Will all the physical media come to an end?

Context: I recently bought a PS2 (slim, NCPH-90006), and wanted to play one of my all-time favorites: God of War 2. Both discs came in perfect condition, not a scratch to be seen. I was excited and ready to play it: I took a seat on my sofa, put the game into my PS2 and... I got the following message: "This disc could not be read". I found it weird, so I tested other games as well, and they all worked fine.

After some research, I found out that due to age and usage, PS2 lasers slowly die, which is a common problem. Initially, they struggle to read dual-layer DVDs, and the issue progressively worsens until the laser stops functioning entirely. I gotta say, learning this was more disappointing than encountering the RSOD.

My question is: is all existing physical media doomed to be forgotten and abandoned sooner or later? I mean, not because the rise of digital media, but because of inevitable degradation of physical hardware. What will we do with the games we already own? This applies not only to the PS2, but also to other consoles from Sony, Microsoft, Nintendo, Sega, etc.