Studies have found that deer antlers themselves contain a highly concentrated amount of essential trace minerals, fatty acids, amino acids and growth factors that can all support the immune system. This includes the gastrointestinal tract, where the majority of the immune system is found. Antlers contain minerals such as: calcium, phosphorus, magnesium, iron, potassium and sodium in addition to numerous minor components.

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.
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The word antler is derived from the Latin Anteoculae, meaning "in front of the eyes." Antlers are present in almost all members of the deer family Cervidae. The first documented evidence of deer velvet as a medicinal was found on a scroll recovered from a tomb in Hunan China dating back 2000 years. The use of antler dates back to the Han Dynasty 206 BC to 220 AD. A 16th century medical text, Pen Ts'ao Kang Mu, lists several antler preparations including pills, tinctures, and ointments. In traditional Chinese medicine, velvet antler has been used for over 2000 years as a tonic, to improve bone health, to nourish the blood, reduce swelling, and to treat impotence. Later research on deer antler dates back to the 1980s in Russia. Hundreds of articles have since been published including those documented by Chinese, Korean, and Japanese scientists.14, 15
Data is limited. Two studies (n=40 and 168) investigating the efficacy of elk velvet antler supplementation on rheumatoid arthritis found no effect, while a study conducted in people with osteoarthritis (n=53) reported symptomatic relief among participants. The small sample sizes may result in the trials being underpowered to detect effects.25, 28, 29
One study[14] (duplicated in Medline[15]) that used a water extract of Velvet Antler at 50-200mg/kg failed to inhibit the pain killing effect of Morphine yet reduced the rate at which rats became tolerant to Morphine over the course of 6 days when taken an hour prior to Morphine each day.[14] Rats who were given Velvet Antler prior to Morphine also experienced 26.6-36.6% less withdrawal (dose-dependent) and reduced reverse tolerance and dopamine receptor supersensitivity relative to morphine control.[14]
Using deer antler velvet benefits sexual functions and libido by helping to increase gonadotropin hormones which include luteinizing hormone (LH) and follicle-stimulating hormone (FSH). Luteinizing hormone (LH) and follicle-stimulating hormone are hormones that stimulate the sex glands. The stimulation of the sex glands is pivotal for sexual reproduction. Without the presence of the gonadotropin hormones, the sexual organs will fail at their purpose and the individual will be considered infertile. As the deer antler velvet promotes an increase in LH, the LH causes the testes to produce more testosterone.

When antlers fall off, they leave wounds that heal quickly, without forming a scar. Researchers have found that velvet antler contains substances that encourage healing, and could be of use to humans. Of particular interest are 3 hormones known to promote growth of skin tissue: insulin-like growth factor (IGF-1), epidermal growth factor (EGF) and transforming growth factor-β1 (TGF-β1). In a recent study, an ointment made from velvet antler, containing these compounds, enhanced healing when applied to the skin of rats. IGF-1 was a hot topic in the media in the winter of 2013 when a football player, Ray Lewis, was accused of using a banned spray containing IGF-1.
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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]