The price of your pet: Are some UK vets holding owners to ransom?

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A gray German Rex cat in a cage. /CFP

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In the United Kingdom, there are 16 million pet owners, and it's estimated they spend more than $2.5 billion on veterinary costs alone.

However, a report by Britain's Competition and Markets Authority (CMA) says people may be overpaying for their animal's medicine treatment and care.

Hidden costs

The CMA found many consumers were often not given enough information about prices to help them choose the best practice or treatment for their furry companion.

It often resulted in pet owners being overcharged by thousands of dollars.

One woman spoke of how her cat passed away because she couldn't afford the $3,800 she'd been quoted for tests and treatments.

Another man said a UK vet quoted him $6,800 for surgery after his pet beagle injured his leg on holiday in France. He instead went to a local French vet who said the same treatment would cost him $1,168.

A rat nibbles on cage wiring /GETTY via CFP

The study suggested a dramatic fall in the number of smaller independent vet practices could be a major factor. These days the UK vet market is dominated by just a few large corporations, thus reducing choice for customers.

At the same time, the CMA said many of the large firms often pushed people to go for more expensive treatments.

With pet ownership exploding in the UK partly due to the pandemic, it's being claimed that some companies are exploiting this situation - holding many pet owners to ransom with sky-high costs.