The 34 year old crashed towards the end of his route recon in Auvergne-Rhone-Alpes, sustaining injuries including a fractured right femur, a fractured elbow and fractured ribs.
Froome has subsequently been ruled out of the rest of the race and will also miss the 2019 Tour de France.
Team Doctor, Richard Usher, said: "Chris was taken to Roanne Hospital where initial examinations confirmed multiple injuries, most notably a fractured right femur and right elbow. He has also suffered fractured ribs. He is now being airlifted to St Etienne University Hospital for further treatment.
“On behalf of the Team, I would like to commend the treatment he received from the emergency services and all at Roanne Hospital in assessing and stabilising him.
“We will now turn our focus towards supporting him in his recovery."
Team Principal, Sir Dave Brailsford, added: "Our primary focus now is obviously on ensuring Chris gets the very best possible care, which he will do, so he can recover as soon as possible.
“One of our big strengths on this team is coming together in difficult moments, and we will ensure we do everything possible to support Chris and his family.”
Brailsford continued: “Even though we all recognise the risks involved in our sport, it’s always traumatic when a rider crashes and sustains serious injuries.
“Chris had worked incredibly hard to get in fantastic shape and was on track for the Tour, which unfortunately he will now miss.
“One of the things which sets Chris apart is his mental strength and resilience – and we will support him totally in his recovery, help him to recalibrate and assist him in pursuing his future goals and ambitions.”
Everyone at Team INEOS wishes Chris well in his recovery.