The Michaelis constant, denoted as $$K_m$$, is a key parameter in enzyme kinetics that reflects the substrate concentration at which the reaction rate is half of its maximum value. It provides insight into the affinity of an enzyme for its substrate; a lower $$K_m$$ indicates higher affinity, meaning that the enzyme can achieve half-maximal velocity at a lower substrate concentration. Understanding the Michaelis constant is crucial in the context of enzyme-catalyzed reactions and helps characterize enzyme efficiency and regulatory mechanisms.