Yes, the software is available for update, but the latest version you have the possibility to update to is 4.53. To download the application, visit the support page provided by Epson. If you read the manuals, you will see that it's recommended to freshly install the software on your computer. This means you will have to remove the old version and then download/install the new one.
Supported operating systems are: Windows XP 32-bit, Windows 2000, Windows XP 64-bit, Windows Vista 32-bit, Windows Vista 64-bit, Windows 7 64-bit, Windows 7 32-bit, Windows 8.x 32-bit , Windows 8.x 64-bit.