The Competition and Markets Authority (CMA) has stated that "major reforms" are needed in the veterinary services market in order to support pet owners.

The statement forms part of the regulator’s provisional decision into the £6.3bn market, which follows a review into the practices of vet businesses.

Following the review, which was launched in 2023, the regulator identified a number of concerns that pet owners are often unaware of the prices of commonly used services and have no effective way of comparing vet prices.

The CMA found that pet owners may be paying twice as much for commonly prescribed medicines from vet practices compared to online purchases, meaning that consumers are not benefiting from strong competition between vet businesses.

Furthermore, average vet prices increased by 63% between 2016 and 2023, with pet owners paying more than 16% on average at large vet groups than at independent vets.

As a result, the regulator has proposed a range of 21 measures to address these issues.

These include requiring vet business to publish comprehensive price lists for treatments and cremations; ensuring that vets tell pet owners about potential savings through buying medicines online; and requiring vets to give pricing breakdowns for pet care plans.

Chair of the inquiry group, Martin Coleman, said: "Pet owners are often left in the dark, not knowing whether their practice is independent or part of a chain or what a fair price looks like. They are sometimes committing to expensive treatment without understanding the price in advance. And they do not always feel confident asking for a prescription or buying medicine online - even when it could save them hundreds of pounds.

"We are proposing major reforms aimed at bringing about a transformation in the experience of pet owners and empowering them to make the best choices for their circumstances. We believe that our proposals would enable pet owners to choose the right vet, the right treatment, and the right way to purchase medicine - without confusion or unnecessary cost."

The CMA will now consult on its provisional decision, and all interested parties have been invited to respond to the consultations by 12 November, with the final decision being published by March 2026.

The regulator said that it fully recognises that the proposed changes would require businesses to adapt systems or make other changes at some administrative costs, but stated that the benefits to consumers would "far outweigh the cost to businesses".

Head of financial analysis at AJ Bell, Danni Hewson, concluded: "Dealing with a sick pet is hard enough without being hit with unexpectedly high charges and amongst the measures being recommended by the CMA is more transparency with prices for services listed on company websites, which should make it easier for pet owners to shop around.

"Pet ownership surged during lockdowns as people sought companionship, but the cost of living crisis has pushed many people to the limits of their personal budgets, so a visit to the vet can be enough to push those finances over the edge.

"For the sector this represents a significant change and there have been warnings that it could result in money flowing out of UK markets."

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