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." 
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:
“I've been taking deer antler since 2012 so I've been taking it for years and I definitely believe in it. And for recovery after hard, intense workouts, deer antler is a must. Go to AntlerFarms.com, definitely get the [deer antler velvet extract tablets] and the [deer antler velvet capsules]. Take those two in combination and you will feel great.”*
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Raise Only Male Hormones* - Seriously, what if you are a woman? This is once again incorrect as it does not directly raise only male hormones for a majority of the population, especially women. But if you have a lagging gladular system due to overwhelming stress and fatigue than the adaptogen capabilities may allow your lagging glandular system to function more appropriately, hence you may correct for proper hormone functioning.*
A systemic review on human interventions makes note of a study conducted on patients of osteoarthritis (Edelman et al. 2000; cannot be located online) which found improvements in joint pain symptoms relative to baseline in the Velvet Antler group and not placebo, although a lack of information on blinding and randomization precludes results that can be drawn from this study.