A drive that will not show BOTH its Make&Model AND a reasonable Size/capacity in Disk Utility has failed.
IF Disk Utility can see those things, use (Repair Disk) to attempt to repair its Directory. It takes about five minutes. If it finishes in 10 seconds, it just repaired the Partition Map and nothing else. Select the Macintosh_HD or whatever you renamed the Volume, and (Repair Disk) again.
If it has failed does that mean I have lost all the data? It does not show the Make & Model - There is nothing on the Finder or in the Disk utility. Is the solution to install a new drive and transfer the data, provided I didn't lose the data? If I can still get the Data from the Drive - How do I do that? Thank you.
If it has failed does that mean I have lost all the data?
Yes, that is why Backups are so important.
If the drive is not showing those two items I mentioned, it cannot be repaired, or any data accessed, in its current state. You could try a different location, such as an external enclosure, but success is unlikely.