The incident has taken place between St Helens and Priory Bay in a remote and rocky area.
Ventnor Coastguard Rescue Team have assisted with transferring the man and woman into Bembridge RNLI’s inshore lifeboat.
The casualties are now being taken to Seagrove Bay for further assessment by the Isle of Wight Ambulance Service.
Coastguard Rescue 175 has not been required to land but remains overhead.
UPDATE @ 13:55 – The man was out for a walk with his wife when he fell and hit his head, it has been confirmed.
The Needles Coastguard Rescue Team were also mobilised to the incident but did not make it to the scene.