A study (Yudin and Dobyrakov, 1974) on the effect of deer antler velvet extract on the static load-bearing capacity of subjects found that those who took the extract increased the time of work by 2-4 seconds compared to the control group. In tests of dynamic work using a veloergometer, the subjects who took the extract increased the work output 4 to 5 times more than the control group.
Osteoarthritis is caused by the loss of cartilage in bone joints. In normal joints, cartilage serves as a buffer between bones. Usually the body replenishes cartilage as it wears away, but when osteoarthritis occurs, cartilage deteriorates faster than the body can replace it. Eventually, the bones begin to rub together, causing pain, swelling and loss of joint mobility. Most treatments for osteoarthritis attempt to reduce pain and maintain joint function, but these treatments do little to restore joint health.
A Russian study indicated that the amino acids, polypeptides and other compounds found in antler increased the survival rate of mice with cancerous tumors as much as 40 percent. In addition, a study conducted by the East-West Research Institute in Korea found that deer antler velvet appears to increase neutrophil levels in mice, which boost the body’s ability to fight injuries and disease. The mice with tumors lost less weight and suffered lower levels of kidney damage than those treated with drugs.
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Velvet antler has been used in traditional Chinese medicine (TCM) that classifies many similar substances from a variety of species under the simplified Chinese name 鹿茸; (pinyin Lu Rong) and the commercial name Cervi Cornu Pantorichum. The two common species used within the TCM system are sika deer and red deer which are thought to be useful for treating yang deficiency syndromes.
I know of no scientific evidence to support any of the marketing claims made for these supplements. I discussed your question with Tieraona Low Dog, M.D., an internationally recognized expert in the fields of integrative medicine, dietary supplements and women’s health, and an authority on botanical medicine. She explains that IGF-1 in the velvet promotes rapid growth of the antler. Dr. Low Dog notes that the two studies examining the effects of deer antler velvet supplements taken by athletes have yielded conflicting results. One showed some improvements in endurance and knee strength in weightlifters, but the other found no differences in rowers after 10 weeks of supplementation.
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.
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Andouiller de Cerf, Antler Velvet, Bois de Cerf, Bois de Cerf Rouge, Bois de Chevreuil, Bois de Velours, Bois de Wapiti, Cervus elaphus, Cervus nippon, Cornu Cervi Parvum, Deer Antler, Deer Antler Velvet, Elk Antler, Elk Antler Velvet, Horns of Gold, Lu Rong, Nokyong, Rokujo, Terciopelo de Cuerno de Venado, Velours de Cerf, Velvet Antler, Velvet Dear Antler, Velvet of Young Deer Horn.
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." 
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. The claims were in violation of the United States Food, Drug and Cosmetic Act [21 USC/321 (g)(1)] 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. 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."
There is an increasing amount of scientific evidence supporting the benefits of deer antler velvet from decades of research carried out in Russia, Korea, China, Japan, Australia and New Zealand. This research has given credibility to deer antler velvet’s traditional usage and validated recommendations for its inclusion as an everyday health supplement. Almost 250 papers have been published since 1930 on the manufacture, composition and biochemical effect of deer antler velvet. Studies on deer antler velvet and the corresponding findings are described below.