The Prognostic Health Management (PHM) has been asserting itself as the most promising methodology to enhance the effective reliability and availability of a product or system during its life-cycle conditions by detecting current and approaching failures, thus, providing mitigation of the system risks with reduced logistics and support costs. However, PHM is at an early stage of development, it also expresses some concerns about possible shortcomings of its methods, tools, metrics and standardization. These factors have been severely restricting the applicability of PHM and its adoption by the industry. This paper presents a comprehensive literature review about the PHM main general weaknesses. Exploring the research opportunities present in some recent publications, are discussed and outlined the general guidelines for finding the answer to these issues.