Axelsen states on Instagram on Monday that he will not be available for the tournament due to his physical condition.
"Unfortunately, I will not be competing at the Hylo Open this week - a tournament I had been looking forward to playing."
"But my body is simply not in good enough shape to compete after two weeks of tournaments. I am looking forward to being back on the court in Kumamoto and Australia", says Axelsen.
Anders Antonsen has also confirmed that he has withdrawn from the tournament in Germany.
Antonsen won the French Open on Sunday after a long week in which he was pushed to the limit in several marathon matches along the way before he claimed the title.
Viktor Axelsen reached the semi-finals at the Denmark Open and the quarter-finals at the French Open, where he lost to Anders Antonsen.
Despite the cancellation of the two Danish stars, several Danes are set to take part, among them Rasmus Gemke in men's singles and Kim Astrup and Anders Skaarup Rasmussen in men's doubles - when the tournament begins tomorrow, Tuesday.