How can regular expressions (preg_match) be effectively used to extract specific values from strings in PHP?

Regular expressions (preg_match) can be effectively used in PHP to extract specific values from strings by defining a pattern that matches the desired value. By using capturing groups in the regular expression, we can isolate the specific value we want to extract. The preg_match function in PHP can then be used to apply the regular expression pattern to the input string and extract the desired value.

$input_string = "The price of the product is $50.99";
$pattern = '/\$([0-9]+\.[0-9]{2})/';

if (preg_match($pattern, $input_string, $matches)) {
    $extracted_value = $matches[1];
    echo "Extracted value: $extracted_value";
} else {
    echo "Value not found";
}