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This paper proposes a Gamma-based state space model to predict engineering asset life when multiple degradation indicators are involved and the failure threshold on these indicators are uncertain. Monte Carlo-based parameter estimation and model inference algorithms are developed to deal with the proposed Gamma-based state space model. A case study using real data from industry is conducted to compare the performance of the proposed model with the commonly used proportional hazard model (PHM). The result shows that the Gamma-based state space model is more appropriate to deal with the situation when the failure data is insufficient.