Vets could face a temporary price cap on medicines while the competition watchdog investigates whether pet owners are being ripped off.
They could also be forced to clearly display prices for prescriptions, treatments, surgery and out-of-hours help – both on websites and in offices.
The Competition and Markets Authority (CMA) announced a review into the industry in September 2023.
It says 56,000 people have raised concerns, including overpaying for medicines and not getting basic information such as price lists.
A CMA paper published on Thursday said it was considering a cap on the mark-up that vets can put on cremations, as well as a short-term “stabilising” freeze on medicine prices.
It said it could be put in place “while the competition benefits of the broader package of measures come into effect”.
The CMA previously expressed concerns over consolidation that has seen large firms buy out many independent practices.
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About 60% of vet practices now belong to large companies, while in 2013 – when the vast majority were independent – it was just 10%.
The CMA is also looking at the link between treatments and bonuses, which it said “limit vets’ clinical freedom to provide a choice of treatments suited to the pet owner and animal’s requirements”.
It said it wants to give pet owners “greater understanding of the treatment and other options open to them and the different vet practices that could provide these services”.
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Rocio Concha, from consumer publication Which?, said its research had shown pet owners feel “exposed to bad practices like unclear pricing and unnecessary treatment”.
“Shopping around and getting reliable information about paying for vet services is much more difficult than it should be,” said Ms Concha.
She said regulation of vets was outdated and urged the government to act quickly when the CMA confirms its recommendations.
