First, a TVS isn't a component I'd expect to "just fail" due to normal wear. More likely, either the circuit was exposed to a power event that cause a failure, or is misdesigned resulting in a failure. In either case, if you can, I'd check that the rest of the circuit is working as intended. (That said, the hope is that a TVS will fail short and so turn into something like an inverse fuse if it's overloaded, shunting power away from the rest of the circuit. Did your circuit also blow a fuse? Does it
have a fuse?)
I wouldn't go to lower voltage.
Likewise, but in particular, do not go lower voltage than the nominal circuit voltage. If we're talking about a 12V circuit, an 18V rated TVS is
probably okay, but if it's there to "eat" the voltage spike from an inductor, changing the voltage is going to change the magnetic field decay time, which may or may not be a problem.
Note that some TVSs are there for "paranoia's" sake, i.e. to protect the circuit in case of electrostatic discharge or idiots plugging in the wrong power supply. These events may never happen, and so the circuit might work just fine with the TVS removed. Others are there to "eat" spikes from inductors that occur in normal operation; removing them can result in other components seeing extremely high voltage spikes (thousands of volts) that would not otherwise occur.
It can be more safe to use higher voltage rated TVS.
Uh... no? Using a higher voltage means exposing other components to higher voltage. That's sort of the opposite of "more safe". I wouldn't recommend that unless you're confident you understand the circuit, know what components the TVS is protecting, and know that the TVS you're considering will still clamp any voltage spikes comfortably within the overvoltage tolerances of other components.
A 24 volt TVS diode is a poor choice across a 24VDC supply! I would go with perhaps a 26 volt TVS. No wonder the old diode eventually failed.
A TVS
rated "24V" generally doesn't start to conduct significantly until ~25-26V. It isn't necessarily "bad", especially if the components it is protecting are sensitive to even small overvoltages.