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
Deer antler velvet is used for its purported ability to raise testosterone levels to treat decreased libido (low sex drive), infertility, and erectile dysfunction in men. It is used in combination with other herbs to treat sexual dysfunction and hormonal dysfunction in men and women. It is used to treat conditions resulting from deficient kidneys. Some people use it because of its reputed benefit as an aphrodisiac and muscle strength enhancer. It is also sometimes prescribed to help alleviate withdrawal symptoms in the treatment of morphine addiction.
"Unlike steroids, which are small, cholesterol-based hormones, protein-based hormones or growth factors can easily be destroyed," he wrote in an email. Cohen guesses that even if you consume high levels of IGF-1, most if not all of the substance would be destroyed after hitting the acid in our stomach and before entering the blood system, which is how compounds we ingest reach the muscles. "This is also why you have to inject insulin instead of just eating insulin pills," he added.
To determine the effects of deer antler velvet on maximal aerobic performance and the trainability of muscular strength and endurance, 38 active males were randomly assigned in a double-blind fashion to either deer antler velvet extract (n = 12), powder (n = 13), or placebo groups (n = 13). Subjects were tested prior to beginning supplementation and a 10-week strength program, and immediately post-training. All subjects were measured for circulating levels of testosterone, insulin-like growth factor, erythropoietin, red cell mass, plasma volume, and total blood volume. Additionally, muscular strength, endurance, and VO2max were determined. All groups improved 6 RM strength equivalently (41 +/- 26%, p < .001), but there was a greater increase in isokinetic knee extensor strength (30 +/- 21% vs. 13 +/- 15%, p = .04) and endurance (21 +/- 19% vs. 7 +/- 12%, p = .02) in the powder compared to placebo group. There were no endocrine, red cell mass or VO2max changes in any group. These findings do not support an erythropoetic or aerobic ergogenic effect of deer antler velvet. Further, the inconsistent findings regarding the effects of deer antler velvet powder supplementation on the development of strength suggests that further work is required to test the robustness of the observation that this supplement enhances the strength training response and to ensure this observation is not a type I error.
A growing trend in western medicine is the proliferation of influences from ancient eastern medicine. Over 2,000 years ago, the Chinese were administering deer antler velvet to treat conditions ranging from serious illnesses to lack of sexual desire. After closely examining the wide range of health benefits deer antler velvet promotes, it's no wonder why the Chinese used it as a medicine for thousands of years.
In September, 2013, the headquarters of S.W.A.T.S. was raided and ordered to be shut down by Alabama's attorney general citing "numerous serious and willful violations of Alabama’s deceptive trade practices act". Among the violations were "claims that the company made about a number of products that were unsupported by scientific research. Some of these products were marketed as 'dietary supplements.'"  The assistant Alabama attorney general "says that Deer Antler Spray is dangerous and its sellers are law-breakers." 
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. 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. 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).