The proper functioning of the respiratory system is evaluated by monitoring the exchange of blood oxygen and carbon dioxide. While wearable devices for monitoring both blood oxygen and carbon dioxide are emerging, wearable carbon dioxide monitors remain relatively rare. This paper introduces a novel wearable prototype that integrates the measurement of transcutaneous carbon dioxide and peripheral blood oxygen saturation on a miniaturized custom-designed printed circuit board. The device employs a fluorescent sensing film consisting of two distinct luminophore types and utilizes the time-domain dual lifetime referencing technique to enhance measurement accuracy by mitigating the effects of confounding factors. Thorough testing on human subjects validated the prototype's functionality, comparing its performance against commercial clinical devices. The prototype effectively tracked changes in transcutaneous carbon dioxide induced by hyperventilation, with a resolution as low as 1 mmHg. Additionally, blood oxygen saturation measurements were tested on human subjects to compare our prototypes' performance to that of clinical devices. The results confirm the potential of the proposed novel wearable for prolonged use with minimal maintenance and underscore its significance in advancing wearable health monitoring technologies.