Wearable smart health applications aim to continuously monitor critical physiological parameters without disrupting patients' daily activities, such as giving a blood sample for lab analysis. For example, the partial pressure of arterial carbon dioxide, the critical indicator of ventilation efficacy reflecting the respiratory and acid-base status of the human body, is measured invasively from the arteries. Therefore, it can momentarily be monitored in a clinical setting when the arterial blood sample is taken. Although a noninvasive surrogate method for estimating the partial pressure of arterial carbon dioxide exists (i.e., transcutaneous carbon dioxide monitoring), it is primarily limited to intensive care units and comes in the form of a large bedside device. Nevertheless, recent advancements in the luminescence sensing field have enabled a promising technology that can be incorporated into a wearable device for the continuous and remote monitoring of ventilation efficacy. In this review, we examine existing and nascent techniques for sensing transcutaneous carbon dioxide and highlight novel wearable transcutaneous carbon dioxide monitors by comparing their performance with the traditional bedside counterparts. We also discuss future directions of transcutaneous carbon dioxide monitoring in next-generation smart health applications.