Caddy was sent to hospital during the Bombers' win against GWS on Sunday but was discharged that night.
The 21-year-old is expected to train with his teammates this week and play against Hawthorn on Saturday.
"There was some concern in the first quarter when Nate's heart rate became elevated," Essendon's football boss Dan McPherson said on Monday.
"He was removed from the game and our medical team assessed him at the ground before sending him to hospital for further assessment.
"He was discharged last night and is back at home."
McPherson said Caddy, who recently signed a contract extension until the end of 2031, was expected to "train and play without concern this week".
Meanwhile, Melbourne defender Daniel Turner will be out for between two and four weeks after scans revealed he suffered a cracked rib in their victory against North Melbourne.
"He had imaging done at the hospital which confirmed that he has a small crack in one of his ribs," said Melbourne's high performance manager Selwyn Griffith.
"We will assess his availability based on his pain and function over the coming weeks."
Fellow Demons backman Changkuoth Jaith remains a chance to play this weekend after reporting a lower leg injury against the Roos.
"Scans have cleared him of any damage to his Achilles or calf but they did confirm a rupture to his plantaris tendon," Griffith said.
"We'll see how he pulls up, with his level of integration into training this week determining his availability."
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