Deer antler velvet has been used in China for over 2,000 years. More recently, Soviet scientists in the 1980s tested the effects of deer antler velvet on the performance of elite Russian athletes, and the results were astonishing. Deer antler velvet helped increase the strength and muscle mass of Russian athletes, and speed their recovery time from exercise.
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Velvet antler in the form of deer antler spray has been at the center of multiple controversies with professional sports leagues and famous athletes allegedly using it for injury recovery and performance enhancement purposes. In mid-2011 a National Football League (NFL) player successfully sued a deer antler velvet spray manufacturer for testing positive for methyltestosterone in 2009 for a total amount of 5.4 million US dollars. In August 2011, Major League Baseball (MLB) added deer antler spray to their list of prohibited items because it contains "potentially contaminated nutritional supplements." 
Deer antler velvet has made its way into the spotlight recently thanks to claims that Super Bowl winner Ray Lewis used it in spray form to recover from his October triceps injury. Lewis denied the claim, but had many people wondering if deer antler velvet, a substance that is banned by the NFL and claims to increase strength and boost muscle recovery, really works. The natural supplement, made from the fuzz that covers male deer antlers, is a growth hormone known as IGF-1, which supposedly can repair cartilege damage and increase strength and muscle mass.
However, calcium and phosphorus levels (which are important for bone growth) did not differ among groups. Overall, the researchers concluded that “our results seem to support a role for dietary supplementation of EVA on growth and bone development in this model.” (9) However, it’s important to point out that this is a very high dose. It’s significantly above what most would take in supplement form.
Bottom line: Rogol says it’s “extremely unlikely” that deer antler in any form could offer athletes a boost. “Deer antlers do contain growth factors,” he explains. But it’s a huge leap of faith to talk about an extract doing anything beneficial for human beings, whether it’s slowing aging, developing muscle, or repairing tendons, he adds. Opinions like Rogol’s are one reason the FDA and anti-doping agencies haven’t yet taken steps to ban deer antler products that contain IGF-1.
In a study on diabetic mice given topical wounds (scalpel and scissors to create a cricle; diabetes tends to reduce wound healing rates and thus diabetic rats are a good research model for wound closure rates) where either a control cream or one containing 400mcg Velvet Antler (Elk; water soluble extract) noted that there was less angiogenesis and a trend towards less inflammation assocaited with Velvet Antler cream while on day 7 wounds treated with the Antler cream were significantly smaller than control. One 3.2kDa protein has been noted to possess wound healing properties, which are dose-dependent and have been noted to improve wound healing induced by burns at 0.05-0.1% of solution and in vitro at 10-40mcg/mL.
Its got a bunch of stuff in it, don't miss that link above about the constituents. But, overall it contains a large amount of peptides and minerals that work synergistically with unique compounds such as hyaluronic acid and growth factors to elicit many of the effects and results. Firstly we will outline the most scientifically backed uses of deer antler velvet. Read on and make your own conclusions from the evidence supplied in the rest of this article.
Deer antler velvet is the tissue that covers the bone and cartilage that develop into deer (and elk) antlers. It has been harvested for centuries and used traditionally to increase strength, boost the immune system, and counter the effects of stress. Now it’s promoted to improve athletic performance; raise testosterone levels to increase sex drive, fertility and erectile function in men; as well as to reduce the signs of aging and treat problems ranging from high cholesterol, high blood pressure, asthma and osteoporosis to migraine headaches, indigestion, and many more.
The IGF-1 found in deer antler spray is derived from deer antler velvet, the tissue found inside the deer's antlers before they fully harden. Since deer antlers grow incredibly fast, it is not surprising that the horns are rich in IGF-1. This is a naturally-occurring form of IGF-1, meaning it is not made in a lab. As a result, deer antler velvet is considered a dietary supplement by the Food and Drug Administration, and unlike synthesized drugs, the product does have to be proven safe or effective before it's sold to the public.
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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).