Woods has a record eight wins at Bay Hill. He had previously finished T20 at the Farmers Insurance Open, T15 at the Genesis Open and T10 at the WGC-Mexico Championship to start the 2019 season.
Corey Conners is playing this week on the strength of his early season success.
Woods didn't specify what caused his neck pain, but he skipped the Honda Classic last week and during the British Open a year ago, he wore KT Tape on his neck after he woke up with stiffness.
Roger Sloan made it into the field as an alternate on Monday after Patton Kizzire withdrew.
He says he hopes to be ready the following week for The Players Championship.
Russian Federation confirms North Korean leader Kim Jong Un will visit Moscow
He described it as a "fake hearing" and said having it in the middle of this "very important summit" was " really a awful thing".
Since his long awaited return to PGA competition back in December 2017 following a spinal fusion surgery in April of that year, Tiger, had not withdrew from any tournament golf he was scheduled to play.
Woods has played three times this year, with his best finish a tie for 10th in Mexico City.
I'd like to send my regrets to the Palmer family and the Orlando fans. "Its connection to Arnold makes it one of my favorite tournaments and I'm disappointed to miss it", Woods said in a follow-up tweet.
Can Woods claim a third Players Championship title? The WGC Dell Match Play and the Masters are also less than six weeks away.
While the injury does appear to be anything serious it could garner more attention if he finds himself unable to tee it up at TPC Sawgrass next week for the PGA Tour's flagship event, which is widely regarded as the unofficial fifth major.