The 33-year-old sent Conlan through the ropes and onto the floor as he recovered from an early knockdown to pull off a 12th-round stoppage in front of his home city.
Wood's celebrations were muted as Conlan was attended to by medics and then taken from the Motorpoint Arena on a stretcher to hospital.
"Michael's so tough and I hope he's alright," an emotional Wood said.
Wood's promoter, Eddie Hearn, said on Twitter: "Update on Michael Conlan..conscious and stable, sitting up and talking and await CT scans."
Conlan later posted on his Instagram story: "I'm all good, I'm just getting checked up in the hospital. The CT scan is all clear.
"Congrats to Leigh Wood, congrats to his team, that was the best shot of the night he got me with at the end. But it is what it is, I'll be back."
Wood (now 26-2, 16KOs) had to dig deep to pull off the stoppage given that he was put on his back by a looping overhand left in the first round and behind in the scoring going into the last three minutes.
Hearn suggested Wood could now take on Josh Warrington in a blockbuster all-English world title fight, if the Leeds fighter beats IBF title holder Kiko Martinez of Spain for the second time when they meet on March 26.
Hearn said: "If Leigh Wood fights in Nottingham again it will be at the City Ground - that has been his dream for a long time."