The microalgal biotechnology industry is expanding rapidly and currently gaining attention due to multiple availabilities of high-value products such as pigments, carbohydrates, proteins, nutraceuticals, biopharmaceuticals, and unique oleaginous compounds fractionated by biomass biorefinery. Microalgae are efficient primary producers in the terrestrial and marine biotopes. They are major sources of global oxygen and are gaining topical prominence due to their concomitant role in the phycoremediation of wastewater effluents and biomass production. Despite their minuscule size, microalgae critically contribute to climate change mitigation through carbon fixation and play a major role in bioenergy applications. Furthermore, carotenoids and phycobiliproteins are the main accessory light-harvesting complexes in microalgae and cyanobacteria. The topical biomedical and pharmaceutical applications of microalgae include anticancer, antidiabetic, antiHIV, antimalarial, antimicrobial, inter alia. The endowment of unique indigenous microalgae and utilization of these biological resources must be harnessed by the biorefinery industry to exploit microalgal biomass opportunities. Therefore, this manuscript factually and critically explores the current status of the biorefinery approach, topical biomedical and pharmaceutical applications, biofuel applications, genetic manipulation of microalgae for enhancement of product yield, challenges and presents prospects, pros and cons, and outlook of the microalgal biotechnology industry.

微藻生物技术产业正在迅速发展，由于色素，碳水化合物，蛋白质，营养食品，生物制药和独特的含油化合物等高价值产品的多种可用性而引起了人们的关注，这些高价值产品是由生物质生物精炼厂分馏的。微藻是陆地和海洋生物群落的有效主要生产者。它们是全球氧气的主要来源，并且由于它们在废水的phycoremediation和生物质生产中的伴随作用而受到关注。尽管微藻的大小很小，但它们通过碳固定化为缓解气候变化做出了重要贡献，并在生物能源应用中起着重要作用。此外，类胡萝卜素和藻胆蛋白是微藻类和蓝细菌中主要的辅助光捕获复合物。除其他外。生物精炼业必须利用独特的本地微藻资源和对这些生物资源的利用来开发微藻生物质机会。因此，本手稿从事实和批判性角度探讨了生物精炼方法的现状，局部生物医学和制药应用，生物燃料应用，为提高产品产量而进行微藻的基因操纵，挑战并提出了微藻生物技术的前景，利弊以及前景行业。