Velvet antler in the form of deer antler spray has been at the center of multiple controversies with professional sports leagues and famous athletes allegedly using it for injury recovery and performance enhancement purposes. In mid-2011 a National Football League (NFL) player successfully sued a deer antler velvet spray manufacturer for testing positive for methyltestosterone in 2009 for a total amount of 5.4 million US dollars. In August 2011, Major League Baseball (MLB) added deer antler spray to their list of prohibited items because it contains "potentially contaminated nutritional supplements." 
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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
All male members of the deer family, including elk, moose and reindeer (caribou), grow a new set of antlers each year’from scratch, in just a matter of months’then shed them at the end of the annual mating season. The ability to regenerate such large appendages each year is unique to this family among mammals and rare in the animal kingdom as a whole (horns, in contrast to antlers, are permanent and cannot be regrown). Understanding how it happens could have significant implications for human medicine, particularly in the fields of wound healing and organ regeneration.
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Both a lack of sexual desire and sexual performance issues like erectile dysfunction can be traced back to a low testosterone level. Deer antler velvet can help increase the production of hormones related to sexual functions, including testosterone and its metabolites. In this way, deer antler velvet can help as not only an aphrodisiac but also as a possible treatment for erectile dysfunction.
An ethanolic extract has been noted to, following oral ingestion of 100mg/kg, suppress nitric oxide secretion from peritoneal macrophages while stimulating phagocytic activity secondary to calcium mobilization, and has been noted to increase macrophage cell count in a concentration dependent manner up to 171.5% at 150mcg/mL with a water extract (and 132.4% for splenocytes). This immunostimulation appears to be related to phosphatidylcholine molecules with saturated fatty acid acyl chains and is thought to underlie an anti-infective effect in mice infected with Staphylococcus aureus when Velvet Antler is ingested at 500mg/kg.
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.