The paragraph contains several errors in the use of commas. decide if the underlined part of the text needs to be revised or if it is correct as is. each year since 1901 the nobel prize has been awarded to a wide range of international recipients  for their achievements in chemistry, literature, medicine, peace and physics

It requires correction because it doesn't separate the words to communicate the message correctly.

Explanation:

Each year since 1901(,) you need to separate 1901 form the nobel prize because you are establishing two different ideas. The introductory and the introduction of the object of the paragraph. the Nobel Prize has been awarded to a wide range of international recipients for their achievements in (:) you could use two points here to establish the different categories that delimit if the cause and effect can be performed in the object. But it is fine if you don't use it to break the academic narrative style used in this excerpt chemistry, literature, medicine, peace, you have to separate the last element of categorization before the connector "and" because it is a conjunction and these separate clauses or elements of the same category physics.