogol is also part of a small team of doctors that assists anti-doping agencies in determining if and when athletes can use certain controversial substances.
Generally researchers agree that deer antler velvet protects, strengthens and restores the body's functions that are out of balance. In other words, it can act as an adaptogen on the human body, helping where it is needed. Studies suggest that deer antler velvet may have beneficial effects related to: increases in muscular development, strength and endurance; improved recovery; prevention and reduction of inflammation; improvement of sexual health; reduction in blood pressure; improvement in bone and joint health; stimulation of the immune system; and more.

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Other uses include treatment of high cholesterol, high blood pressure, migraines, muscle aches and pains, asthma, indigestion, weak bones (osteoporosis), headache, liver and kidney disorders, cold hands and feet, soreness and weakness in the lower back and knees, chronic skin ulcers, and overactive bladder. It is also used to promote youthfulness, sharpen thinking skills, protect the liver from toxins, stimulate production and circulation of blood, and increase the number of red blood cells.
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.

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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:

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An acute dose of 2,000mg/kg Deer Velvet Antler to rats (human equivalent dose of 320mg/kg) has failed to show toxic signs over 14 subsequent days of observation, and a 90 day trial with daily dosing of 1,000mg/kg did not show any significant toxicological symptoms of haemotological signs; a decrease in liver weight was noted in males, but under histological examination it appeared to be benign.[38] Another rat toxicological study using 10% of the diet as Deer Velvet Antler during gestation and after birth noted that there were no apparent teratogenic effects on the rat pups and that serum AST (indicative of liver damage) was actually decreased 50% relative to control with no effect on γ-GT (another liver enzyme).[30]

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. 
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