The Monaco forward scored Colombia's third goal from the penalty spot at Estadio Nemesio Camacho El Campin, but was replaced by Duvan Zapata at half-time.
Falcao scored 15 goals in 33 Ligue 1 appearances for Monaco in 2018-2019, and his contract at the principality club expires in 2020.
He has been linked with a move away from Stade Louis II, with Falcao's former club Atletico Madrid reportedly interested in signing him again.
The 33 year-old recently rebuked the suggestion that he is nearing the end of his career, saying he intends to play on "for many years" at the top level.
After being hauled off against Panama, he told Marca: "I'm fine, it was just part of the game.
"But there's nothing to worry about. It was just a knock."