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There is some evidence that deer antler spray may work for improving performance and physique. However, it seems that an individual needs to take very high doses in order for these benefits to occur. In studies where the supplement was effective, injections of very concentrated extracts were used. Injections may be the most effective, and likely the only, way that deer antler works. This is because IGF-1 is mostly destroyed when it passes through the digestive system. Because of this, swallowing deer antler supplements would practically be useless.
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.
Performance - Borrowing the scientific research, its mandatory use by the Soviets has shown increased blood circulatory benefits, liver protective attributes and nerve strengthening effects of the aqueous alcohol extract.* This means it increases nervous innervation, easily known as the contractile capacity of muscle groups.* This leads to short burst style athletic performance increases found in weightlifting, bodybuilding, and similar sports.*
One double-blind study published in the International Journal of Sports Nutrition and Exercise Metabolism tested whether or not deer antler velvet powder or extract had an impact on aerobic performance, endurance and “trainability of muscular strength” compared to a placebo. The subjects were adult males. They were given either a placebo, or deer antler extract or powder supplementation over a 10-week period while undergoing a strength-building routine. The men were measured for muscular strength, endurance, and VO2max before and after using deer antler. These results were determined by measuring circulating levels of testosterone, insulin-like growth factor, erythropoietin, red cell mass, plasma volume, and total blood volume.