Panic gripped local cricketers after the 27-year-old fell to the ground and was stretchered off as he tried to duck a rising delivery by the country's international paceman Taskin Ahmed.
He was kept under observation for 24 hours, though doctors said he is now "out of danger" and his condition is "stable".
"Our primary investigation show no damage in his brain or no internal hemorrhage," Bangladesh Cricket Board physician Monirul Amin told AFP.
"Still he will be under observation for a full day as a precaution."
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Shuvo was batting on 21 for the local side Victoria in the Dhaka Premier League when the pacer from the tournament favourite Abahani sent the delivery on the 25th over.
Doctors said Shuvo was struck on the second cervical vertebrae. He collapsed on the pitch and was immediately rushed to Dhaka's Apollo Hospital, where he was being treated at the clinic's Intensive Care Unit.
Former Bangladesh-19 captain Shuvo played one Test against West Indies in 2011 and bagged four wickets.
He claimed 14 wickets in ODIs, including a match-winning 3-14 against New Zealand in that historic 4-0 series win.