The American cited sore ribs after his excellent start to the season that has seen the 32-year-old from Nashville in Tennessee rise to No 4 in the World Ranking.
Snedeker said he first felt soreness in the left rib cage during the middle of January but had persevered on Tour because of his good current form.
In five starts this season, he has posted four top-three finishes, culminating with his victory at Pebble Beach last week.
Snedeker is currently on holiday in Hawaii and is not due back on Tour until the Cadillac Championship at Doral in Florida in early March.
He will be replaced in the 64-man Match Play field by world No 66 Fredrik Jacobson.
The No 10 ranked Phil Mickelson has already withdrawn from the tournament.