Madsen said scans on the injury had been “fairly positive” and confirmed he did not need an operation.
“It’s just a case of managing it now over the next 48-72 hours and it’s already improved,” he added.
Madsen, a former South Africa hockey international, said he was “hugely proud and honoured” to be leading Italy at their first World Cup, adding it “didn’t get any bigger” than being part of a major tournament in India.
Italy take on Nepal on Thursday in Mumbai in their next game before returning to Kolkata to face England on Monday and the West Indies, in their final group match, on Thursday, 19 February.
“I want to try to give myself as good an opportunity as possible to play in one or both games next week,” Madsen said.
“I’m still optimistic that will happen but I’ll be guided by pain and the body. I’d love to play in the England game but we’ll see how things progress.”