创新药大牛市分支思路（三）：中小市值管线爆款：镇痛机制趋向多元化，关注相关药品临床进展

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [4]. Core Insights - The pain management market is expected to grow significantly, with a projected increase from USD 79.4 billion in 2021 to USD 120.7 billion by 2027, reflecting a compound annual growth rate (CAGR) of 7.39% [1]. - There is a shift towards diversified pain relief mechanisms to mitigate addiction risks associated with opioid medications, with non-opioid drugs expected to gain market share [1][6]. - The KOR agonist class represents a promising new direction for postoperative pain management, showing significant efficacy without central side effects [2][6]. Summary by Sections Market Overview - The chronic disease prevalence and aging population in China are driving the demand for pain management solutions, despite regulatory challenges and market structure issues [1]. - Current mainstream pain medications include opioids and non-steroidal anti-inflammatory drugs (NSAIDs), both of which have limitations due to side effects and addiction risks [1]. Innovative Solutions - KOR agonists, such as Vertex's Journavx, have been approved for acute pain treatment, targeting peripheral nervous systems to avoid central side effects [2]. - The P2X receptor class is emerging as a new target for non-opioid pain relief, suitable for chronic pain and cancer pain management [3]. Clinical Developments - The STC007 injection by Sunshine Nuohuo has shown promising results in clinical trials for postoperative pain, demonstrating efficacy comparable to traditional treatments with fewer side effects [5][7]. - The report highlights the potential for STC007 to fill a gap in the market for KOR agonists in postoperative pain management, emphasizing its rapid onset and strong analgesic effects [6][7]. Investment Recommendations - The report suggests continued attention to companies at the forefront of pain management innovations, such as Sunshine Nuohuo, Hengrui Medicine, Haizhu Pharmaceutical, and Renfu Pharmaceutical, as the market for pain relief solutions expands [6].