The 22-year-old's death followed that of compatriot Antoine Demoitie, who was hit by a motorbike following a fall during a section of the Gent-Wevelgem classic in northern France on Sunday.
Myngheer, who rode for the third division Roubaix–Lille Métropole team, suffered a cardiac arrest on Saturday after the opening stage of the Criterium International around Porto Vecchio in Corsica and was taken to hospital in Ajaccio, the capital of the French island.
"It is with great emotion that we announce the death of Daan Myngheer, the young Belgian rider who joined Roubaix Lille Metropole this year," read the statement on the team website.
"He lost his last race after struggling like a great champion.
"He died this Monday, March 28, 2016 at 7:08 p.m. in the presence of his parents, his sister Fleur Emely and her companion at Ajaccio hospital.