"I can't say for sure about this research, but I think it could at least win an international medical award, and it wouldn't be surprising if it won a Nobel after widespread application."
Nobel Prizes in medicine actively pursue such applications.
In the academic field, the Nobel Prize in Physiology or Medicine often rewards new research methods, like the discovery of Gene Cutting Technology, which can open up vast new opportunities for genetic research.
Yet, for medical and microbiological technology research to win a Nobel Prize in Physiology or Medicine, it must have sufficiently broad application. For instance, a new medication needs to heal many people, benefiting large populations, before it can be considered for the prize.
The research into Mutated Red Spirulina, being a type of microbial technology, also needs to find widespread application before it could be considered for a Nobel Prize in Physiology or Medicine.