...if it's failed the tests you've described, then it is going to be fatal. It is only a matter of (short or long) time.
Depending on the make of drive, you might be able to do something with manufacturer's tools that may improve things long enough to get the data copied off, but it is dependent both on make and the nature of the issue (and it looks like you've done so anyway).
Replacing the drive in that particular laptop appears (from the user manual) to be a simple process, with easy access, and simple swap out. I've done similar with Lenovo laptops.
It does, however, seem to be an SATAII (3GB/s) connection, not the newer SATAIII (6GB/s), so, though replacing with an SSD will provide a boost in performance, it will still be operating at rather less than the potential of most SSDs.
You might consider a standard 2.5" 1TB hard drive at £35-45 as a cheap option, though a decent 1TB SSD would only be around £100 (and faster).
Windows 10 installation can be carried out via software downloaded free to an 8GB USB stick from Microsoft, all officially, and will/should activate with your original Win7 product key (as long as the update to Win10 was carried out officially, even if free). Are you sure the key isn't on a certificate on the bottom of the laptop?
If you haven't got the key, then there is one other potential way of getting activation. If your laptop will currently stay up long enough, you can associate its licence with a Microsoft Account (which you can create for free if you haven't already got one). That will allow you to reactivate Windows after you install on a new disk. (If you look in "Activation Setttings" in Windows, it should say that Windows is activated with a digital licence (and may say it is associated with your Microsoft Account - which is what you eventually want, and can enable if it isn't).
There are a few free utilities around that offer to determine your product key, though some are reasonably reviewed I would approach them with care.
I'd suggest cloning the disk rather than re-installing Windows if the current disk was OK, but, as you say you've managed to back up the files, as long as you can ensure the re-install will reactivate, then a clean install is probably a good idea.
Have a think through, and if you decide it is worth it, I'm sure I and others on here can give more detailed advice.
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