I've not personally had any storage device except maybe an SD card fail in years, but in the last year, I've had a handful of drive recoveries I've had to do professionally. Usually they were customers for our BCDR stack so it was just grabbing a new drive off a shelf, restoring the most recent backup (usually taken within a few days of failure, and checked over for inconsistencies before imaging), and having them back up and running usually within an hour.
I might be in the market for a 2TB NVMe drive to replace the 512 gig my main's booting from within the year, I haven't decided yet, it's gotten a tad inconvenient, but my NAS is still going strong on the 3x8TB setup I moved to the year before last(?). I'm using roughly 2TB more than when I built it at ~6TB total, with a free space at just over 9. I might be adding to it next year or sometime later, but at my current rate of growth I might well not need it for a few years yet. I might investigate some kind of SSD caching scheme by that point, but I get perfectly serviceable throughput for what it all cost me.