Factors such as the increasing approval of drug along with its companion diagnostic assay, cost- effective profiling of DNA, increasing incidence rate of cancer and rise of data-driven healthcare are some of the reasons leading to the growth of the precision medicine market. Moreover, the increasing use of “multi-omics” in research along with the penetration of high-throughput sequencing platforms is also shaping up the precision medicine scenario. The number of targeted molecules in pipeline for a specific application has been exponentially growing specifically in oncology. The current escalating price of drug discovery along with increasing regulatory requirements has increased the demand for an individualized product. The development of companion diagnostics appears to offer a set of tools as well as relevant clinical and biological information to address various pharmaceutical companies.