In what might be the most important study done in the United States, a group of scientists took 32 male weight lifters and gave half of them New Zealand Deer Antler Velvet and half of them a placebo for 10 weeks. While the placebo group didn't show any difference in bench or squat tests, those given deer antler velvet saw an increase of 4 percent on the bench press and 10.1 percent on the squat test as compared to the placebo group. The scientists also reported that there was a "significant improvement in aerobic capacity" with the group that was taking deer antler velvet.
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In a double blind study (Edelman, 2000), 54 patients with arthritis in the knee were given deer antler velvet or a placebo and assessed at 1, 3 and 6 months. Patients treated with deer antler velvet showed improvement in pain and physical global assessment at 3 and 6 months. No significant improvement was observed for the placebo group for any of the parameters examined.
People with osteoarthritis take chondroitin sulphate as an anti-inflammatory and velvet antler contains a high concentration of this compound, as well as significant amounts of glucosamine sulphate. Both appear to inhibit the depletion of bone and cartilage. The use of velvet antler in treating rheumatoid arthritis is being studied at the University of Calgary and the University of Alberta.
In an ovalbumin sensitized mouse model, 4 weeks of Velvet Antler at 2.5-10mg total (weight of mice not given, assuming 20g this equals 125-500mg/kg or 10-40mg/kg for humans) was able to reduce total Immunoglobulin E (IgE) and Ovalbumin-specific IgE at 14, 21, and 28 days. When challenged with methacholine and subsequently having their airway power measured, it appeared that Velvet Antler exert anti-asthmatic effects in regards to allergies.
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Velvet antler is the whole cartilaginous antler in a precalcified growth stage of the Cervidae family including the species of deer, elk, moose and caribou. Velvet antler is covered in a hairy, velvet-like "skin" known as velvet and its tines are rounded, because the antler has not calcified or finished developing. Velvet antler preparations are sold in China as part of Traditional Chinese medicine, and in the United States and some other countries as a dietary supplement.
As men and women get older, they naturally start producing less Human Growth Hormone (HGH). So levels of IGF-1 also decline with age. The liver produces IGF-1 when HGH is released. HGH is converted to IGF-1. Aside from someone’s age, IGF-1 levels will vary depending on a person’s sex (men generally have more), level of activity, their diet, genetics and lifestyle.
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." 
New Zealand research reports that although the mechanism is unknown, deer antler velvet shows strong anti-inflammatory effects. Recent clinical tests suggest oral ingestion of glycosaminoglycan-peptide complex, or components such as chondroitin sulfate and glucosamine sulfate — both found in deer antler velvet — may help stimulate cartilage repair.
Researchers believe that the imbalance between cartilage erosion and regeneration in osteoarthritis suffers is caused by a lack of glycosaminoglycans. Glycosaminoglycans play a vital role in the structural integrity of cartilage. The compound appears to inhibit enzymes that deplete cartilage nutrition. Chondroitin sulfate molecules are long chains of sugars and sulfur that create tiny spaces filled with fluid. These spaces protect and cushion joints.