I don't see anything here that says the pump has failed....yet. Run the water while you watch the pressure gauge at the pressure tank. Make note of the lowest pressure when the pump comes on and the highest pressure when it turns off. Compare these measurements to the range specified on the pressure switch. If a pressure switch fails it can narrow the operating pressure causing your pump to cycle more frequently. If the high/low pressures compare favorably with the pressure switch rating, take the next step.
The pressure tank is X gallons. It either has a bladder or it doesn't. The drawdown volume of water between cycles is a function of the pressure range for your pressure switch (20-40 psi, 30-50 psi, etc.), the size of the tank, whether or not it has a bladder, and if it has a bladder - what the static air pressure is when the tank is full. Each of these variables has an impact on the drawdown capacity of your pressure tank. You can use about any pressure tank manufacturer's website to figure this out for your setup. Once you know the number of gallons that can be withdrawn from the tank between pump cycles, measure the amount of time it takes to go from low pressure (pump on) to high pressure (pump off) and calculate the gallons per minute you're getting from your well.
If you don't have the driller's report for your well, contact the driller (most keep permanent records for historical purposes), or contact the local agency that grants well drilling permits. They should also have a copy. You can then compare the original well output with what you measured above to quantify the difference. If the water production is low, there can be a few things - a blockage, a leak (check the pitless adapter), a failed bladder in your pressure tank, low static water level in your well.....or a lazy, tired pump.
My point is that there are lots of things to do before spending money on a pump. Good luck with your investigation.