has their been some abuse meaning non painting, non up keep, or branches rubbing on the surface. This siding should have lasted much longer. Are you repainting every 7 years and with a quality paint?
In direct answer to your question, any good handyman can rip this off and install new. What I would do is to get three estimates with referrals that YOU do Visit, and then make sure that proper fasteners are used, and make sure its caulked properly and make sure its painted with two coats as one on should be a primer.
If the siding is being removed, then check the building paper or whatever is under that.
This is not a major concern, my concern is why its happening soo pre maturely?