It is difficult to analyze the quality of Deer Antler Velvet Spray’s ingredients due to their largely untested nature. Deer velvet contains glucosamine and chondroitin, two key chemicals in the body’s joint health processes that our panel of experts highly recommends. It may also increase estrogen production in the body, which can be both good and bad. In some that may be helpful for correcting existing hormonal imbalances, for others it may create them.
It is recently gaining popularity in the USA as seen with the deer antler spray controversy a couple years ago concerning several professional athletes. Oh yeah, I heard its a performance enhancer. They were consuming it for its natural growth factors, extracted via cold water, which are known to promote growth and regeneration capacities. Natural? Yes, and healthy. Where does this stuff come from?
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." 
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. 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.
Insulin-like Growth Factor 1 (IGF-1) is an anabolic molecule which appears to induce growth of the antlers themselves, although testosterone may be the primary growth factor. Currently, there is no evidence that serum IGF-1 is increased following Velvet Antler ingestion with one study using 1.5g of Velvet Antler for 11 weeks failing to increase serum IGF-1.
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. 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.
L-Arginine: An amino acid usually found in red meats that is important for the body’s ability to manufacture proteins. L-Arginine has been used to treat conditions like high blood pressure, congestive heart failure, blocked arteries, and erectile dysfunction. L-Arginine is safe for most people, however it should not be taken by women that are pregnant or breastfeeding.