Methods, systems and non-transitory computer readable media involves receiving information of a new library from a patch management repository. A symbolic link to the new shared library is created and a request to an application process to replace a shared library is communicated. To replace the shared library, the application process periodically checks reference state of the shared library till it reaches a free-state. When the shared library reaches the free-state, the application process unloads the shared library from memory space and loads the new shared library to the memory space. The application process continues performing one or more pre-define functions during the replacement of the shared library.