it is true that most moms are super careful with their babies, especially in case of the first born. in fact, even i was like that with my first born, though maybe not to the extent you mentioned your wife is :) it is a natural instinct, but it is also important for your wife to understand that she needs to let her baby grow up and face the realities. falling down, getting hurt and getting up with a brave face and doing it again is all a part of growing up. i suggest give her a little time. for all you know, as your baby moves over to playschool and goes out of the house, she too will have a change in her behaviour. if not, you can then think of getting her professional help.
Some moms are really ultra careful and mollycoddle their kids! Tell your wife that by doing so she is making the life of your son difficult. This way he will never learn things. While growing up he will fall and hurt and later emotionally also get hurt. She should allow him to deal with all these on his own. Take her to a counselor if she is not ready to listen to you!