The UK's Competition and Markets Authority (CMA) has initiated a formal investigation into the veterinary sector due to concerns over potential overcharging and lack of pricing transparency.

Public and professional feedback, totaling 56,000 responses, highlighted issues with rising treatment costs and the influence of large corporate groups on market choice and pricing.

Findings indicate that approximately 80% of vet practices do not list prices online, and vets could be disincentivized from offering alternative treatment options due to income from medicine sales.

The veterinary industry, valued at £2bn, may suffer from concentrated markets and outdated regulations, leading to the provisional decision for this investigation.

Ownership changes with independent practices dropping from 89% to 45% by 2021 raise additional concerns about competition and pricing.

Large veterinary groups have acknowledged the investigation, with Pets At Home showing disappointment and CVS Group offering potential solutions.

Potential outcomes of the investigation could include prescription fee caps, mandated transparency in pricing, and orders for large groups to divest parts of their businesses.

The CMA is conducting a four-week consultation to gather further input before proceeding with the investigation, with a decision expected after the consultation period ends on April 11.