I tend to agree with Etresoft. External (and internal) solid state drives are nowadays mass production items that are generally extremely reliable and tend to last a long time.
The Utility you might be looking for is called Lifespan and it is sold by MicroMat, who also sells TechTool Pro and Drivescope.
My approach is to buy drives from reliable suppliers that offer a 5-year warranty (minimum 3 years). I have never had one fail in the warranty period, actually, but might not bother with a warranty claim what with hassle, shipping costs, etc. but I figure if the manufacturer offers a 5-year warranty that product might be more reliable than one with a 1 or 2 or 3 year warranty. Just a theory. I also look at web sites that sell thousands or hundreds of thousands of these products to see how the users rate them, I look for 4.5 stars out of 5 for satisfaction.
These days, one can simply treat these drives like a plug in appliance and simply replace them when they fail. You are always protected if you have one or more backups of anything of value on these drives. If you are more of a tinkerer, you can purchase programs like Lifespan (which is designed to moniter lifetime of SSDs, both internal and external drives) and try to "watch" for signs of trouble, but my experience with drives that fail is that it is usually a sudden event and hard to predict. I do have the original internal SSD in a 2010 MacBook Air that has been showing "yellow" (warning) on some of the temperature related SMART parameters for its SSD, but it has been doing that for more than 3 years now. It also fails the DriveDX extended (long) test but the laptop still seems to work fine. I keep it mainly as a historical item, it's not used for anything important anymore.
So I would suggest just keep backup copies of files on these drives and use the drive, like an appliance, maybe replacing it after 5 years of steady use, although I have such drives in use for considerably longer. My employer replaces all our work computers and drives every 3 years, which is the opposite approach; it means they spend very little on failed devices that need repair. If you like to tinker like we used to in the old days (see Etresoft's comments), you can get Lifespan or some similar product (there are several).