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The “eye-watering” cost of vet bills has led Britain’s competition watchdog to launch a review into the sector, amid fears that desperate pet owners are being overcharged.
The announcement follows a string of private equity deals that have seen independent vets bought out, reducing competition in the £2bn sector, which serves the 17m households that have at least one pet to look after.
Pet owners may not have good access to information about pricing and treatment options, the Competition and Markets Authority (CMA) said, with some remaining unaware that their local vet has been bought up by a chain.
Traditionally, vet practices have been small businesses owned by local professionals. The rules around vet acquisitions were changed in 1999, however, to allow non-vets to own UK practices.
The number of independent vet practices has fallen by half in a decade, the CMA said, with just 45pc of the country’s practices being independently owned in 2021. In 2013, almost nine in 10 practices were not part of a chain.
Just six companies now own more than half of the UK’s clinics, with three of those being private-equity owned.
Figures from the Office for National Statistics suggest that the average cost of owning a dog has soared by more than 12pc, or £256 in the past year. Households are now shelling out more than £2,500 annually to look after their pet.
In February, the CMA opened an investigation into the takeover of eight independent surgeries by vet chain IVC last December. The company is Britain’s largest provider of vet services in the UK, with more than a thousand practices.
The new review, announced on Sep 7, will consider the prices of care for small animals, such as dogs, cats and rabbits, with the CMA seeking input from pet owners as well as staff.
Sarah Cardell, chief executive of the CMA, said: “Caring for an ill pet can create real financial pressure, particularly alongside other cost-of-living concerns.
“It’s really important that people get clear information and pricing to help them make the right choices.
“There has been a lot of consolidation in the vet industry in recent years, so now is the right time to take a look at how the market is working.”
A survey of more than five thousand pet owners in March found that almost half were concerned about being able to afford the cost of vet bills if their animal were to fall ill, with more than a quarter saying that they would be prepared to go into debt to cover treatment.
In another survey by the British Veterinary Association, half of vets asked said that the number of clients reporting difficulty covering the cost of preventative veterinary care for their animal had increased compared to 2021.
Ms Cardell added: “When a pet is unwell they often need urgent treatment, which means that pet owners may not shop around for the best deal, like they do with other services.
“This means they may not have the relevant information to make informed decisions at what can be a distressing time.
“We want to hear from pet owners and people who work in the sector about their experiences.”
Sue Davies, head of consumer protection policy at Which?, said: “Consumers have no choice but to turn to vets when their beloved pet is sick or injured – often footing eye-watering bills in the process.”
She said the consumer group had uncovered a “number of areas of concern, such as pet owners not knowing the price of treatments until after their appointment, people being unaware their vet is part of a chain and difficulties shopping around for cheaper medication.”