Traditional maintenance programs, such as corrective and preventive strategies, may lead to high costs and operational inefficiencies. Condition Monitoring and Diagnostics (CM&D) aims to improve these maintenance strategies by enabling timely insights into equipment health and performance. However, implementation of CM&D can be challenging without a robust framework that manages data efficiently, supports interoperability and simplifies integration. To address these challenges ProgPy, an open-source Python-based prognostics tool developed by NASA Ames Research Center, offers a structured solution for broader Prognostics and Health Management (PHM) applications. An ongoing research is assessing the feasibility of implementing ProgPy as a Condition Monitoring and Diagnostics (CM&D) solution by comparing its framework to the guidelines for open CM&D systems recommended in the ISO 13374-2 standard. This evaluation aims to highlight ProgPy’s strengths and identify opportunities for improvement, thereby, contributing to its advancement as an effective tool for Prognostics and Health Management (PHM). This paper presents the results of an initial assessment of the ProgPy toolbox. To demonstrate the working of ProgPy, it also includes diagnostics and prognostics of a gearbox using open-source datasets.