Smart Pill is a collective term referring to class of new-age medical devices that resemble a conventional medical pill or a capsule. However, unlike medical pills that carry a drug load, smart pills are miniature electronic devices. Smart Pills take advantage of the advances made in microprocessors, light-emitting diode technology, CMOS, energy efficiency, telemetry and most importantly, miniaturization. They have been in the market since the early 2000s and there has already been considerable adoption of this technology in the mainstream healthcare system. In this study, Frost & Sullivan analyzes the global Smart Pills market, with attention given to medical imaging, vital signs monitoring, localized drug delivery and robotic surgeries.