In two-phase flows, the analysis of bubble production and disintegration, i.e., bubble source, coalescence, breakup and collapse, can be achieved in a natural way by using a statistical description. This provides an appropriate link between the microscopic and macroscopic formulations. A theoretical model based on statistical principles has been applied to a vertical gas-water two-phase bubble column and is presented here. It is shown that the model is capable of predicting experimental observations with a good degree of agreement.