The England international is expected to be out for the season and is unlikely to feature at the Euros in France next summer.
But former Chelsea and Manchester City defender hopes Shaw can make a full recovery.
Lampard told Sky Sports: "It's a terrible thing and we all hate to see that, especially when I know him and I know he's a good young English boy starting his career, started the season well.
"I know he's a top player already, and going to get even better. Throughout football I've seen the reaction, and at home and I can only say the same myself.
GETTY
Luke Shaw suffered a double leg break following a heavy tackle from Hector Moreno
"He's a young player, fantastic player, he came out straight away and said his recovery starts here and we're all backing him with that.
"I can only say I hope it makes him stronger and I'm sure it will do. The only benefit I'll say for him, he's got a long time, he's a young kid, he will come back and be a England international and a top Manchester United player for many years to come."
Lampard scored his first goal for New York City on Thursday as his side defeated Toronto 2-0.
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