The decision was made "based on the expert advice of the doctors who have trated and assessed" the injuries, Franchitti said in a statement.
News of Franchitti's retirement will come as a blow to fans of IndyCar, and especially those of the affable but awesomely fast Scotsman. Franchitti's racing credits include the 2007, 2009, 2010, and 2011 Indy Car series championships, as well as victories in the 2007, 2010, and 2012 Indianapolis 500 races.
For his part, Franchitti acknowled it was a sad day, but also expressed his gratitude for the treatment he has received and his time in racing.
"Racing has been my life for over 30 years and it's really tough to think that the driving side is now over," continued Franchitti in his statement. "I was really looking forward to the 2014 season with Target Chip Ganassi Racing, with a goal of winning a fourth Indianapolis 500 and a fifth IndyCar Series championship.
"I'd like to thank all my fellow competitors, teammates, crew and sponsors for their incredible support over the course of this amazing ride. I'd also like to thank Hogan Racing, Team KOOL Green and Andretti Green Racing for the opportunities to compete on the racetrack, and especially Target Chip Ganassi Racing, who have become like a family to me since I joined their team back in 2008. I would be remiss if I didn't thank all my fans around the world. I can't thank you enough for standing by my side for all these years."
Dario Franchitti IndyCar wreck
While you'll be missed behind the wheel, Dario, we at Motor Authority are glad you're still around to be involved in the game.