The professional injured his hand ahead of the latest live show with celebrity partner Faye Brooks.
While he performed on Sunday's episode, he has now been ruled out of the competition by doctors.
A spokesperson for ITV said: "Sadly we can confirm that Hamish Gaman, who has been partnered with Faye Brookes, has had to withdraw from the competition.
"We thank him for all his hard work and wish him the very best as he takes some time out to allow his injury to fully heal."
Faye Brookes will continue in the competition and Matt Evers will now become her pro-skater partner.
Hamish revealed in Sunday's episode that he had hurt his hand after putting on a sock.
Yesterday Hamish revealed that he snapped a tendon in his hand and feared having to quit the show.
He told Heart Radio before today's announcement: "Unfortunately I’m in a situation where I may have to withdraw if I need surgery. I would be heart broken, Faye has worked so hard."
Speaking about going ahead with Sunday's performance, Hamish explained: "Faye wasn’t fully aware but I snapped a tendon in my hand and I was advised before the show that I’m putting my finger at risk for the rest of my life here.
"It’s one of those scenarios where there was a lot of people dropping out of the show and I love this show so much and I didn’t want to let the team down."
He added: "Faye did incredible to learn the routine last minute. We had to change all of our lifts because of my hand, as I couldn't do certain movements."
ITV announced this week that the latest episode of Dancing On Ice would be postponed after four couples and a further professional skater, Yebin Mok, were forced to leave due to injury or illness.
An ITV spokesperson said: "ITV have taken the decision to pause Dancing on Ice this week and there will be no live show on Sunday 21st February. Each week our production team and cast have delivered a fantastic show during incredibly challenging times.
"The welfare of all of those involved is important to us and we felt it prudent to take a week’s break at this juncture.
"Continuing to make the best TV for our viewers is of paramount importance to us and we look forward to resuming the competition next week, with the show back live on Sunday 28th February."
In place of Dancing On Ice this weekend a special entitled Dancing On Ice: The Greatest Show On Ice will be shown on ITV at 6pm on Sunday.
The one-off show will celebrate the most memorable moments in Dancing On Ice’s history.