Joe Perry was rushed to hospital after he experienced shortness of breath during a Billy Joel show on Saturday night (10.11.18).
The 68-year-old Aerosmith star was treated backstage by paramedics at Madison Square Garden before he was taken to hospital, where he is said to be "alert".
A rep for the star told People: "Following a guest performance during Billy Joel's show last night at Madison Square Garden, Joe Perry experienced shortness of breath and was treated backstage by paramedics who gave the guitarist oxygen and used a tracheal tube to clear his airway before taking him to a hospital."
Perry remains in hospital but is "alert" and responsive.
The statement added that the Aerosmith musician "will be unable to appear today at Rock and Roll Fantasy Camp in Florida and apologises to those attending".
Perry is expected to return to the road later this month, although a specific date has not yet been revealed.
News of Joe's health concerns come shortly after his band announced an 18-date Las Vegas residency entitled 'Deuces Are Wild' for April 2019.
The 'Dream On' hitmakers - which also includes Steven Tyler, Brad Whitford, Tom Hamilton and Joey Kramer - announced they will kick off their "hot, sexy rock and roll" shows on April 6 at the Park Theater at the new Park MGM venue.
Teasing their "epic" plans, frontman Steven and Joe said: "We are going to bring hot, sexy rock and roll to Vegas!
"The residency allows us to take 50 years of performing experience and create a one-of-a-kind show with the best music, best production design, best sound, in a world-class state of the art venue. These shows will be epic!"