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The design and development of wearable biosensor systems for health monitoring has garnered lots of attention in the scientific community and the industry during the last years. Mainly motivated by increasing healthcare costs and propelled by recent technological advances in miniature biosensing devices, smart textiles, microelectronics, and wireless communications, the continuous advance of wearable sensor-based systems will potentially transform the future of healthcare by enabling proactive personal health management and ubiquitous monitoring of a patient's health condition. These systems can comprise various types of small physiological sensors, transmission modules and processing capabilities, and can thus facilitate low-cost wearable unobtrusive solutions for continuous all-day and any-place health, mental and activity status monitoring. This paper attempts to comprehensively review the current research and development on wearable biosensor systems for health monitoring. A variety of system implementations are compared in an approach to identify the technological shortcomings of the current state-of-the-art in wearable biosensor solutions. An emphasis is given to multiparameter physiological sensing system designs, providing reliable vital signs measurements and incorporating real-time decision support for early detection of symptoms or context awareness. In order to evaluate the maturity level of the top current achievements in wearable health-monitoring systems, a set of significant features, that best describe the functionality and the characteristics of the systems, has been selected to derive a thorough study. The aim of this survey is not to criticize, but to serve as a reference for researchers and developers in this scientific area and to provide direction for future research improvements.