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Wood was forced off the field with a sore right elbow during West Indies' first innings in last week's series opener in Antigua, with the seamer unable to play any further part in the drawn Test.
The 32-year-old struggled with acute pain in the nets on the final day of the first Test and was restricted to a handful of deliveries, with Saqib Mahmood brought in to replace Wood for the second Test in Barbados.
Scan results have since confirmed damage to Wood's right elbow and he is now set to return to the UK next week for a specialist opinion on how to manage his injury.
Wood will now miss the third and final Test against the West Indies, beginning on March 24 in Grenada, with England set to confirm whether a replacement will be called up in due course.
The Durham quick was then due to travel to India after the series to represent Lucknow Super Giants in the IPL, beginning on March 26, although Wood will now miss the tournament and have an indefinite break from cricket until receiving more information from the elbow specialist.
Finn: Sad to see Wood injured
England are already without Jofra Archer until the summer after he underwent a second elbow operation over the winter, while bowler Ollie Robinson has missed the first two Test matches in the West Indies due to a back injury. Olly Stone has also yet to return after suffering a stress fracture of his lower back last summer.
Wood was England's leading wicket taker during the 4-0 Ashes thumping in Australia, taking 17 wickets - including his first Ashes five-for - during his four appearances in the five-Test series.
"It is sad to see Wood injured, certainly after backing up games in Australia and really showing what a world-class bowler he is," former England bowler Steven Finn told BT Sport. "He is consistently above 90mph - that man England have longed for to be in the side. He is such a likeable character and we keep our fingers crossed it is nothing serious and that rest and rehab will get him back."