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.
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." 
For those of you in your teens and 20’s, if you take this type of supplementation your body will begin to stop producing this naturally; and that right there is NOT a good thing. If you really believe you are getting some benefit from using this supplement than you will need to take more and more as your body stops making it completely (at an early age), and will most very likely have complications later, if not sooner, due to having to increase your dose. Therefore when it is found, and it is known that IGF-1, the active ingredient of why Deer Antler Velvet is used, can cause cancer, especially prostate cancer and the enlargement of other vital organs in the body, not muscles.
Fat Metabolism* -Besides containing a plethora of nutrition, such as peptides, growth factors and important minerals, which may help to prevent cravings, deer antler velvet also contains ursolic acid, which may be beneficial for increasing fat metabolism, we can, with a little effort and motivational boost, achieve a leaner and firmer physique.* Additionally, research in other fields suggests that it may be responsible for a smaller waist.*
Other studies reported an increase in heart strength and volume of blood pumped, while cardiac output, heart rate, mean arterial pressure, pulse pressure, central venous pressure and other parameters remained unchanged. Researchers suggest that the polysaccharides in antler may reduce the blood’s tendency to clot, improving circulation, decreasing stroke risk and boosting general cardiovascular health. Researchers theorize that the deer antler velvet may improve blood supply to muscles or act as an anti-inflammatory, allowing athletes to recover faster from training sessions.
To be clear, some doctors and researchers have stated that they feel deer antler spray is unlikely to cause any significant benefits. This is because it only provides very small amounts of IGF-1, some of which may not even be fully absorbed. However, studies do show that higher doses, or using very high-quality supplements, may contribute to some improvements in performance, body composition, etc. IGF-1 itself has been studied extensively. It can certainly change the way the body looks and operates. Whether or not the role of IGF-1 in the body will translate into any real benefits when obtained from deer antler products will depend on the specific person and dosage used.
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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.