Should I be Concerned
That is not "Natural", it appears to have a canker from internal fungal activity, the tree will most likely die.
Is there a way to fix the issue before it dies? I use a liquid twice a year that absorbs into the soil to help keep stuff like this from happening, but maybe you know of a different way...
This is from some sort of physical damage that created a wound that allowed the fungus in. There is no way to "fix" the issue now, as small as the treee is you would be years ahead to remove it and replace it this fall with a new tree, then protect the trunk with a guard for a few years from winter scauld, and string trimmer damage.