TPMS Sensors usually don't need replacing that often, normally it will be anywhere between 3-7 years based on how much information is being transmitted by them. There is a battery inside the sensors (which is constantly transmitting information to the vehicle, even when stationary) so when the air pressure in a tyre has dropped below the limit, the battery usage will be a lot higher.
Other things such as bad handling of the sensor or neglect can mean that the sensor will need to be replaced sooner than average.
The performance of tyres is directly related to the inflation pressure of that particular tyre, correct tyre pressures means better performance from your vehicle whether that be overall stability, brake efficiency or handling. So it is important that your TPMS is working correctly.