He had been carried into an ambulance by stretcher and taken to Leicester Royal Infirmary after being hurled to the ground when his mount stumbled in the penultimate race at the East Midlands track.
But his agent Dave Pollington said: “There is nothing broken, though he did have quite a bang on the head.”
A hospital spokesman added that Fallon had undergone a series of tests “as any person who has suffered a heavy fall and a bump on the head would”, before he was allowed to go home.
Fallon’s hopes of a seventh jockeys’ championship appeared to have been extinguished by the fall and rival Frankie Dettori’s treble at the track.
But there was speculation last night that he could even ask the course doctor to allow him to resume riding with another stint at Leicester today.
The dramatic incident occurred in the 5.10, the second division of the EBF Hare Maiden Fillies’ Stakes, which was won by Dettori on Saywaan.
Fallon, 39, was thrown to the ground as he tumbled from the Sir Michael Stoute-trained Maritima in scrimmaging over a furlong from the finish.
His mount was the worst sufferer as several of the runners came into contact as they went to make their challenges in the 19-runner event.
Having been catapulted out of the saddle, Fallon was then kicked by the following horse, Bowled Out, and lay prostrate on the ground.
Paramedics were immediately on the scene to attend to the champion, who reportedly remained conscious throughout the incident but was complaining of pain in his back.
The stewards held an inquiry and found that the fall was caused by Abide clipping the heels of a rival, lurching left and barging into Fallon’s mount. They considered the interference to have been accidental.
The final race, due off at 5.40, was delayed by 27 minutes to wait for a paramedic team to be in attendance.
Bookmakers responded to the afternoon’s events by suspending betting on the jockeys’ championship as Dettori stretched his advantage to 13 with his treble. He scored on Yashin, Sunday Symphony and Saywaan as he stepped up his bid to win the title for a third time.