The Welshman travelled to Brighton on Wednesday ahead of the fifth night of Premier League Darts.
Price, who is currently fourth in the league standings, was due to play Joe Cullen in the quarter-final.
The Iceman attempted to practise ahead of Thursday's event, however a hand injury proved too much for the former world champion who is forced to concede a 6-0 defeat to the Rockstar.
Under the rules of the tournament, Cullen gets an immediate pass to the semi-final where he'll take on either Michael van Gerwen or James Wade.
With regards to Price, it's unknown when he willl return to action. Apart from pulling out of this week's Premier League event, the Welshman has also withdrawn from this weekend's Interwetten German Darts Championship in Hildesheim.
The 37-year-old recently surrendered his world number spot to Peter Wright following his quarter-final loss at the UK Open.