Unfortunately, the potential problems with IGF would seem to negate any of these theoretical benefits.  It has been shown that improper use of hormones such as dehydroepiandrosterone (DHEA), androstenedione, and human growth hormone may increase the risk for development of prostate cancer or promote the growth of existing prostate cancer by raising IGF-1 levels.  Therefore, men who are taking supplements with IGF in it (or those that raise IGF levels) could theoretically be putting themselves at an increased risk for prostate cancer.  Again, it hasn’t been rigorously studied so it’s impossible to know for sure, but if you have any risk factors for prostate cancer, it’s probably best to avoid taking this supplement.  
Reports claim deer antler helped Ray Lewis overcome his recent triceps tear, and Vijay Singh has admitted to using a spray supplement. University of Alabama football players also allegedly used deer antler sprays leading up to the 2013 BCS National Title Game. Whether or not those reports are true, one thing is certain: There’s not much proof that deer antler is a performance enhancer or a miraculous healer.
More recent tests (Slievert, 2003) confirm deer antler velvet’s effects on muscle strength and endurance. In a randomized, double blind, placebo controlled experiment, 18 males entered a 10 week strength training program. Those who took deer antler velvet showed an increase in maximal aerobic capacity, an increase in strength in the bench press and leg squat, and decrease in body fat relative to the placebo group.
One study in men given 1.5g Velvet Antler for 11 weeks noted that intake of Velvet Antler was associated with a greater improvement in peak torque (30+/-21% more than baseline vs. placebo increasing 13+/-15%) and average power (21+/-19% vs. 7+/-12%) as assessed by leg extension; the authors noted that other parameters suggestive of power improvement (such as endocrine improvements or erythropoesis) did not occur and noted that replication is needed.[26] The lack of aerobic improvement noted in this study is contrasted by another study using 2,700mg of Velvet Antler (two doses of 1,350mg daily for 10 weeks) which improved VO2 max by 9.8%, although this study had a remarkably high dropout rate of 44% which precludes conclusions that can be drawn.[27]
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.
In 168 persons with stable Rheumatoid Arthritis but present pain (25-100mm on the VAS rating scale) given either 1g of Velvet Antler from Elk or placebo for 6 months noted that there were no significant differences between placebo and Velvet Antler in regards to pain.[23] Another study by the same research group using a smaller sample (n=40) and graded doses of 430mg, 860mg, and 1290mg daily noted that there was a dose-dependent trend towards reduced pain symptoms but this was not statistically significant.[24]
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.[citation needed] 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.[6][7][8]
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:
Research has been conducted on the potential use of deer antler velvet for healing of wounds. In Russia (Arapov, 1969), Pantocrin was administered to patients with surgical and internal wounds. The study reported that there were a number of positive effects, including the normalization of arterial pressure, reduction in surgical complications, and becoming active quicker. In tests on rats (Wang, 1985), bone fracture repair was accelerated. A recent study by Bubenik found that antler helped heal epidermal wounds in rats. In another study by Takikawa, et al., researchers reported observing new bone formation following experimental whiplash injuries in rabbits. Pretreatment in rats reduced cell degradation and improved recovery times from extreme temperature and electric shock exposure. 
In Asia, velvet antler is dried and sold as slices, or as a powder which may be boiled in water, usually with other herbs and ingredients, and consumed as a medicinal soup.[6] In the traditional commercial trade of Korea and China, whole stick antler velvet is divided into three sections based upon their supposed properties. Although there is an absence of uniform standardization, these sections are known as the wax piece (uppers or tips), the blood piece (middles), and the bone piece (bottoms): the wax piece may be marketed as a growth tonic for children, the blood piece supposedly for joint and bone health, and the bone piece supposedly for calcium deficiency and geriatric needs.[2][5][9] Early commercial activity in Russia between the 1930s and 1980s led to the production of an alcohol extract from deer antler velvet marketed under the Russian drug trade name Pantocrin (also pantocrine or pantokrin).[10][11]
In 168 persons with stable Rheumatoid Arthritis but present pain (25-100mm on the VAS rating scale) given either 1g of Velvet Antler from Elk or placebo for 6 months noted that there were no significant differences between placebo and Velvet Antler in regards to pain.[23] Another study by the same research group using a smaller sample (n=40) and graded doses of 430mg, 860mg, and 1290mg daily noted that there was a dose-dependent trend towards reduced pain symptoms but this was not statistically significant.[24]
(Adult) Shake well before each use. As a dietary supplement, spray 3 to 5 times under tongue as needed. 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
Deer antler products contain mostly amino acids (that form proteins) along with growth factors, which are poly-peptide bonded amino acid chains. (4) The most abundant growth factor is IGF-1. However, it isn’t a factor found in these products. Depending on the specific brand, deer antler spray/powder/capsules may contain amino acids and growth factors including: (5)
A 2014 study published in Evidence Based Complimentary and Alternative Medicine tested whether or not deer antler extract would have an effect on fatigue in mice who were led to swim distances. The findings suggested that deer antler “might increase the muscle strength through the upregulation of genes responsible for muscle contraction and consequently exhibited the anti-fatigue effect in mice.” Deer antler seems to have a positive effect on genes involved in nine different signaling pathways that affect muscles, endurance and fatigue. These include GnRH signaling pathway and insulin signaling pathways, in addition to levels of troponins. (8) Deer antler may contribute to increases in muscle strength by increasing Tpm2 expression. This affects how muscles take up proteins and repair themselves. Other studies show some evidence that deer antler extract helps prevent muscle fatigue by activating the lactate dehydrogenase activities and reducing the levels of blood lactic acid and serum urea nitrogen.
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).
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