(Bloomberg) -- The UK’s antitrust regulator will open a full-blown investigation into the country’s veterinary sector after it found competition concerns in the industry.

The Competition and Markets Authority said it had opened a formal market investigation after it had provisionally indicated it would do so, according to a statement Thursday. The watchdog previously flagged issues with poor competition in pricing and access to pet medicine.

The shares in retailer Pets at Home Group Plc fell 3.9% while veterinary services firm CVS Group Plc shares rose by 2.9% at 11:23 a.m. in London.

“We’ve heard from people who are struggling to pay vet bills, potentially overpaying for medicines and don’t always know the best treatment options available to them,” said Sarah Cardell, chief executive of the CMA.

The agency indicated that the in-depth probe will also look into allegations of concentrated local markets and conglomerates reducing choice, and concerns about regulatory rules being out of date.

The CMA’s market investigations typically last around 18 months and if competition problems are found, the agency has the power to impose remedies. This could include selling off businesses or assets, mandating information to customers, or ordering caps on prescription prices.

“CVS has a clear strategy with its purpose to give the best possible care to animals and its vision to be the veterinary company people most want to work for,” and “will continue to proactively support the” investigation, the company said in a statement. 

An initial review by the CMA into the market, which impacts the country’s 16 million pet owners and is estimated to be worth about £5 billion ($6.4 billion), triggered over 56,000 responses from the public and vet industry. It found that pet owners were struggling to find basic information on prices and prescription costs that could stop them making competitive choices. 

“We will continue to fully cooperate with the CMA to ensure our unique and pro-competitive business model of locally-owned vet practices is fully understood,” a Pets at Home spokesperson said. 

Read More: UK Antitrust Regulator to Deepen Probe into Vet Market

(Updates with a comment from Pets at Home in the final paragraph)

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