The UK competition regulator is preparing to launch a formal investigation into the veterinary market after identifying “multiple concerns” in an initial review, including that pet owners may be overpaying for treatments and medicines.
The Competition and Markets Authority (CMA) said it wanted to move forward with a full review after an initial inquiry triggered an “unprecedented response” from 56,000 people, including customers and vet professionals, who raised a number of concerns about practices within the £2bn industry.
The watchdog is concerned that consumers may not be given enough information to make informed decisions over care, and that a rise in consolidation resulting in fewer independent surgeries has weakened competition.
Since 2013, about 1,500 of the 5,000 vet practices in the UK have been acquired by six of the largest corporate groups: CVS, IVC, Linnaeus, Medivet, Pets at Home and VetPartners, the CMA said.
Sarah Cardell, the CMA chief executive, said: “Our review has identified multiple concerns with the market that we think should be investigated further. These include pet owners finding it difficult to access basic information like price lists and prescription costs – and potentially overpaying for medications.
“We are also concerned about weak competition in some areas,