(1) Objective: This study aims to lay a foundation for non-contact intensive care monitoring of premature babies. (2) Methods: Arterial oxygen saturation and heart rate were measured using a monochrome camera and a time division multiplex controlled lightning with three different wavelengths (660 nm, 810 nm and 940 nm) on a piglet model. (3) Results: Using the camera system and our newly designed algorithm for further analysis, the detection of a heartbeat and the calculation of oxygen saturation was evaluated. In motionless individuals, heartbeat and respiration were separated clearly during light breathing and only minor intervention. In this case, the mean difference between non-contact and contact saturation measurements was 0.7% (RMSE = 3.8%, MAE = 2.93%). (4) Conclusions: The new sensor has proven effective under ideal animal experiment conditions. The results allow a systematic improvement for the further development of contactless vital sign monitoring systems. The results presented here are a major step towards the development of an incubator with non-contact sensor systems for use in the neonatal intensive care unit.