The Competition and Markets Authority (CMA) has initiated a formal investigation to address potential overpricing and limited choices in the UK veterinary market. This probe follows a preliminary review launched last year, which garnered an unprecedented response from 56,000 pet owners and industry workers expressing concerns over high costs and transparency.

Key issues identified include difficulties in accessing basic price information and possibly overpaying for medications. Additionally, the CMA is examining the impact of large companies acquiring smaller practices, potentially stifling competition and limiting consumer choice. The investigation may result in measures such as capping veterinary prescription fees and mandating the breakup of dominant pet-care chains.

With 16 million pet owners and an estimated market value of £5 billion annually, the veterinary sector significantly impacts the UK population. The investigation aims to conclude within 18 months, conducted by independent investigators.

Sarah Cardell, Chief Executive of the CMA, highlighted the need for this probe despite acknowledging the sector’s challenges, including staff shortages. Almost 60% of veterinary practices are currently owned by large corporations, a substantial increase from 10% in 2013. Industry leaders, including CVS, Pets at Home, and Medivet, dominate the market.

Dr. Anna Judson, president of the British Veterinary Association, acknowledged the CMA’s concerns regarding fee transparency and practice ownership. She pointed out that while veterinary fees reflect the financial investments needed to maintain services, improvements in client choice and transparency are necessary.

This investigation will also assess whether existing regulations, established in 1966, adversely affect the market dynamics and consumer interests.