The optoelectronic properties of semiconducting aluminum gallium nitride (AlGaN)-based ultraviolet-B (UVB) light-emitting diodes (LEDs) are crucial for real-world medical applications such as cancer therapy and immunotherapy. However, the performance of AlGaN-based UVB LED devices is still poor due to the low hole injection efficiency. Therefore, we have numerically investigated the performance of AlGaN-based UVB LEDs for the suppression of efficiency droop as well as for the enhancement of hole injection in the multiquantum wells (MQWs). The influence of the undoped (ud)-AlGaN final quantum barrier (FQB), as well as the Mg-doped multiquantum barrier electron blocking layer (p-MQB EBL), on the efficiency droop has been focused on specifically. To evaluate the performance of the proposed device, we have compared its internal quantum efficiency (IQE), carrier concentration, energy band diagram, and radiative recombination rate with the conventional device structure. Furthermore, the influence of Al composition in the Al-graded p-AlGaN hole source layer (HSL) on the operating voltages of the proposed UVB LEDs was considered. The simulation results suggest that our proposed structure has a high peak efficiency and much lower efficiency droop as compared to the reference structure (conventional). Ultimately, the radiative recombination rate in the MQWs of the proposed UVB LED-N structure has increased up to ∼73%, which is attributed to the enhanced level of electron and hole concentrations by ∼64% and 13%, respectively, in the active region. Finally, a high efficiency droop of up to ∼42% in RLED has been successfully suppressed, to ∼7%, by using the optimized ud-AlGaN FQB and the p-MQB EBL, as well as introducing Al-graded p-AlGaN HSL in the proposed UVB LED-N structure.