Juan Manuel Correa has been placed in an induced coma due to complications arising from the injuries he suffered in the Formula Two crash that killed Anthoine Hubert at the Belgian Grand Prix.
Correa suffered broken legs and spinal damage in the incident at Spa and underwent surgery before being transferred to an intensive care unit in the United Kingdom.
The Ecuador-born driver, 20, has since suffered acute respiratory failure and been placed in a coma. He remains in a "critical but stable" condition.
Correa's parents, Juan Carlos and Maria, said in a statement: "As time has progressed, new complications have surfaced as a consequence of the massive impact he suffered [last] Saturday in Belgium.
"On his arrival to London, Juan Manuel was diagnosed with acute respiratory distress syndrome. This is an injury considered common in high impact accidents such as this one. Unfortunately, this injury resulted in Juan Manuel falling into acute respiratory failure.
"Juan Manuel is currently in an intensive care unit that specialises in respiratory injuries. At this point of time he is an in induced state of unconsciousness and under ECMO [respiratory] support. Juan Manuel is in critical but stable condition.
"We are confident that our son will surprise us like he always does with his tremendous fighting will and strength and will recover completely."
Hubert, 22, died last Saturday shortly after the incident he and Correa were involved in.
The parents of Correa added: "We wish to take this opportunity to give our condolences to the Hubert family for their loss. Our hearts are broken, and we can only imagine the pain this loss has brought them."