Pet owners may be paying more than they should for medicines and prescriptions, a competition watchdog has warned.
The Competition and Markets Authority (CMA) launched a review last year amid concerns that people may be paying too much, and received 56,000 responses.
The company's president said he has heard concerns that pet owners are having trouble accessing basic information such as price lists.
The British Veterinary Association said veterans were “fundamentally motivated by animal welfare”.
The CMA has now tentatively decided to launch a formal market investigation, meaning it may intervene directly in the future.
The veterinary industry is worth £2bn after pet ownership rose to two-thirds of UK households during the coronavirus pandemic, according to the CMA.
But the watchdog raised concerns about the rapidly rising costs of emergency treatment faced by the UK's 16 million pet owners.
CMA chief executive Sarah Cardell said: “The unprecedented response we have received from the public and veterinary professionals shows the strength of feeling around this issue and why we are investigating this issue. It shows that we were right.”
“We are hearing from people working in the sector concerns about pressures, including severe staff shortages, and the impact this is having on individual professionals.”
However, she added that the review found multiple concerns in the market.
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Pet owners may be paying too much for medications and prescriptions
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Pet owners may not be given enough information to help them choose best practices and appropriate treatments
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Local markets are concentrated, which may reduce competition in some areas
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Large corporate groups may have incentives to take actions that reduce options.
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Regulatory frameworks may be outdated and no longer fit for purpose
Speaking to the BBC ahead of the publication of the CMA report, Malcolm Morley, senior vice president of the British Veterinary Association, said customers should discuss costs openly and honestly with their veterinarians.
“People working in any field are fundamentally motivated by animal welfare and delivering that to their owners.”
But, he added, there are often hidden costs in caring for pets.
“We don't know how much it costs to run a business like this, like the equipment and the expertise of the people doing it. It's often hidden and points It's a real contrast to the NHS, where it's free of care.”
He said a variety of factors have contributed to price increases in recent years, including the introduction of more advanced and expensive equipment into the market.
“Many advances in care, whether in diagnosis or treatment, come with an associated increase in cost. I think the challenge is finding treatments that are appropriate for humans and their animals,” he says.
The CMA also warned of changes in ownership of veterinary practices in recent years.
According to the report, independent practices accounted for 89% of the UK veterinary industry in 2013, but by 2021 this had fallen to around 45%.
