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Yes, they do. They decrease in both number and in function (as measured by their ability to divide, and form new tissue, such as bone). Here are some various references: http://www.ncbi.nlm.nih.gov/pubmed/26088863 http://www.ncbi.nlm.nih.gov/pubmed/24607555 http://www.ncbi.nlm.nih.gov/pubmed/25634304 http://www.ncbi.nlm.nih.gov/pubmed/25096220 So when you are most likely to suffer from diseases these cells might treat, your own cells have loss much of their therapeutic potential. One study that I found particularly interesting was that the number of circulating progenitor cells (cells expressing a stem cell marker) in octogenarians was predictive of longevity: