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.

In the days leading up to Super Bowl XLVII we’ve heard a lot about deer antler velvet and the question of whether or not Baltimore Ravens’ linebacker Ray Lewis used an extract of it (in spray form) to help heal the triceps muscle he tore in October 2012. This could be a problem for Lewis, since deer antler velvet contains a substance that is banned by the National Football League (NFL).
Mental Capacity and Alertness: If you’re tired of feeling like you’re experiencing life through a fog, Deer Antler Velvet can help fade the fog and give you the clarity of a good night’s sleep combined with a week’s vacation. You come at things sharp and focused. Instead of struggling to remember things words, decisions, insights and just your general alertness are sharpened.
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Deer antler velvet has been used in China for over 2,000 years. More recently, Soviet scientists in the 1980s tested the effects of deer antler velvet on the performance of elite Russian athletes, and the results were astonishing. Deer antler velvet helped increase the strength and muscle mass of Russian athletes, and speed their recovery time from exercise.
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.
A systemic review on human interventions[25] makes note of a study conducted on patients of osteoarthritis (Edelman et al. 2000; cannot be located online) which found improvements in joint pain symptoms relative to baseline in the Velvet Antler group and not placebo, although a lack of information on blinding and randomization precludes results that can be drawn from this study. 
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