Companion diagnostic is an in-vitro diagnostic process that provides information about therapeutic response of patient for a specific treatment. This tool improves the therapeutic efficiency and decreases healthcare cost. According to PricewaterhouseCooper (PwC) report, the number of pharmaceutical and diagnostic companies has increased from 19 in 2009 to 44 in 2010. Companion diagnostic is a segment of personalized medicine that includes drug-testing, therapies, clinical trials and research. Increase in demand for targeted therapies is attracting pharmaceutical companies to develop low cost and highly efficient drugs. Commercialization of Pfizer's targeted lung cancer therapeutics and Roche's personalized therapies indicated the increased value for companion diagnostic market. Companion diagnostic market growth is hindered because of latency in approval of technologies. Companies are taking longer time for approval of drugs and therapies. For Example, Abbott, Pfizer, Bayer, Life Technologies and GSK are facing challenges to receive approval for commercialization from the FDA.