I would think you could replace the medicine cabinet. You would have to get the measurements and see if any hardware store has one in stock. If they don't you might have to get it special ordered. It might take a few weeks for it to come in but it will be worth it.
Yes. Some of them have to be specially ordered. If you don't want to go through that hassle, you can simply pull out the current medicine chest, add drywall and spackle. Then you can mount a new medicine chest onto the wall.