The force of the impact fractured his pelvis, right femur, and left him with broken ribs and a broken right elbow.
Froome, who came second in the race in 2011, stands to be declared the winner should Spaniard Cobo lose the title.
The 34-year-old Briton was riding with Dutch teammate Wout Poels when he lost control of his bike and slammed into the wall of a house at full speed.
This year's Tour de France embarks from Brussels on July 6 and the loss of the iconic British rider will shake up ambitions at several teams.
Four-time Tour de France winner Froome was injured in a training accident at the Criterium du Dauphine on Wednesday.
The eight-day stage race is traditionally seen as a litmus test for July's Tour de France.
The Ecuadorian leads former two-time winner Vincenzo Nibali of Italy by 1min 54sec in the overall standings.
The three-time road cycling world champion held off late-charging Travis McCabe of USA Cycling on Sunday to stretch his record for stage wins in America's premier stage race to 17.
The tournament consisted of two categories in its first edition, and both won by Ooredoo.
Abdullah Al Khater suffered a knee injury on stage three and could not complete the remaining races.
Wiggins set the mark of 54.526km in June 2015 and there have been several failed attempts to break it since.
Speaking after being named Hong Kong's best athlete for a record fifth time, the 31-year-old said she now feels better than ever after bouncing back from some difficult times.
Ineos, owned by Britain's richest man, Jim Ratcliffe, will become the sole owners from May 1 and will continue to fund the current team in full.
The media giant announced in December it would be ending its decade-long association with the team at the end of 2019, with eight Grand Tour victories secured so far.
The annual event was organized by Qatar Cyclists with the support of the Ministry of Culture and Sports and the Qatar Cycling Federation.