Snedeker, who clinched his second victory in his last six starts on the U.S. circuit with a win at the Pebble Beach National Pro-Am on Sunday, has been receiving treatment on his ribs since last month's Humana Challenge.
"I certainly will miss competing in the Accenture Match Play Championship, and I really do appreciate what Accenture does to make that one of the premier events on our schedule," FedExCup champion Snedeker said in a statement.
The 32-year-old, who is on holiday this week with his family in Hawaii, hopes to return to PGA Tour action for the March 7-10 WGC-Cadillac Championship at Doral.
Snedeker, whose sizzling run of form dates back to the Tour Championship in September when he also landed FedExCup honours, first experienced soreness in his left rib cage during the Jan. 17-20 Humana Challenge.
After receiving extensive treatment, he suffered no pain during the Farmers Insurance Open and Phoenix Open which followed, finishing second in both events.
However, the soreness returned during last week's Pebble Beach National Pro-Am, where Snedeker triumphed by two shots, and he has been advised by his doctor to rest as much as possible.
Snedeker has played in five events on the 2013 PGA Tour, winning once and recording three other top-three finishes.