Drives are manufactured to a large mean time between failures. That doesn't imply it will last that long.
It can last 1 second or 10's of years. Both ends are not likely, but possible.
Hard drives (especially spinning) can fail catastrophically without warning.
The probability that a drive will fail in the next second is exactly the same as it was for every second the drive has been running. Past performance does not indicate in any way that a drive should continue working.
That's why you always have a backup (preferably two, with at least one off-site).
I have never used any file recovery software or service (I have backups), so I don't have the ability to recommend any. Others here may have some suggestions. I have also never used any other disk repair software, but one user here tried diligently to get me to use DiskWarrior. If a drive needs repair that Disk Utility can't provide, I replace the drive as I cannot trust it anymore, regardless if some package can restore it's functionality.