You may download vcruntime 2010 32bit from MS and install 'cause the Launcher is written with Visual Studio 2010 32bit and cannot be found in the game folders. I discovered this month ago (before morrowind) and mentioned in german forum but nothing changed today.
Needs to install:
Visual C++ Runtime 2010 32bit (required)
Visual C++ Runtime 2017 32bit or 64bit (depends on OS)
Note: Visual C++ Runtime 2015 is not needed because VCRuntime 2017 has the same CLR Version and its backwards compatible