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Neonates and paediatric patients need to be monitored using a variety of instruments to measure physiological parameters such as heart rate, blood pressure, cardiac activity, respiratory rate, body temperature, etc. For each measurement, a review of current and emerging techniques has been reviewed, highlighting limitations as well as clinical utility. However, some developing countries have neonatal mortality rates reaching as high as 40% due to the unavailability of these healthcare monitoring systems. Hence, there has been a growing interest in low-cost flexible biosensors for healthcare applications that can attempt to address current limitations as well as be cost-effective. Such biosensors can make use of advances in several technologies, including non-invasive sensory, analytical, transudative, as well as transmissive sensing. A review of advances and the state-of-the-art techniques in each field are presented, as well as flowcharts and guidelines on how such a biosensor can be designed. Finally, several design considerations as well as key features are presented, highlighting essential as well as nice-to-have features of such a biosensor, all aiming towards improving the overall stability, comfort, and development of critical infants.