Veterinary care and the prices pet owners pay for treatment are to be reviewed amid concerns households may not always be getting value for money.

The Competition and Markets Authority (CMA) watchdog say the figures suggest the cost of vet care has risen faster than the rate of inflation during the cost of living crisis.

And with households already under pressure, the CMA says it will look into how well the market works for pet owners and whether they can get the information they need at the right time when seeking treatment for their animals.

The vet industry is worth an estimated £2 billon in the UK – with pet ownership having exploded during the pandemic resulting in almost two thirds of households now looking after an animal.

The watchdog says it will speak to both pet owners and those working in the industry, as it explores concerns that owners don’t always find it easy to get the details they need about prices and treatment options when choosing a vet or treatment.

Practice ownership has also changed in recent years, acknowledges the watchdog, with the number of independent businesses falling significantly since 2013 and often being replaced by bigger chains running a number of surgeries.

As a result, says the CMA, people may be unaware if their vet is part of a larger group or that services available, such as tests to establish a diagnosis or treatment at a specialist animal hospital, would be provided by that same company.

Prices for treatment, including whether owners are aware how much something might turn out to cost, how prescriptions are arranged and sold and the availability of out-of-hours care and emergency vet services will all be probed as part of the wide-ranging review.

Sarah Cardell, chief executive of the CMA, explained: “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.

“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.”

The CMA says it will give an update on its findings in early 2024.