Burn, 33, was injured in challenge with Sunderland right-back Nordi Mukiele during the first half as Newcastle lost 1-0 at the Stadium of Light.
Mukiele was booked after his knee crashed into Burn's side as both players slid in to win the ball.
Although Burn tried to carry on, following some initial treatment, he was replaced by Fabian Schar a few minutes later.
Head coach Eddie Howe later revealed the centre-back was taken to hospital after he "struggled to breathe" at half-time.
A punctured lung occurs when air leaks into the space between the lung and chest wall. This causes the lung to collapse.
Howe is set to provide a more detailed prognosis at his news conference on Tuesday - but Burn looks set to miss a host of games over the festive period and into the new year.
"We're stretched in our backline," Howe said on Sunday. "We have got a number of injuries and that is alarming for us. It's not a perfect field for us currently. We're battling a few situations.


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