Most passive gravity balancing mechanisms (GBMs) require manual adjustment or actuators to alter its parameters for different payloads. The few balancers that passively self-regulate employ regulation at the end-effector, which makes the end-effector bulky. Additionally, there is a lack of systematic approach to design such compensators. Hence, this paper provides a review of current work which serves as the basis for a systematic design approach to solve the problem. Unlike previous designs, an independent self-regulating mechanism is mounted onto the proximal link of the GBM achieving better safety, larger range of motion, and loading at intermediate angles. The GBM is designed using design tools like functional modeling and morphological analysis with existing literature. This approach reveals design considerations of current GBMs and areas for innovation. Design approaches from the literature are organized and serve as a reference for innovation. A prototype is developed, and experiments are performed to illustrate the capability.