Spotting the "next big thing" in sport is big business. Millions of dollars and countless hours are spent on talent identification, but it's an unpredictable science.

Except perhaps in horse racing, where major strides are being made in picking out potential winners in an industry where huge rewards are at stake.

Thoroughbred stallion Fusaichi Pegasus, for example, became the most expensive horse in history in 2000 after being sold to Ireland's Coolmore Stud for $60 million, having been bought as a yearling for $4 million.

So just imagine what it would mean to breeders if they could determine how successful a horse would be before buying or selling them as a foal?

A company involved in thoroughbred research, Equinome, has been analyzing a particular strand of DNA within a horse -- dubbed the "speed gene" -- which can determine just how well equipped it will be for racing.

Such chromosome information can also be a powerful tool for breeders as it helps them determine just what type of horse will be produced by different types of coupling.

"At first we had a positive response, and now over the last 18 months things have really taken off," Equinome's managing director Donal Ryan told CNN.

"Every region is interested -- New Zealand, Singapore, the United States -- and breeders have already used our test thousands of times."

Equinome maintains a strict policy of confidentiality with its clients, but Ryan did reveal that the first horses bred following speed-gene testing are already racing professionally.

Breeders are also offered the $1,500 "elite performance test," which analyzes 54,000 genetic factors. While its results may not provide the meticulous levels of accuracy the "speed gene" test delivers, it categorizes how likely a horse is -- genetically speaking -- to win.