Some of the studies on the dynamics of cavitating bubbles often consider simplified submodels assuming uniform fluid properties within the gas bubbles, ignoring chemical reactions, or suppressing fluid transport phenomena across the bubble interface. Another group of works, to which the present contribution belongs, includes the radial dependence of the fluid variables. Important fluid processes that occur inside the gas bubble, such as chemical reactions, and across the bubble interface, such as heat and mass transfer phenomena, are here considered also. As a consequence, this model should yield more realistic results. In particular, it is found that water evaporation and condensation are fundamental transport phenomena in estimating the dissociation reactions of water into OH. The thermal and mass boundary layers and the radial variation of the chemical concentrations also seem essential for accurate predictions.