Yes. The main reason it’s hard is because, in almost all cases, it’s unlike anything the student has previously done. A Ph.D. thesis requires the student to assume full responsibility for conducting original research. While the student is certainly encouraged to seek help from members of his or her thesis committee, the primary responsibility for completing the thesis rests entirely with the student. Because this role is so different from any the student has previously assumed, the main reason students fail to obtain the Ph.D. is their failure to complete the thesis.
The largest percentage of those who fail to complete the thesis (and thus fail to obtain the Ph.D.), are students who leave campus before defending their thesis. Because completing a thesis is so different from a student’s prior responsibilities, the absence of face-to-face contact with his or her support group (thesis committee and fellow students) makes the student’s job far more difficult.