With respect to Application, there are 2 options VMware currently offers.
1. Enable Application monitoring : To enable Application Monitoring, you must first obtain the appropriate SDK (or be using an application that supports VMware Application Monitoring) and use it to set up customized heartbeats for the applications you want to monitor. After you have done this, Application Monitoring works much the same way that VM Monitoring does. If the heartbeats for an application are not received for a specified time, its virtual machine is restarted. Here Application itself will not be restarted but VM (when Application that you configured for monitoring)
Refer:VMware vSphere 5.1
2. vSphere App HA: This is another product (Plugin to web client): Here you can configure your Application. Once configured, when Application fails, application will be restarted for set number of times, if it is not successful, VM itself be restarted.
Learn more here: vSphere App HA 1.1 Documentation Center
If you would like to have anything else, you can raise feature request with VMware.