It all depends on how it's controlled, and how much space you have.

A modern similarly powered brushless motor is likely to be physically smaller, but may not spin as fast, as some of the old DC motors could spin fast.
However at the cheaper end of the scale, some of the Chinese servo motor/drive combinations on Aliexpress may work. But I'm not sure if all the drives are capable of +/-10V/Analogue speed control (I'm assuming you're existing setup is essentially using a DC servo and amplifier via a basic open loop analogue output).
I know Jazz and DaveK have used them.
You could change to using step/dir for the spindle, however that depends on what controller you're using, as not all controllers support that option reliably.