The LA Galaxy forward, who was omitted from the 23-man US squad for the finals in Brazil, says that failing to overcome the Red Dragons in Salvador on Tuesday was a "missed opportunity".
Belgium came out on top 2-1 after extra time to set up a meeting with Argentina on Saturday afternoon.
"The thought of having a game Saturday – the day after the July 4, against Messi and Argentina, with what was already a swelling audience – would have been incredible," Donovan is quoted as saying by FourFourTwo. "It's certainly a missed opportunity.
"I think we're all disappointed in what happened [against Belgium]. I think the most disappointing thing is we didn't seem like we gave it a real effort, from a tactical standpoint.
"I thought the guys did everything they could, they did everything that was asked of them, but I don't think we were set up to succeed yesterday, and that was tough to watch."
The 32-year-old has featured in three previous World Cups - 2002, 2006 and 2010.