in a word, yes.
in theory you could remove a piece of bark without it going all the way round the tree, and the tree would survive. if you cut a complete band all the way round the tree, it would die.
i have wondered in the past if you could put a plastic or clingfilm dressing on the tree to help prevent infection and promote regrowth. sounds daft but it's a technique used by bonsai growers when gafting a new branch onto alternative rootstock.
cheers, and.