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Most of the ones I've seen have a definite RPG bend (think D&D/Pathfinder) over a miniatures one. You might look at Realm Works and Epic Words for their takes on such a thing. I'm sure others will add something. There's been a handful of smartphone apps written as well.
There was also a thing a guy was working on that was on kickstarter that used everyone's smartphones and tablets to distribute information between all the players. It managed character sheets and stuff like that as well. Unfortunately, the name escapes me at the moment, but I'm sure someone will know it.
I can't say it's a flooded market, because each of these tools does their one specific thing and does it to some degree or another. I'd have a closer look and judge that for yourself.
You should probably figure out how you're going to monetize it too before you get too wrapped into it. Ads? Subscriptions? Some other method? Donations?
Also, a bit of advice: Your UI is likely going to be the part that makes or breaks it. I've seen so many applications that do game related stuff that were unintuitive and frustrating to use to the point that they gave me little advantage over a notebook. At this point, I type my game notes in Evernote, and then attach pictures and share things accordingly. That's probably your benchmark for knowing if you're going to succeed, right there. Ask yourself: "What does using my idea get you that a piece of notebook paper or typed pages in Evernote can't do?" If you can answer that, you probably have a shot at it.
Good luck!
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