Its got a bunch of stuff in it, don't miss that link above about the constituents. But, overall it contains a large amount of peptides and minerals that work synergistically with unique compounds such as hyaluronic acid and growth factors to elicit many of the effects and results. Firstly we will outline the most scientifically backed uses of deer antler velvet. Read on and make your own conclusions from the evidence supplied in the rest of this article.
Deer velvet might have an effect due to the hormones it may contain, including testosterone, androstenedione, and dehydroepiandrosterone. Research in rats, using elk velvet antler, suggested the substance may have an androgen-like effect. The antlers are ground into powder, which people take by mouth. Dosage varies by brand, but a recent study used 215 mg per day. Some distributers, though, recommend dosages ranging from 250 mg to as high as 3000 mg (3 g) per day. So talk with your doctor before you start using deer velvet.

Moose, elk and deer produce new antlers yearly (primarily males, except in caribou/reindeer). In New Zealand, deer are subject to local anesthesia and restrained during antler removal, and the procedure is supervised by licensed veterinarians.[3][4] Typically, the antler is cut off near the base after it is about two-thirds of its potential full size, between 55 and 65 days of growth, before any significant calcification occurs.[4] The procedure is generally done around June in the Northern Hemisphere and December in the Southern Hemisphere.[5]


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Other uses include treatment of high cholesterol, high blood pressure, migraines, muscle aches and pains, asthma, indigestion, weak bones (osteoporosis), headache, liver and kidney disorders, cold hands and feet, soreness and weakness in the lower back and knees, chronic skin ulcers, and overactive bladder. It is also used to promote youthfulness, sharpen thinking skills, protect the liver from toxins, stimulate production and circulation of blood, and increase the number of red blood cells.

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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. 
The truth? While research is limited, there’s nothing to suggest that deer antler velvet (or deer antler spray in the supplement form) actually does what it claims. In fact, there are two published studies (in real scientific journals, you can see them here and here) that suggest deer antler velvet does not (I repeat, does not) even elicit a hormonal response. What’s more, it also did not increase muscular strength or aerobic power.
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Deer Antler Velvet Spray is an extract that’s taken directly from the material that grows on the outside of the antlers of deer, elk, moose and caribou. Their website suggests its use for anyone that is looking to counter the effects of light exercise, mild muscular strain and exertion, and some arthritic conditions. In addition to providing joint support, Deer Antler Velvet Spray is said to balance hormone levels, build muscle, boost sexual performance, and improve immune function.

In a randomized, placebo controlled test in 2004, researchers at the University of Alberta, Canada, placed 18 males from the Edmonton Police Force into a 9 week strength training program. The results showed that deer antler velvet increased the strength and endurance of the subjects relative to the control group. The researchers found that use of deer antler velvet significantly increased blood plasma testosterone levels. 

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