The present paper proposes a detailed Failure Mode, Effects, and Criticality Analysis (FMECA) on harmonic drives, focusing on their integration within the UR5 cobot. While harmonic drives are crucial for precision and efficiency in robotic manipulators, they are also prone to several failure modes that may affect the overall reliability of a system. This work provides a comprehensive analysis intended as a benchmark for advancements in predictive maintenance and condition-based monitoring. The results not only offer insights into improving the operational lifespan of harmonic drives, but also provide guidance for engineers working with similar systems across various robotic platforms. Robotic systems have advanced significantly; however, maintaining their reliability is essential, especially in industrial applications where even minor faults can lead to costly downtimes. This article examines the impact of harmonic drive degradation on industrial robots, with a focus on collaborative robotic arms. Condition-Based Maintenance (CBM) and Prognostics and Health Management (PHM) approaches are discussed, highlighting how digital twins and data-driven models can enhance fault detection. A case study using the UR5 collaborative robot illustrates the importance of fault diagnosis in harmonic drives. The analysis of fault-to-failure mechanisms, including wear, pitting, and crack propagation, shows how early detection strategies, such as vibration analysis and proactive maintenance approaches, can improve system reliability. The findings offer insights into failure mode identification, criticality analysis, and recommendations for improving fault tolerance in robotic systems.