Industrial robots play a key role in production lines. As a direct consequence, even a slight degradation of their operating conditions could negatively affect the entire manufacturing process. To minimize economical losses, preventive measures such as planned maintenance or stand-by working stations are adopted and, in some cases, additional manipulators are installed to ensure line availability. However, since each robot performs a specific task, it degrades at a different rate from another one, so Planned Preventive Maintenance (PPM) should be replaced with Condition Based Maintenance (CBM) for a more efficient and cost-effective approach. In addition, collaborative robots (cobots) have become more and more popular in the past years increasing the level of automation, in particular in small and medium size companies. Therefore, a failure of an industrial manipulator could not only cause unexpected downtimes, but also jeopardize the safety of the personnel with whom it shares its workspace. A cobot, in fact, is labeled as safe as long as it works in nominal conditions, but this cannot be guaranteed otherwise. Within this framework, Prognostics and Health Management (PHM) techniques could be used for both a customized maintenance on a specific machine and for preventing undesired events like the aforementioned ones. An ongoing research activity at Politecnico di Torino is focused on a model-based approach able to better describe the behavior of an industrial robot in non-nominal operating conditions. In order to properly simulate faults and failures of a manipulator, it has been first necessary to analyze its failure modes and their impact on the entire system. A robot, in fact, is usually equipped with internal sensors and algorithms able to monitor its health status. However, this is only true for software or electrical failures (i.e. power supply, motor or sensors related), but it is not as effective in case of mechanical ones like bearings or gearbox wear. This paper firstly presents an overview of the possible failures related to harmonic drives which are often used in robotics due to their compact and light-weight design and the high reduction ratio. Then, it outlines the work done with the objective of providing an accurate, physics-based description of faults progression of harmonic drives used in industrial robots and the related high-fidelity models in the framework of a PHM system for fault and failure detection, isolation and remaining useful life (RUL) prediction.