Vets Market Investigation update from the Inquiry Chair
Published: 15 November 2024 at 4.30pm
The Chair of the Competition and Markets Authority (CMA)’s market investigation into the veterinary sector, Philip Marsden CBE, today provided an update on the CMA’s work.
The CMA announced in May 2023 that it was launching a market investigation into the supply of veterinary services in the UK, following concerns about competition in the sector. The investigation is looking at a range of issues, including:
- Whether there are any features of the market that are preventing or restricting competition
- Whether there is a lack of choice and high prices for veterinary services
- Whether there are any barriers to entry and expansion for new and existing veterinary businesses
The CMA has been carrying out extensive work to gather evidence from a wide range of stakeholders, including vets, vet practices, farmers, animal welfare organisations and consumer groups. The CMA has also been reviewing a large amount of data and other information.
Philip Marsden CBE, Chair of the Vets Market Investigation Inquiry Group, said:
“We are making good progress with our investigation and have already gathered a substantial amount of evidence. We are now at the stage where we are starting to analyse the evidence and develop our provisional views.
“We are committed to conducting a thorough and impartial investigation, and we will not hesitate to take action if we find that there are competition problems in the veterinary sector.
“We will be publishing an update on our progress in early 2025, and we expect to publish our final report by the end of 2025.”
The CMA has a range of powers to address competition problems, including:
- Making recommendations to government
- Imposing fines on businesses that break competition law
- Breaking up businesses that have too much market power
The CMA’s investigation into the veterinary sector is part of a wider programme of work to improve competition in the UK economy. The CMA has recently launched similar investigations into the funeral sector and the online advertising sector.
Vets Market Investigation update from the Inquiry Chair
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