Please don't be lazy; take the time to provide a little detail if you want a substantive answer. Having zero detail, the big picture answer is to compare the cost of rebuiling/ year to the cost of a new pump/(avg life in years).
If you have a swimming pool pump that costs $400, replace it every time. If you have Cat-Cracker bottoms pump that costs $500K, rebuild it every time. I fit falls somewhere in between, then apply the above formula.
Generally a loss in pressure is due to your running clearances opening up due to wear; that is, the wear rings between the pump case and impeller. This causes a portion of the high pressure fluid exiting the impeller discharge to slip back into the suction side of the pump through those clearances. This results in wasted power, increased erosion, and some other crap that you don't want happening. These open clearances could be caused themselves by other things, such as bearings wearing out, imbalance, running the pump at a bad place on the curve.
If you would provide more detail on the pump you have, the service it is in, etc. some of the pros on this site can assist you with some very detailed info on your next step with regard to repair/replce options. Please don't expect detailed and informative answers to general and blurry questions. Sorry if this is offensive to you; but I am a grouchy old man.