An implantable electroacupuncture device (IEAD) (200) treats a medical condition through application of stimulation pulses applied at a specified target tissue location at a very low duty cycle. In a preferred implementation, the IEAD (100, 200) is an implantable, coin-sized, self-contained, leadless device having at least two electrodes (110, 120, 210a, 220) attached to an outside surface of its housing (124, 122), with at least one electrode on the top (210a) or bottom (210b) surface of the housing functioning as a cathode, and at least one electrode (120, 220) on the perimeter edge of the housing functioning as an anode. The electrodes may be segmented to include an array of smaller cathodic (212a, 212b, 212c, 212d) or anodic (220a, 220b, 220c, 220d) electrodes, each of which may be selectively turned ON or OFF with appropriate switching circuitry (214a, 214b, 218) to provide a way to adjust the density of the stimulus current flowing through the respective electrode surface areas.