The 45-year-old Hansen bowed out after sharing 22nd place in the Portugal Masters at Vilamoura on Sunday.
"I've known Anders since we were 14...we were foursomes partners and room mates in Danish amateur teams," 15-times tour winner and triple Ryder Cup player Bjorn told Reuters.
"Anders is an unbelievable talent. He probably could have achieved more than he accomplished but he's had a great career.
"He hasn't enjoyed the last couple of years, with the travel getting to him, and you can totally understand he wants to spend more time with his family," added Bjorn.
Hansen won the BMW PGA event in 2002 and 2007 and also finished third at the U.S. PGA Championship in Atlanta in 2011.
"I had been thinking of retiring from the tour last year but then this year I went out wondering if I wanted to continue and, to be honest, I am no longer enjoying the travelling plus I have other things going on," he told Reuters.
"For me to be able to continue to compete at this level I need to put more effort into my game but I just don’t have the time for that.
"I have three children aged nine, 12 and 17 and I want to be able to spend more quality time with them."
RYDER REGRET
Hansen won three times on the tour, his other victory coming at the 2009 Joburg Open. His biggest payday arrived when he received a cheque for 725,000 euros (530,167 pounds) for landing the PGA title at Wentworth eight years ago.
"Looking back on my career I am very proud of my achievements and I worked very hard to achieve what I achieved," he said.
"Of course I would have liked to have won more tournaments but then golf is not always up to you as you can go out and play your best and other things happen so that you don’t end up winning.
"If my short game had been a lot sharper I may have won more but all in all I am quite pleased. The proudest moments of my career were winning twice at Wentworth and that third-place finish in the U.S. PGA," added Hansen.
"I would have liked to play in the Ryder Cup ... but as I said, it's been a great career."
Hansen leaves the tour happy that so many good young Danes are starting to emerge, with Thorbjorn Olesen leading the way.
"There was a time many years ago when there were just four of us but now it seems like there is a steady flow coming on to the tour," he said.
Olesen, who has won three times including this year's Dunhill Links Championship in Scotland, paid tribute to Hansen.
"Anders will be a big loss not only to Danish golf but European golf," the 25-year-old told Reuters. "Along with Thomas, Soren Kjeldsen and Soren Hansen, he was one of my mentors growing up and I have learned so much from him.
"We were also good friends well before I came on to the tour. I will miss his company as we have shared a lot of evening meals together.
"He leaves the tour with Danish golf in a very good state," said Olesen.
(Editing by Tony Jimenez)
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