Find the missing term that completes the pattern established in the following number grid:

Let us closely examine the row-wise relationship between the numbers in the grid:
* Row 1: $16,12,48$
$$\sqrt{16}\times 12=4\times 12=48$$

* Row 2: $9,8,24$
$$\sqrt{9}\times 8=3\times 8=24$$

* Row 3: $4,24,?$
Following the exact mathematical rule:

$$\sqrt{4}\times 24=2\times 24=48$$

Thus, the missing value to replace the question mark is $48$.